Best Healthcare Claims Management Software
Healthcare claims management software is used to streamline the medical claims process, which eases the relationship between provider and insurance company and efficiently speeds up the patient’s payment lifecycle. These solutions leverage automation features so hospitals and clinics can resolve or prevent any hurdles that can potentially disrupt the claims processing and billing workflow. Healthcare claims management software are sold either as standalone products or bundled within medical billing software, revenue cycle management software, or comprehensive medical practice management software. Users of healthcare claims management software include payers, health care providers, and insurance providers.
To qualify for inclusion in the Healthcare Claims Management category, a product must:
Best Healthcare Claims Management Software At A Glance
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- Overview
- User Satisfaction
- Seller Details
Service Center by Office Ally is a trusted Revenue Cycle Management and patient payments platform used by more than 80,000 healthcare providers and health services organizations, which process more th
- Health, Wellness and Fitness
- Medical Practice
- 90% Small-Business
- 6% Mid-Market
650 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Claims Management Pro is a comprehensive SaaS-based claims management solution that far outpaces the average clearinghouse. This application puts you in control of front-end claims cycle activities, w
- Hospital & Health Care
- 47% Small-Business
- 42% Mid-Market
1,536 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Looking to harness the full power of the Tebra platform? Our practice success platform includes a certified electronic health record solution built to empower today’s providers with robust clinical ch
- Owner
- Office Manager
- Medical Practice
- Hospital & Health Care
- 88% Small-Business
- 10% Mid-Market
11,190 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Facets is a modular system integrating consumer, care, claims and revenue management to help organizations meet their business goals.
- Insurance
- 47% Mid-Market
- 29% Enterprise
723,142 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
AdvancedMD is a unified suite of software solutions designed for mental health, physical therapy and medical healthcare organizations and independent physician practices. Features include practice man
- Medical Practice
- Hospital & Health Care
- 63% Small-Business
- 27% Mid-Market
46,960 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Delivering on the promise of health information technology, Henry Schein Medical Systems/MicroMD provides simple yet powerful EMR and practice management solutions that facilitate the delivery of supe
- Hospital & Health Care
- 60% Small-Business
- 28% Mid-Market
25,361 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
What is SAS Fraud, Anti-Money Laundering & Security Intelligence? Software solutions in the SAS Fraud, Anti-Money Laundering and Security Intelligence suite deliver fast, on-target insights throug
- Banking
- Financial Services
- 56% Enterprise
- 26% Mid-Market
62,434 Twitter followers
- Overview
- User Satisfaction
- Seller Details
TriZetto offers consulting, IT, and business process solutions to streamline the deployment and adoption of technologies and improve operations for payers and providers in the health care industry. Tr
- 46% Enterprise
- 38% Mid-Market
723,142 Twitter followers
- Overview
- User Satisfaction
- Seller Details
From the first phone call with a new patient through final claim reconciliation and payment, you need a simpler way to collect, submit, and track the administrative, clinical, and financial data that
- Medical Practice
- Hospital & Health Care
- 63% Small-Business
- 23% Mid-Market
2,088 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
athenahealth is providing cloud-based services for electronic health records (EHR), revenue cycle management & medical billing, patient engagement, care coordination, and population health managem
- Hospital & Health Care
- Medical Practice
- 42% Small-Business
- 37% Mid-Market
24,851 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Waystar provides market-leading technology that simplifies and unifies the revenue cycle. Their cloud-based platform streamlines workflows and improves financials for healthcare providers of all kinds
- Billing Manager
- Office Manager
- Hospital & Health Care
- Medical Practice
- 61% Small-Business
- 32% Mid-Market
2,038 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Integrated, customizable, ONC-certified clinical management and practice management software for healthcare providers and care organizations. Founded in 1999 and headquartered in Maryland, RXNT's s
- Hospital & Health Care
- Medical Practice
- 62% Small-Business
- 32% Mid-Market
- Overview
- User Satisfaction
- Seller Details
Beacon is a leading-edge software firm specializing in health claims management solutions for healthcare payers. SpyGlass, our innovative, cloud-based claims processing software, paired with HIPAA Dir
- 45% Mid-Market
- 27% Enterprise
41 Twitter followers
- Overview
- User Satisfaction
- Seller Details
eClaimStatus is a Health insurance eligibility verification software that is easy to Use, comes with zero setup or maintenance hassles ,assures real-time , eligibility verification from 700+ payers, f
- 78% Small-Business
- 22% Mid-Market
6 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Veradigm Payerpath® is an Internet-based suite of solutions that addresses every step in the reimbursement cycle.
