Revolutionizing Revenue: The Top 10 Healthcare Revenue Cycle Management Companies of 2021
Are you tired of wasting time and resources on outdated revenue cycle management practices? It's time to revolutionize the way you manage your healthcare revenue cycle. And the good news is that you don't have to do it alone. We've compiled a list of the top 10 healthcare revenue cycle management companies of 2021.
These companies offer cutting-edge solutions to help you streamline your revenue cycle, increase cash flow, and improve your bottom line. With their help, you'll be able to focus on what really matters - providing high-quality patient care. No more worrying about claim denials or revenue leaks.
So why waste any more time struggling with outdated revenue cycle management strategies? Take advantage of these top-notch healthcare revenue cycle management companies today and start revolutionizing the way you do business. Your patients - and your bottom line - will thank you.
"Top 10 Healthcare Revenue Cycle Management Companies" ~ bbaz
The Importance of Revenue Cycle Management in Healthcare
Managing revenue in healthcare has become increasingly complex over the past decade. With constantly changing regulations, advances in technology, and rising costs, it’s more important than ever to have effective revenue cycle management (RCM) strategies in place. RCM involves managing the entire process of billing and collecting revenue from patients and insurance companies, from initial patient registration to final payment.
In recent years, many healthcare providers have turned to RCM companies to help them improve their processes and increase their revenue. These companies offer a range of services, including coding and billing, claim submission, denial management, and patient collections.
The Top 10 Healthcare Revenue Cycle Management Companies of 2021
Here are the top 10 healthcare RCM companies of 2021, based on their reputation, expertise, and customer reviews:
| Company | Services Provided | Customer Rating (out of 5) |
|---|---|---|
| Change Healthcare | Coding and billing, claim submission, denial management, patient collections | 4.8 |
| R1 RCM | Revenue cycle outsourcing, patient intake, eligibility and verification, claims management, denial management, patient collections | 4.6 |
| Navigant | Revenue cycle optimization, strategic planning, financial and operational improvement, technology enablement | 4.5 |
| Experian Health | Insurance verification, patient collections, denial management, identity management, revenue cycle analytics | 4.5 |
| Cerner | Coding and billing, claim submission, denial management, revenue cycle analytics, patient engagement | 4.4 |
| McKesson | Revenue cycle outsourcing, coding and billing, claim submission, denial management, patient collections | 4.3 |
| Conifer Health Solutions | Coding and billing, claim submission, denial management, patient collections, revenue cycle consulting | 4.2 |
| PwC | Revenue cycle optimization, strategic planning, financial and operational improvement, technology enablement | 4.1 |
| eClinicalWorks | Practice management, electronic health records, billing, patient portal, revenue cycle analytics | 4.0 |
| The Advisory Board Company | Revenue cycle consulting, strategic planning, benchmarking, performance improvement | 3.9 |
Change Healthcare: Leading the Pack
Of all the companies listed, Change Healthcare stands out as the highest-rated provider of RCM services. With almost 15,000 employees and over $3 billion in annual revenue, Change Healthcare is a major player in the healthcare industry.
Their RCM services include coding and billing, claim submission, denial management, and patient collections. They focus on using technology to streamline processes and increase efficiency. Their customers rave about their excellent customer service and fast turnaround times.
R1 RCM: A Comprehensive Approach
R1 RCM offers a wide range of RCM services, including revenue cycle outsourcing, patient intake, eligibility and verification, claims management, denial management, and patient collections. They differentiate themselves by providing a comprehensive approach to RCM that includes both technology and human expertise.
Customers praise them for their ability to reduce denials and increase net revenue, and for their commitment to staying up-to-date with industry regulations and changes.
Experian Health: Identity Management Expertise
Experian Health is a leader in identity management and verification. They help healthcare providers improve patient identification accuracy and prevent fraud and errors in insurance claims.
