Eighty-seven percent of C-Suite executives surveyed by Black Book Research said escalating financial pressures have intensified the demand for advanced technologies to address outdated revenue cycle management systems and underperforming services. '
Black Book surveyed 6,771 health system CFOs, vice presidents of finance and RCM, controllers, business office managers, staff, consultants, and advisors from hospitals and physician practices, according to a June 21 report from the company. The goal of the survey was to identify top-performing vendors in the "highly sought-after financial software, technology platforms, and systems, as well as to evaluate the gaps and urgencies in financial technology administration."
Here is the software ranking highest by financial client experience among 18 RCM key performance indicators:
Inpatient hospital claims management solutions: Waystar
Release of information and secure provider data exchange: MRO Corp
Specialty RCM solutions and complex claims: EnableComp
Patient financing and medical loan solutions: CarePayment
Enterprise master patient identifier solutions: Verato
Provider RCM intelligence and analytics solutions: Inovalon
Revenue recovery and accounts receivable solutions: Knowtion
Chargemaster and price transparency solutions: FinThrive
Cost accounting and business decision support systems: MedeAnalytics
End-to-end RCM software, large hospital chains, systems and integrated delivery networks: Waystar
End-to-end RCM software, community hospital chains, systems and integrated delivery networks: The SSI Group
End-to-end RCM software, small/rural/critical access hospital chains, systems and integrated delivery networks: TruBridge
End-to-end RCM software, large inpatient facilities and academic medical centers: Waystar
End-to-end RCM software, physician practices and ambulatory providers: Veradigm Payerpath
End-to-end RCM software, post-acute and long term care providers: PointClickCare
Financial communications and RCM patient satisfaction solutions: Upfront
Provider revenue/charge integrity and billing compliance solutions: FinThrive
Enterprise document management and imaging: DocuWare
Enterprise ERP: Oracle Cloud ERP
Financial patient access solutions: Experian
Patient accounting systems, large hospitals and medical centers: Epic Resolute Hospital Billing
Patient accounting systems, community hospitals: TruBridge
Physician clearinghouse services, 1-4 practitioners: Veradigm Payerpath
Physician clearinghouse services, 5-10 practitioners: Waystar
Physician clearinghouse services, 11-25 practitioners: Experian
Physician clearinghouse services, 26+ practitioners: Availity
Patient financial engagement: CarePayment
Financial data reporting and visualization solutions: SAP Concur
Spend management solutions: Symplr
Nurse/clinician staff scheduling solutions: QGenda
Physician staff scheduling solutions: Tiger Connect Physician Scheduling
Real-time location systems: Securitas Healthcare (Formerly Stanley Healthcare)
Benchmarking and comparative analytics: MedeAnalytics
End-to-end RCM outsourcing, hospital chains, systems, corporations and integrated delivery networks: R1 RCM
End-to-end RCM outsourcing, hospitals under 100 beds: Conifer
End-to-end RCM software tools, community hospitals 101-250 beds: FinThrive
End-to-end RCM Outsourcing, Physician Practices 1-10 practitioners: athenahealth
End-to-end RCM outsourcing, physician practices 11+ practitioners: Optum
Insurance discovery solutions: ZOLL Data
RCM robotic process automation solutions: Boston Software Systems
Denial and claims management solutions, health systems/chains and integrated delivery networks: Experian
Revenue cycle workflow optimization, physician practices and groups: Medevolve
Revenue cycle workflow optimization, inpatient providers and hospitals: Streamline Health
End-to-end revenue cycle transformation advisors: Deloitte
Revenue cycle management information technology strategy and implementation advisors: Huron
Financial governance and risk management solutions: RL Datix
RCM IT infrastructure and tech support services: CereCore