Healthcare Revenue Cycle Management (RCM) Companies 2024

Revenue Cycle Management (RCM) is a process for tracking down, obtaining, and handling payments from insurance companies or patients. This procedure starts with a patient's first session until payors finally accept reimbursement claims. 

More than 345 healthcare RCM companies are operating in the US. These companies offer Revenue Cycle Management services that can help physicians and practice managers manage the intricacies of billing, coding, and compliance.

We have created a guide of the top 10 revenue cycle management firms and the suite of services they offer to a range of healthcare practices. 

Top 10 Healthcare RCM Companies in the USA

Looking after your medical practices along with finances is quite a daunting task, particularly when your insurance claims get denied more often, causing you a loss of a million dollars. 

According to reports, almost 1 in 7 claims get denied, leading to 200 million annual denials. Insurance claim denials can impact revenue, create more administrative work, and disrupt patient care.

By outsourcing medical billing, practice management, and data analytics to the best medical billing companies, healthcare organizations can obtain important insights into patient preferences, revenue patterns, and operational bottlenecks. 

The top best RCM companies are listed below: 

MediBill MD

MediBill MD is a recent addition to the market, established in 2023, with its headquarters in Dallas, Texas. It is one of the US's most reasonably priced revenue cycle management companies.

MediBill MD provides 100% up-to-date medical billing solutions complying with the most recent standards, including HIPAA, and results-driven solutions with a revenue boost of 10% to 15%.

Outsourcing medical billing to MediBill MD helps you maximize your revenue cycle by decreasing the denied claims, minimizing coding mistakes and inconsistencies, managing your accounts receivable promptly, submitting claims on time, and providing thorough reporting.

PWC

PWC is a multinational company that employs over 328,000 people in 152 nations. It is a company that offers professional tax advisory audit and assurance services. It launched its revenue cycle management services in 2002 to provide revenue cycle solutions, including individual medical solutions and fully customizable outsourced services.

Healthcare organizations rely on the RCM of PWC for various services, including cash posting, denial management, medical billing, appointment follow-up, customer support, revenue cycle automation, and more.

PWC is an ideal choice for large hospitals with 100+ physicians staff. Additionally, it provides services to outpatient facilities, solo practitioners, small and medium-sized medical offices, and healthcare clinics.   

Experian

Another top company for revenue cycle management is Experian. KLAS 2024 research has ranked Experian higher in several categories. With an overall performance score of 89.3, KLAS Research ranks it as the top Claims Management & Clearinghouse. Likewise, it ranks first in the Revenue Cycle (Contract Management) area with a score of 91.7. 

Experian simplifies patient access, improves claim handling, and maximizes the revenue cycle. It also provides solutions to your medical business's problems. By leveraging the expertise of professionals from Experian, companies can increase financial performance, make better business decisions, and cultivate strong patient connections using their complete solutions.  

AdvancedMD

The founder of AdvancedMD was an experienced medical office manager who had first-hand knowledge of the subtleties of the workflow in medical practices and the significance of revenue management. In the 20 years of experience, AdvancedMD has served around 850 medical billing organizations.

AdvancedMD offers medical billing, adaptable scheduling, straightforward coding, precise reporting, and user-friendly patient relationship management. These features are a part of their platform.

Advanced MD offers all these solutions at low upfront charges, with no long-term contracts, and provides an option to employ services for a few months before switching to their medical billing software.

CareCloud  

CareCloud, Inc. is a prominent American provider of healthcare information technology. It serves more than 40,000 healthcare providers and is a reliable growth partner. CareCloud helps medical practices to prosper in an increasingly complicated healthcare environment by providing efficient and innovative solutions.

The revenue cycle management system from CareCloud helps medical clinics maximize their income by improving billing procedures and expediting payments. It offers rapid compensation, reducing your A/R by 33%.

The company's specialty is offering hospitals and healthcare providers the latest clinical, financial, and administrative software and services hosted in the cloud and improving practice operations. 

R1 RCM 

One of the best providers of revenue cycle management services to healthcare organizations is RCM R1 Holdco Inc. (R1). It provides services to more than 1,000 clients nationally and has expanded quickly to rank among the fastest-growing healthcare organizations.

Healthcare providers can select from an end-to-end engagement or focused solutions for their revenue cycle management needs with R1 RCM. 

R1 RCM helps healthcare providers enhance their cash flows by implementing the latest technologies and data analytics techniques. These technologies support R1 RCM's ability to lower overall collection costs, increase net patient income, and enhance the general patient experience. 

CureMD

CureMD is the leading provider of novel healthcare systems and services. It revolutionizes the clinical and administrative functions of healthcare institutions of all sizes.

CureMD is well-known among medical practitioners for its customized solutions. Their revenue cycle management services are intended to assist healthcare providers in streamlining their financial processes, decreasing denials and claims delays, and minimizing administrative expenses. 

The company guarantees fast, noticeable improvements, minimal claim rejections, and a 5 to 10 percent increase in revenue. Medical practitioners rely on CureMD to get timely reimbursements from insurance companies.

DrChrono

EverHealth, a California-based company, launched DrChrono in 2009. Dr. Chrono offers reasonably priced medical software and billing services. It is another revenue cycle management company that will help you focus more on patients while keeping your income stable. 

DrChrono helps the medical practitioner reduce their administrative workload by handling the whole medical claim lifecycle, including filing and coding compliance. 

It promises assured practice profitability, a 48-hour turnaround on denials, and a 96% clean claims record. However, depending on the number of claims, Dr. Chrono usually needs clinics to sign a contract for at least one year.

Medic Management Group LLC  

The Medic Management Group is an independent business with a head office in Ohio, United States. The organization offers professional hospital and healthcare services, including advisory, management services organization (MSO), and RCM services.  

Medic Management also provides RCM services to increase working capital, reduce collection expenses, expedite payments, and optimize the cash flow of Healthcare practitioners. 

To maximize your RCM, Medic Management uses tried-and-tested methods and best practices from the industry. It provides doctors and group practices with various RCM services, from formal assessments of possibilities and problems to specialized one-time assistance to complete outpatient billing and collections.

Charm Health

CharmHealth provides revenue cycle management services to assist practitioners with managing insurance claims and payments. RCM services guarantee that trained experts handle the claims, which lowers errors, speeds up the procedure, and increases practice collections.

CharmHealth claims that their clients get customized services where they dedicate an account manager along with a group of professional coders and billers who are conversant with the requirements of the practice. 

According to Gartner's Software Advice, CharmHealth is the top option overall and offers the most value for the money compared to its competitors in the Medical Billing Products sector.

Bottom Line

Outsourcing revenue cycle management is essential to maintaining the financial stability of healthcare providers in the complex empire of healthcare finance. 

These top 10 revenue cycle management firms in the US assist healthcare organizations in navigating the intricacies of revenue management by providing a wide variety of services, from data analytics and consultancy to billing and coding. 

Choosing the best revenue cycle management partner for your business can be challenging, but there are a few things to consider when choosing an RCM Company. These can help you select the perfect RCM firm. 

• Assess both your business and your needs before choosing an RCM partner.
• Examine the available services.
• Verify the number of their denied claims.
• Evaluate their pricing structure.
• Verify that the RCM partner protects data by the (HIPAA) rules.

We hope this blog has helped you narrow down the list. Depending on your needs, you can now outsource Healthcare RCM Services to the most suitable company.