Top 10 Revenue Cycle Management Consulting/Services Companies - 2019
healthcaretechoutlook
athenahealth: Optimizing Revenue Collection

Top 10 Revenue Cycle Management Consulting/Services Companies - 2019

Revenue cycle management (RCM) is increasingly becoming one of the major concerns in the healthcare industry. Amid the current tumultuous market dynamics, the existing pattern of RCM services is also seeking transformation. While the organizations that provide healthcare support are focusing more on enhancing patient experience and improving financial performance, their lack of technical expertise hurls challenges in the way of managing revenue cycle effectively. As a result, several new RCM service providers are emerging in the market to fill this void.

From the time a patient makes an appointment and till the successful payment collection, RCM service providers constantly strive to make this cycle work more smoothly so that it ensures a better patient-provider relationship. To help this process align with the ever-changing landscape of technologies and regulations, the top RCM services companies always keep themselves updated. Besides replacing the fee-for-service model with value-based care model to enhance the overall patient experience, the service providers are also hinting toward the adoption of a POS retail model in the healthcare industry. The RCM service providers have also started accentuating the importance of the total well-being of the patients, which includes medical, social, emotional, and financial aspects.

Digital and technological innovation working as a boon in this scenario has made it easier for the healthcare industry to ensure total well-being with wearable devices that provide continuous monitoring. RCM services are getting intelligent with robotic process automation and AI solutions. RCM service providers have started stressing more on the adoption of connected technology because it ultimately enhances the user experience, reduces cost, and improves cost transparency. Adoption of telemedicine, a fruit of increased investment in the healthcare industry by the technology companies and a key component of the value-based model, is showing ways to reduce cost and expand access to the providers. The RCM platforms have also started strengthening cloud-based models, resulting in increased flexibility between the in-patient and out-patient care.

In addition to the aforementioned RCM services, another complex area which has started getting commendable focus by the service providers is medical billing. The healthcare industry has either started outsourcing RCM service providers or depending on RCM software to address issues like inaccurate or incomplete billing, medical claim reimbursements, denials, and more. Data analytics has started playing a major role in the deployment of services that address billing issues.

On collaborating with the RCM service providers, the healthcare organizations no more need to worry about revenue management and can concentrate more on their job. RCM services also detect potential errors and can review revenue shortfalls. With the RCM service providers ensuring tight cybersecurity, the healthcare organizations also need not worry anymore about the protection and security of the patient’s personal information.

To help your organization choose the perfect RCM service provider that would cater to your distinct needs, the editorial team at Healthcare Tech Outlook, in conjunction with an illustrious panel of CEOs, CIOs, VCs, and industry analysts, has put together a list of the ten most promising revenue management consulting or services companies in the industry. The list intends to help organizations find a trustworthy ally.

We present to you Healthcare Tech Outlook’s “Top 10 Revenue Management Consulting/Services Companies 2019”.

Top Revenue Cycle Management Companies

HealthTeq Services is a healthcare outsourcing organization that assists companies with revenue cycle management (RCM) solutions to reduce denial rates and increase returns. With the recent changes in the medical guidelines from ICD-9 to ICD-10, managing medical billing has become complicated, thereby resulting in higher denial rates. To streamline the billing for healthcare providers, HealthTeq Services developed a proprietary software that leverages artificial intelligence (AI) and blockchain technology, empowering hospitals to conduct patient insurance eligibility check, claims scrubbing and submission, payment posting, and denial management. The firm executes these operations by deploying an AI-powered bot that gathers information from claims and rectifies them

healthteqservices.com

MedXPrime is Focused on revenue cycle management and collection of old Accounts Receivable (A/R) through analysis and formulation of effective plans of action for A/R clean-up. MedXPrime Revenue Recovery’s special differentiator is an initial, no-cost, detailed sample analysis of aged accounts receivable. This report often causes doctors to say “WOW” as they review it with them on a follow-up online presentation. Because of this, the company has coined this is as their ‘Wow Report’. This analysis is delivered online within 48-72 hours after mr2 gets the green light to prepare the report

medxprimerevenuerecovery.com

Passage Health International (PHI) is an international medical receivables management company that also acts as a partner for supervising international insurance claims. By activating PHI’s full-fledged medical accounts receivable services, hospitals can simplify the entire journey of processing claims for international patients—from verifying insurance benefits to the eventual collection of payments from insurance companies, or even self-payments from patients. Regardless of the situation, PHI—one of the Top 10 Revenue Cycle Management companies of 2019—ensures that its hospital partners are paid accurately, and quickly, for treating foreigners

passagehi.com

Synergy Billing helps Federally Qualified Health Centres (FQHC) to maximize revenue and improve business processes and has been successful in processing the claims within the first 30 days. Synergy Billing specializes in revenue cycle management and consultation. The company caters to the payer’s requirements, receives claims data, and ensures that claims get paid the first time. Evidently, the results have yielded more revenue faster than ever. One of the top revenue cycle management companies, Synergy Billing is backed by high-performing team members, who are well acquainted with the nitty-gritty of the revenue cycle management. Synergy Billing’s 4-week training program assists participants in learning about the industry, the company, and the Synergy methods for expert claims processing

synergybilling.com

Blue Eagle Consulting

Blue Eagle Consulting

Delivering success to Healthcare Clients on a variety of IT projects; providing senior-level consulting professionals with heavy operational and software expertise

Enhanced Revenue Solutions

Enhanced Revenue Solutions

Most successful revenue enhancement services in the nation and was created by some of the most innovative, thoughtful minds in medical billing

Medical Billing Choices

Medical Billing Choices

Offer Total Revenue Cycle Management to maximize cash flow with an accurate and efficient billing process, allowing to focus on providing improved patient care

MTBC

MTBC

Consistently innovate to keep pace with a global healthcare environment that enables transformational change in healthcare through technology

R1 RCM

R1 RCM

A leading provider of technology-enabled revenue cycle management services across hospitals, health systems and physician groups

Signature Performance

Signature Performance

A leading provider of healthcare business services powered by technology, people, and processes