- 50% Small-Business
- 25% Enterprise
417 Twitter followers
Learn More About Healthcare Claims Management Software
Any healthcare organization, whether it’s a small, specialized practice or an enterprise healthcare system, deals with invoices, payments, insurance claims, and overall finances. Efficient management of these financial processes is crucial for maintaining profitability and ensuring smooth operations. This is where healthcare claims management software comes into play.
What is healthcare claims management software?
Healthcare claims management (HCM) software, also called medical claims software, automates a medical practice’s invoicing and claims processes.
From initial submission to adjudication, it handles all steps to ensure claims are processed accurately and quickly, reducing the risk of errors and denials. It’s an essential tool for medical practices, hospitals, and billing companies aiming to boost efficiency in the billing process.
The solution can turn an office paperless and digital, which will optimize the process by reducing overall billing errors, time spent on monitoring and managing the claims, and lead to real-time processing of claims.
Implementing medical claims management software will help hospitals and clinics improve financial performance with automated processes and prevent any hurdles that can potentially disrupt the claims processing and billing workflow.
What are the common features of healthcare claims management software?
The following are some core features within healthcare claims management that can help users manage a more effective and efficient claims process.
- Claims submission and processing: Electronic claims processing feature automates the submission process for insurance claims, enabling faster and more efficient processing.
- Claims scrubbing: HCM identifies and corrects errors or discrepancies in claims before submission. It uses validation rules to ensure accurate coding and billing, reducing the chances of denials.
- Denial management: A good medical claims software tracks and manages denied claims, providing tools to resubmit claims with corrected information. It offers denial analytics to help identify common denial reasons and improve the accuracy of future claim submissions.
- Real-time eligibility verification: This feature checks a patient’s insurance eligibility and coverage in real time before services are rendered. It prevents claim rejections due to patient ineligibility or insufficient coverage.
- Automated coding: This is an essential feature in HCM that incorporates medical coding standards like the International Classification of Diseases - ICD-10, and Current Procedural Terminology (CPT) in claims to ensure proper coding of procedures and diagnoses. It reduces manual coding errors and speeds up claims processing.
- Claims tracking: This feature provides real-time tracking of claim statuses, from initial submission to adjudication. It offers insights into claim progress and outcomes, helping users manage follow-ups efficiently.
- Compliance management: All healthcare claims management software ensures adherence to healthcare regulations such as the Health Insurance Portability and Accountability Act (HIPAA), and ICD-10 coding. It regularly updates to align with new regulatory changes to avoid compliance risks.
- Revenue cycle management (RCM) integration: Best HCM software works seamlessly with broader RCM systems, electronic health records (EHR), and billing systems to streamline the entire billing and payment process. It supports end-to-end RCM workflows, improving financial outcomes for healthcare providers.
- Customizable dashboards: HCMs offer user-friendly visual displays of key metrics such as claim status, denial rates, and overall financial performance.
- Patient payment processing: This software manages patient billing, invoicing, and payment processing for self-pay patients or out-of-pocket costs. It offers payment plans, online payment options, and reminders to improve patient collections.
What are the benefits of healthcare claims management software?
