Revenue cycle management (RCM) software unifies the business and clinical sides of a health care practice via automation of administrative tasks, pulling of data from EHRs and other hospital information management solutions, and organization of individual RCM processes that already exist. This helps streamline and ease the overall financial processes that exist within a health care organization.
RCM software is comprehensive, providing functionality that can be found in medical billing software, healthcare claims management software, health care credentialing software, medical practice management software, and patient engagement software. Some RCM solutions come equipped with data analysis features and employee training tools. Users of RCM software are physicians or practitioners, patients, and payers.
To qualify for inclusion in the Revenue Cycle Management (RCM) category, a product must:
Integrate with hospital IT solutions
Unify the financial with administrative sides of a clinic, practice, hospital, or other health care organization
Support the relationship between hospitals, payment providers, and insurance companies
Adhere and adapt to evolving health care industry regulation