10 Best RCM companies that clings to Revenue Growth
Are you sure about how far the pandemic will affect your lifestyle after lock-down? Well! We’re sure that it definitely won’t affect your revenue growth!
If only, you have the Best Revenue Cycle Management companies in your palm!
Revenue Cycle Management companies endeavor to provide end-to-end medical billing services by utilizing sophisticated software technology in order to deliver smooth and seamless revenue payments.
Here comes some of the best Revenue Cycle Management companies in the world.
10 Best RCM Companies in the World:
- Accretive Health
- Billing Blues
- 3M Health Information Systems
- QWay Healthcare
- Medical Accounting Services
- Patient Billing
- Anaesthetic & Medical Billing Services Pvt. Ltd.
- Australian Medical Billing Service
1. Accretive Health:
- Accretive Health is one of the leading Independent providers of end-to-end revenue Cycle solutions.
- It transforms and solves revenue cycle challenges in hospitals or healthcare and physician’s group.
- By delivering proven ROI across entire revenue Cycle system, it enables to achieve patient satisfaction and increases revenue payments.
- Accretive Health seamlessly complements the infrastructure, sustainable improvements to net patient revenue and revenue flow, by reducing operating costs and enhancing patient’s financial status.
2. Billing Blues:
- Billing Blues is a Revenue Cycle Management company which offers end-to-end solutions to large and small medical facilities.
- It has an experience of more than 14 years in Medical Billing and Medical Coding.
- Billing Blue’s business unit works with the healthcare professionals and hospitals through out US.
- They are expedites in faster reimbursements with an award winning software system.
- They render services relentessly for multi specialty groups as well as solo practioners or physicians.
3. 3M Healthcare Information Systems:
- 3M Healthcare Information Systems is designed to reduce compliance risks and achieve maximum reimbursement rates.
- It also offers RCM products and services along with 3M finder that focuses on CMS outpatient Prospective Payment System.
- The above solutions helps users to apply medical necessity at the time of coding.
- QWay Healthcare is an expert in providing Revenue Cycle Management services and solutions that address billing challenges of healthcare industry.
- With a prompt and seamless flow of payments, QWay focuses on expanding accordingly to their client’s requirements.
- It also follows and encourages to experience phenomenal improvements and resolving any demands encountered.
- Quality, Quantity and Quicker processes are the three standards that company tremendously attributes.
- It has been serving healthcare professionals and physician groups from 10 long years and gained a positive response and experience in the medical billing industry.
- It covers everything that a healthcare professionals require in terms of medical billing services and administration work.
- Their services include Practice Management, Medical Billing, Debt Chasing, Transcription services and Medical reporting.
- MedSecretery maintains an electronic format to store the medical records or patient demographic details allowing ease of access for all billing procedures.
- The ultimate benefits of this company is to enable best patient responsibility for the hospitals and healthcare professionals without any distractions with denials or delayed payments.
- MedServ is an Irish Revenue Cycle Management company established in 2005 and rapidly developed as one of the largest Medical Billing companies in Europe.
- With an exquisite and dynamic workforce, holding strong grip in all the medical backgrounds are the biggest strengths to the table.
- MedServ also encourages with in-house training program where it ensures professional development of all employees by updating them new procedures at all times.
7. Medical Accounting Services Ltd:
- In the process of medical billing, collecting invoices can be difficult and consumes lot of time.
- Medical Accounting Services has specialized in providing best medical billing credit control and collection of outstanding invoices.
- Their all services are custom designed to meet all client requirements.
- They are trained to process Medical Billing Services without damaging reputation and revenue loss or destroying client profit margin.
8. Patient Billing:
- Patient Billing is considered as innovative medical billing company for its developing technology that gives priority to the patient.
- They hold the responsibility for their timely and accurate submission of claims.
- They deploy the fastest and superior technology to apply electronic claims submission and payment methods.
- Efficient, speed and experts in optimizing regular revenue flow without any delay or disturbances.
- Their delays are minimized due to their understanding towards medical coding and method of approach and also ensures accurate and secure payments.
9. Anesthetic & Medical Billing Services Pvt. Ltd:
- It is one of the leading medical billing services in Australia. They offer billing assistance to healthcare providers all over Australia.
- It was established more than 10 years and provides professional and highly personalized medical billing services to mainly anesthetists, surgeons and assistant surgeons and other medical specialists.
- It is highly equipped with most advanced technology and can provide faster and accurate billing services to their clients.
- Anesthetic & Medical Billing Services generates more revenue and efficient in reducing denials and quicker reimbursements.
10. Australian Medical Billing Services:
- It is a specialist in medical billing and provides outstanding RCM services by making healthcare providers work much easier.
- It has an experience of more than 20 years in revenue cycle management and can perform economically and efficiently in the areas of medical billing.
- Advanced technology and streamlined processing enabled with Electronic Claim Lodgment, the payments are extremely faster.
- Their systems are setup to make the process easy and more reliable.
Challenges confronted by Healthcare professionals or Hospitals in RCM:
- Errors in Billing and Collections
- Health Information Technology challenges
- Lack of Staff Training
- Fails to Monitor Claims
Errors in Billing and Collections:
- Receiving payments from the insurance companies is not an easy task. It includes effort in collecting maximum amount of revenue for the services provided.
- Errors while billing or submitting the claims will be difficult for payments which are often considered as denials.
- Revenue Cycle Management companies strive their best to have regular follow up with the insurance companies for a post payment and less denials.
Health Information Technology challenges:
- Revenue Cycle Management would require hospitals and healthcare professionals to use information technology to track the claims and ensure if the payments are collected or denied.
- Most of the healthcare providers struggle to implement information technology to manage the claims successfully.
- Not all hospitals have the efficiency and capital or infrastructure to invest in new technologies or existing technologies.
- Outsourcing to Revenue Cycle Management companies would be much tireless job as those will have equipped technologies to collect and submit claims without denials.
Lack of Staff Training:
- Staff training is very important to process the claims accurately without any errors.
- The responsible billers must know the detailed procedure of billing to capture the patient data correctly and translate the data into successful claims.
- Unfortunately not all hospitals and providers have trained staff. As a result, the healthcare professionals face huge revenue loss.
- In order to overcome the situation and have revenue growth, Revenue Cycle Management companies will push hard with their well trained workforce to have a regular follow up with accurate patient demographic details.
Fails to Monitor the Claims:
- Claims process has to be monitored closely at every point. It’s an important factor in RCM process.
- If claims are not monitored properly, the errors won’t be spotted and as a result, the revenue will be lost.
- A streamlined and efficient process of a Revenue Cycle Management company can help healthcare organizations function with a seamless flow of revenue payments.
Hope you all got an idea about some of the best Revenue Cycle Management companies and hospitals can benefit from them. If any queries and suggestions, please write us in the comments. We will make sure to add them if relevant. For more details on healthcare and RCM process, please subscribe to our blog.