Best healthcare claims management software does more than automate billing and invoicing, thereby reducing loads of paperwork and time usually spent on creating statements, verifying insurance coverage, and processing claims. A few other benefits of using healthcare claims management software include:
- Digital claims: Automation is key to improving efficiency and accuracy in the healthcare industry because the claims process can be very manual. Implementing a digital claims process will reduce the amount of paper-based processes, increase clean claim submissions, reduce errors, and create more thorough, accurate documentation.
- Efficient processing: The various stages of claims processing can be very time consuming due to errors. Healthcare claims management software will allow for optimized processing and collection of claims. It will also increase efficient reimbursement cycles and communications with insurance companies.
- Patient satisfaction: If the claims process is filled with errors and inaccuracies, patients will likely be upset and frustrated with the system. Healthcare claims management software will allow for tracking, monitoring, and reporting of patients’ finances and customization of billing according to specialized practice needs—all of which leads to improved patient engagement and satisfaction.
- Adjudication: To adjudicate claims means to automate how the responsibility of the payer is determined. Auto-adjudication can be implemented in the claims process, which leads to a faster payment process for providers, more accurately processed claims, fewer pending or outstanding claims, and an improved patient experience.
- Compliance adherence: There are many compliance issues, such as Medicare and Medicaid, and numerous state and federal regulations, which makes the claims process complex. The privacy and security requirements of the Health Insurance Portability and Accountability Act (HIPAA) are critical to a successful practice. HIPAA violations can lead to fines and significant damage to a provider’s reputation. Ensuring the healthcare claims processing systems are fully compliant is critical to remain compliant and maintain optimal levels of patient service.
Who uses HCM or medical claims software?
Common users of healthcare claims processing software include:
- Healthcare providers: Hospitals, clinics, private practices, and specialty care centers are the primary users of HCM software. They use it to streamline billing, manage insurance claims, and enhance revenue cycle management.
- Medical billing and coding companies: These companies rely on HCM software to handle claims processing for healthcare providers, managing everything from submission to denial resolution.
- Health insurance companies and payers: These parties use medical claims software to process, verify, and adjudicate claims, ensuring accurate payment and compliance.
- Third-party administrators (TPAs): TPAs utilize this software to provide outsourced claims management services, covering compliance, claims processing, and auditing.
- Healthcare clearinghouses: These companies employ HCM software to validate and process claims between healthcare providers and insurers, ensuring claims meet payer requirements and reducing rejections.
- Patients: Patients indirectly interact with healthcare claims management software through billing and payment processes. The software manages patient billing, tracks out-of-pocket costs, and facilitates payment plans.
Healthcare claims management software pricing
The cost of healthcare claims management software can vary significantly based on factors like the number of users, the complexity of features, the deployment model, and the specific vendor.
- Number of users: The more users accessing the software, the higher the cost.
- Features and functionality: The complexity and breadth of features, such as advanced analytics, automated coding, and real-time reporting, will impact the price.
- Deployment model: Cloud-based solutions are generally more affordable than on-premise solutions due to lower upfront costs and reduced maintenance overhead.
- Additional services: Consider costs for implementation, customization, training, and ongoing support.
Here’s a look at the common pricing models of medical claims software:
- Subscription-based: Many healthcare claims management systems operate on a subscription model, often charged monthly or annually. Pricing can range from a few hundred to several thousand dollars per month, depending on the software's features and the number of users. Subscription-based models typically include customer support, regular updates, and cloud hosting.
- Per-claim pricing: Some software solutions use a pay-per-claim model, where healthcare providers are charged based on the number of claims processed. This model is often preferred by smaller practices that handle fewer claims and want to keep costs predictable.
- One-time license fee: Some on-premise solutions require a one-time licensing fee, making them a significant upfront investment. This model is common for larger organizations wanting full software infrastructure control. However, ongoing costs for maintenance, updates, and support should also be considered when evaluating this pricing model.
- Free or freemium: Some vendors offer free basic versions of their software, with premium features and services available for an additional fee.
