Payer filing requirements are becoming more complex than ever, and the healthcare industry is facing ever-tightening regulations. These changes are leading to increased denial rates and cash flow risks; claim denials alone cost hospitals approximately $262 billion annually. With that in mind, thriving in such a challenging environment means your organization needs a modern revenue cycle management (RCM) solution.
The RCM software list below highlights the capabilities of Rivet Health technologies, cutting-edge tools designed to promote better revenue capture and fewer denials. It also includes three competitors and a breakdown of their capabilities, all so that you can make an informed technological investment into the future of your practice.
The concept of revenue cycle management refers to the entire financial process used by healthcare providers to manage their claims processing, payment collection, and revenue generation tasks.
RCM begins when a patient schedules an appointment and ends when the provider receives full payment. From there, the process continues as follows:
Without efficient RCM, even the most advanced clinical care models can suffer from financial inefficiencies, leading to overlooked revenue. Manual RCM management can also lead to staff burnout.
When it comes to selecting the right revenue cycle management software, healthcare organizations have no shortage of options. The first step to finding the right platform involves making a short RCM software list that compares the features each solution offers.
Elements that are non-negotiable include the following:
Your workflow will evolve as the practice grows, and that means you need a platform that can meet today’s technology needs while also ensuring scalability.
A platform that integrates with your electronic health record (EHR) or electronic medical record (EMR) application will eliminate data silos and lower the risk of manual entry errors. The result is a faster, more nimble organization that can improve its cash flow and reduce its number of payment delays.
A smart RCM platform should provide real-time denial tracking and root cause analysis capabilities that help you visualize the revenue cycle and track any particularly concerning denial trends. In turn, you can proactively address them via process improvements or contract renegotiations.
Look for tools that automate repetitive tasks like claim submissions and eligibility verification. If your team is still fully manual, check out our free webinar and learn how to augment your workflow with automation today.
Our RCM software list includes four leading options:
As the publisher of this RCM software list, we are proud to introduce Rivet Health as one of the most innovative revenue cycle management software applications on the market, designed to simplify your entire revenue cycle with a suite of tools built with the real-world needs of your practice in mind.
With powerful automation capabilities, analytics functionality, and tools that comply with the No Surprises Act, Rivet Health is truly a state-of-the-art RCM platform. In particular, our key offerings include the following:
Rivet Health does not solely deliver superior technology, though; we also provide exceptional customer support, frequent product enhancements, and built-in compliance.
In the name of fairness, we would be remiss not to mention Rivet Health’s two primary limitations, which are as follows:
Fortunately, our team takes a hands-on approach to software development, which helps condense your time to value and improve your ROI. We will be right there with you as you integrate our platform with your existing tools. Learn more about healthcare revenue cycle management solutions from Rivet Health and begin transforming the way you manage your cash cycle today.
Waystar is a widely recognized platform that combines claims management and patient payments alongside built-in analytics tools. Its strengths include things such as:
However, Waystar’s setup and onboarding can be complex for smaller practices, and its overall cost can be prohibitive for solo providers.
Trizetto offers a robust RCM solution that is popular with large healthcare systems thanks to the following features:
The platform does have some glaring limitations, though, such as a dated user interface and a lack of robust pricing transparency.
MD Clarity offers a strong suite of pricing transparency and billing tools designed to help practices provide upfront cost estimates. The key benefits of the platform include the following:
However, MD Clarity has limited payer contract management capabilities and less robust denial management features. You may have to adopt additional platforms to manage your entire RCM workflow.
When evaluating the solutions on our RCM software list, consider the following:
Always request a demo to take advantage of trial periods before committing to a long-term contract, and make sure you get your team involved in the evaluation process as well.
At Rivet Health, we understand the challenges that come with managing a medical practice. Here’s what makes us different:
Compliance with the No Surprises Act
Our platform is designed to give your staff clarity, control, and confidence across the entire revenue cycle. With Rivet Health, you’ll build transparency and accelerate your revenue cycle like never before.
Choosing the right RCM software impacts everything from your daily workflows to long-term financial health. You must select a platform that improves patient collections and helps you reach your revenue goals. Rivet Health is that platform. Schedule a demo with us today. Schedule a demo today.
