Who Are the Top Revenue Cycle Management Vendors of This Year?
KLAS has unveiled its picks for the best revenue cycle management vendors going into 2022, including top chargemaster maintenance, patient accounting, and RPA companies.
Source: Getty Images
By - Market research firm KLAS has released its top picks for healthcare software vendors based on evaluations from more than 23,700 software users from more than 4,500 healthcare organizations. This year, top spots in the finance and revenue cycle management vendor categories went to industry heavy-hitters Epic and MEDITECH, as well as Patientco, vitalware, Quadax, and Revecore.
Here is a look at the finance and revenue cycle management ranking from the report Best in KLAS: Software & Services 2022.
Chargemaster management
With new price transparency requirements now in place, chargemaster management has become even more vital to revenue cycle management. Among the top vendors helping healthcare organizations maintain and manage their chargemasters are Vitalware and Craneware, KLAS reports.
Vitalware by Health Catalyst VitalCDM earned the most points in this year’s chargemaster management category with an overall score of 94.5 points. Meanwhile, Craneware’s Chargemaster Toolkit scored a total of 91.4 points. Both beat the software average of 82.9 points.
The report also showed that an overwhelming majority of customers using Vitalware for chargemaster management include the solution as part of their long-term plans, would buy the solution again, and say the company “avoids charging for every little thing.”
Notably, 97 percent of Craneware users say the company keeps all promises when it comes to its chargemaster management solution.
One company was not ranked in this category this year despite having some users interviewed by KLAS. nThrive’s chargemaster management solutions, Revenue Systems CDM Management and Revenue System CDM Master, both exceeded the software average. However, KLAS had limited data to rank the solutions.
Claims management
It was a tight competition for best claims management vendor this year. Ultimately, KLAS bestowed the honor to Quadax for its Xpeditor solution, which earned an overall score of 91.1 points. The report also shows that 97 percent of users interviewed, respectively, said the claims management solution is part of their long-term plans and they would buy it again.
Rounding out the top five was Waystar for Claims Management (89.6 points), Experian Health for ClaimSource (88.8 points), the SSI Group for SSI Claims Management (87.0 points), and nThrive for Revenue Systems Claims Management (85.6 points).
Change Healthcare ranked sixth, but its Assurance Reimbursement Management solution came up slightly short of the software average of 82.9 points with an overall score of 77.9 points.
Besides Waystar and Change Healthcare, all vendors saw overall performance improvements compared to last year’s rankings.
Complex claim services
Healthcare organizations turned to a wide range of vendors for more complex claims. The ones with the best overall performance were Revecore with 97.0 points, Aspirion with 94.8 points, and Argos Health with 89.5 points. The three vendors scored above the services average of 89.4 points.
Rounding out the top five complex claims services solution was EnableComp (87.1 point) and Kemberton’s Healthcare Services (80.2 points).
All customers of Argos Health, EnableComp, and Revecore also said the companies avoid charging for every little thing. All respondents using Aspririon and Revecore said they would buy the solution again.
Patient accounting and management
EHR vendors dominated the rankings of top patient accounting and management vendors in this year’s Best in KLAS report. KLAS named Epic the leading vendor among large hospitals and integrated delivery networks. Epic’s Resolute Hospital Billing solution beat out long-time competitor Cerner with an overall score of 91.4 points (out of 100 points). Cerner’s Patient Accounting/CommunityWorks Financials scored 62.1 points overall.
Among community hospitals with 200 or fewer beds, MEDITECH took the top spot for patient accounting and management with an overall score of 85.0 points. The EHR company scored highly in the loyalty category for its Expense Patient Accounting solution but was dinged for culture and operations. Still, MEDITECH outscored both CPSI’s Evident Thrive Patient Management (69.1 points) and Cerner’s Patient Accounting/CommunityWorks Financials (67.7 points).
Other finance, revenue cycle management categories
KLAS also evaluated the vendors and solutions across contract management, patient access, robotic process automation, and more. The following vendors earned the highest overall scores:
- Contract management: Experian Health
- Insurance discovery: TransUnion Healthcare
- Patient access: PELITAS
- Patient finance engagement: Patientco
- Patient financing services: ClearBalance HealthCare
- Robotic process automation: Cloudmed