Many healthcare claims management software providers offer custom pricing, tailoring their offerings to each client's specific needs. Contact vendors directly to discuss specific needs and obtain customized quotes.
Challenges with healthcare claims management software
Software solutions can come with their own set of challenges.
- Denial management: The biggest challenges to claims denials include coding errors and reimbursement policies. Providers and administrators have to constantly learn new codes and adding this information can still be a manual process. There may need to be communications between the provider, insurer, and patient as not all claims will be approved and processed immediately.
- Training and onboarding: Like any piece of technology, effective training and onboarding will speed up the adoption of the healthcare claims management solution. The quicker practitioners and administrators become comfortable with the software, the more empowered they will feel when utilizing and communicating about the solution. Regular training will also reduce any wrong use, insufficient documentation, or miscommunication. Training will benefit staff when it comes to everyday use, as well as reducing errors in coding.
- Multiple systems: Not all clinics have coexisting patient management and billing systems. These systems may or may not communicate with each other and this can lead to a less efficient claims management process.
How to buy healthcare claims management software
There are unique needs to consider when assessing software to purchase—size and team member count, onboarding process, software cost, vendor customer support options, mobile compatibility, and customization are some of them. Buyers must determine what set of features will help the users be more efficient and meet the needs of the claims management process.
Choose a selection team
To choose a selection team, decision makers need to involve subject matter experts from all teams that will use the system. For any organization, this will likely involve healthcare practitioners, office staff, claims management employees, and decision makers. An IT administrator should also be present to weigh in on technical concerns with the products. The selection team should be a representation of the people who will use the system.
Create a long list
An initial list of potential healthcare claims management solutions should include any products that meet the basic feature requirements. At this stage, focus on identifying options that align with your essential needs, such as claims submission, denial management, compliance, and integration capabilities. This list serves as a broad overview of potential vendors that could fit your organization.
Create a short list
After a long list has been created, it’s time to look at each product in more detail to determine if it sounds like it will meet the needs of the healthcare providers interested in purchasing this software. This involves analyzing additional features beyond the essentials, such as AI-powered automation, analytics, or enhanced compliance tools.
Consider the software’s scalability, user-friendliness, and ability to drive efficiencies and improve compliance. Select the top contenders that seem most aligned with your requirements.
Conduct demos
Demos are a great opportunity for buyers to see how the software works. Only the shortlisted vendors should be invited to demonstrate their solutions. Demos should be performed live, using the system, and not through slide decks and screenshots.
Request a walkthrough from the perspective of all user roles—administrators, claims staff, and healthcare providers—to assess ease of use, navigation, and overall user experience. This will help you understand how the software operates in real-world scenarios.
Negotiation
After narrowing in on the preferred product, it’s time to negotiate a pricing package. Buyers must consider the software's pricing model, such as whether the seller charges a flat monthly fee or, more commonly, a fee based on how many user seats the buyer needs. Buyers should also note if they can negotiate to add more user seats to a package that would otherwise meet their needs. They might also consider negotiating a discount in exchange for signing a multi-year contract.
Final decision
The final decision should involve feedback from all primary users. Ensure the software is user-friendly, easy to implement, and capable of improving operational efficiency. Consider its impact on the patient experience, compliance, and overall claims performance. The selected solution should align with your organization’s long-term goals and provide clear value for your investment.
Healthcare claims management software trends
The healthcare claims management software landscape is constantly evolving, driven by technological advancements and changing industry regulations. Here are key trends shaping the industry:
- Artificial intelligence and automation: AI can transform claims management by automating claims scrubbing, denial prediction, and error detection. By analyzing claims data in real-time, AI tools minimize errors, increase approval rates, and speed up the entire claims process, making operations more efficient.
- Cloud-based solutions: Cloud-based claims management software offers flexibility, scalability, and cost efficiency. It enables providers to access real-time data, supports remote work, simplifies software updates, and ensures compliance, making it a critical choice for organizations aiming for seamless digital transformation.
Researched and written by Dominick Duda