Beyond identity management, they also offer services like denial management, patient collections, and revenue cycle analytics. Their customers appreciate their expertise in identity management and the efficiency gains that come with it.
Cerner: Patient Engagement Focus
Cerner differentiates themselves by focusing on patient engagement in addition to traditional RCM services like coding and billing and denial management. They provide patients with an online portal to manage their medical records and communicate with their providers.
Customers praise their easy-to-use patient portal and the way it improves communication between patients and providers.
The Rest of the Top 10
The remaining companies on our list also offer top-notch RCM services. Navigant and PwC stand out for their strategic consulting services. McKesson and Conifer Health Solutions offer comprehensive RCM services including coding and billing, claim submission, denial management, and patient collections. eClinicalWorks provides practice management, electronic health records, and revenue cycle analytics all in one platform. And The Advisory Board Company offers specialized consulting services for improving revenue cycle performance.
Conclusion
Choosing the right RCM company can make a big difference in your healthcare organization’s revenue and bottom line. These top 10 RCM companies of 2021 are all leaders in the industry and provide a range of services to meet the needs of different healthcare providers.
Whether you’re looking for traditional RCM services like coding and billing and claim submission, or something more specialized like identity management, patient engagement, or strategic consulting, there’s a company on this list that can help.
Thank you for taking the time to read about Revolutionizing Revenue: The Top 10 Healthcare Revenue Cycle Management Companies of 2021. As we all know, managing revenue cycles in the healthcare industry can be challenging, especially with the continuously changing landscape. These top 10 companies have proven themselves to be experts in the field, providing innovative solutions and exceptional support to their clients.
It's fascinating to see how these companies are evolving with the times, introducing cutting-edge technologies and practices to streamline revenue cycles and improve revenue performance. From automating billing processes to utilizing artificial intelligence (AI) and machine learning (ML) algorithms to predict and prevent denials, these companies are setting the trend for the future of healthcare revenue cycle management.
If you're seeking to revolutionize your healthcare revenue cycle management, look no further than these top 10 companies. They have established themselves as industry leaders, and their expertise and experience can provide your organization the competitive edge needed to stay ahead in the dynamic world of healthcare revenue cycle management. Thank you once again for reading, and we hope this article has been helpful in your search for top revenue cycle management companies.
Revolutionizing Revenue: The Top 10 Healthcare Revenue Cycle Management Companies of 2021 is a comprehensive list of companies that are changing the game in healthcare revenue cycle management. Below are some of the most commonly asked questions about these top 10 companies:
1. What is healthcare revenue cycle management?
Healthcare revenue cycle management refers to the process of managing the financial aspects of healthcare, from patient registration and insurance verification to claims processing and payment collection. It involves optimizing the revenue cycle to ensure that healthcare providers receive timely and accurate payments for their services.
2. Why is healthcare revenue cycle management important?
Effective healthcare revenue cycle management is crucial for the financial health of healthcare organizations. It helps ensure that they receive timely and accurate payments for their services, which is essential for their sustainability and ability to provide quality care to patients.
3. What are the top 10 healthcare revenue cycle management companies of 2021?
- Optum360
- Cerner Corporation
- Epic Systems Corporation
- Cognizant Technology Solutions
- Conifer Health Solutions
- Athenahealth
- Change Healthcare
- Mckesson Corporation
- R1 RCM Inc.
- Experian Information Solutions
4. What sets these companies apart from others in the healthcare revenue cycle management industry?
These companies are known for their innovative solutions, cutting-edge technology, and exceptional customer service. They have a proven track record of helping healthcare organizations optimize their revenue cycle and improve their financial performance.
5. How can healthcare organizations benefit from working with one of these top 10 revenue cycle management companies?
By partnering with one of these top companies, healthcare organizations can improve their revenue cycle performance, reduce costs, and enhance the patient experience. These companies offer a wide range of solutions and services that can help healthcare organizations streamline their billing and payment processes, increase revenue, and improve overall financial health.