Survey findings underscore significant improvements in medical practice denial management, patient engagement, and operational efficiency driven by advanced technologies.
DENVER, CO / ACCESS Newswire / June 27, 2025 / Black Book Research, the independent authority on healthcare technology performance, today announced its 2025 rankings of Revenue Cycle Management (RCM) vendors serving U.S. physician practices. Based on survey responses from 8,018 client users across group practices, MSOs, and solo physicians, Black Book assessed vendor performance from September 2024-June 2025 in these 19 essential RCM categories, segmented by practice size and clinical type:
End-to-End RCM Software Platforms
Primary Care / Medicine-Based Practices Top Vendor: Veradigm Payerpath
Awarded for comprehensive RCM workflow automation, payer connectivity, and EHR interoperability.
Specialty & Surgical Practices Top Vendor: ModMed BOOST (Modernizing Medicine)
Excels in specialty-specific coding automation, surgical billing workflows, and ophthalmology/dermatology integration.
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Financial Communications & Patient Satisfaction Tools
Primary Care / Medicine-Based Practices Top Vendor: Phreesia
Praised for large-scale patient intake, digital consent, upfront cost transparency, and patient satisfaction tools.
Specialty & Surgical Practices Top Vendor: Luma Health
Rated highly for referral communications, surgical prep education, and procedure-specific billing notifications.
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Patient Engagement & Financial Communications
Top Vendor: InteliChart
Recognized for its comprehensive patient engagement solutions including portals, scheduling, intake, notifications, surveys, virtual care, and billing communication, significantly enhancing patient satisfaction and revenue collection.
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Physician Clearinghouse Solutions
Top Vendor: Waystar Clearinghouse
Rated #1 for large-practice scalability, payer EDI integration, and advanced denial tracking.
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Patient Financial Access Solutions
Top Vendor: Experian Health
Integrates financial clearance, ID verification, and prior auth into EHR systems at scale.
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Outsourced RCM Services
EHR System-Based Practices Top Vendor: Greenway Revenue Services
Offers end-to-end outsourced RCM services designed specifically for ambulatory and primary care practices, with deep analytics, comprehensive denial management, and EHR integration.
EHR-Agnostic RCM Services Top Vendor: R1 RCM
Recognized for EHR-agnostic ambulatory RCM services, providing comprehensive outsourced revenue cycle management solutions across diverse physician practice environments.
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AI-Driven RCM Solutions
Top Vendor: IKS Health
Specialty-focused, AI-powered RCM solutions excelling in coding automation, payer rule intelligence, predictive analytics, denial management, and scalable staffing augmentation.
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Physician Practice Claim Processing and Billing Optimization
Top Vendor: RapidClaims
Recognized for its AI-driven claim processing efficiency, billing accuracy, rapid reimbursement cycles, and client satisfaction specifically tailored to physician practice needs.
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Revenue Cycle Workflow Optimization
Top Vendor: MedEvolve
Awarded for its innovative workflow automation solutions, real-time analytics, productivity enhancement, and operational cost reduction specifically tailored for physician groups and practices.
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Insurance Discovery Solutions
Top Vendor: FinThrive
Recognized for its efficiency in identifying missed insurance coverage and optimizing reimbursements.
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Patient Financing & Medical Loan
Top Vendor: CarePayment
Awarded for superior patient-friendly financing solutions, zero-interest payment plans, flexible repayment options, enhanced patient satisfaction, and increased collection rates.
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Patient Identifier Solutions & EMPI
Top Vendor: Verato
Praised for its advanced patient identification technology ensuring accuracy and compliance across multiple practice locations.
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Patient Revenue Intelligence and Analytics
Top Vendor: Innovaccer
Recognized for its AI-powered data activation platform (DAP), patient 360 insights, and advanced analytics, providing actionable intelligence to maximize revenue and support value-based care models.
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Revenue Integrity & Billing Compliance Software
Top Vendor: FinThrive
Awarded for robust revenue integrity and compliance software tailored specifically for physician practices, proactively managing coding accuracy, compliance oversight, and reimbursement optimization.
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Extended Business Office Services
Top Vendor: Xtend Healthcare
Recognized for scalable extended business office (EBO) solutions tailored for physician organizations and MSOs, Xtend Healthcare delivers high-performance A/R resolution, legacy system support, and end-to-end receivables management that accelerates cash flow and reduces administrative burden.
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Government Reimbursement Services
Top Vendor: AdvantEdge Healthcare Solutions
Rated highly for its expertise in Medicaid and Medicare reimbursement processes, AdvantEdge supports compliance-driven billing services, encounter data integrity, and appeals management, helping physician practices and FQHCs navigate complex government payer landscapes.
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Complex Claims Resolution Solutions
Top Vendor: Knowtion Health
Specializing in complex, denied, or aged claims, Knowtion Health offers robust resolution pathways for high-dollar or regulatory-sensitive A/R, with predictive analytics, payer intelligence, and denial remediation services specifically designed for physician practices and surgical centers.
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Charge Capture & Price Transparency Tools
Top Vendor: Vitalware (by Health Catalyst)
Vitalware is recognized for its comprehensive charge capture and pricing transparency platform, enabling physician groups to ensure compliant, complete charge documentation and provide patients with real-time, accurate estimates aligned with No Surprises Act regulations.
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Payment Processing & Merchant Services for Providers
Top Vendor: InstaMed (a J.P. Morgan company)
InstaMed leads in secure, compliant payment processing and digital merchant services tailored for physician practices, offering integrated point-of-service collections, online billing, and automated reconciliation across patient and payer transactions.
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Key Findings from the 2025 Survey
81% of physician groups are actively replacing at least one RCM technology or service vendor in 2025 due to automation gaps or inadequate support for value-based care contracts.
87% of specialty practices report significant improvements in denial management after switching to a top-ranked clearinghouse or outsourcing vendor.
68% of small/solo physicians say that simplified, low-touch billing technology with live customer support is more important than EHR integration.
"No two physician practices are the same. Our segmented rankings by size and specialty give medical leaders the clarity they need to select the right-fit RCM partner," said Doug Brown, Founder of Black Book Research. "As value-based models expand and patient financial engagement becomes critical, vendors that serve solo family doctors must be evaluated differently than those supporting 100-provider surgical networks."
About Black Book Research
Black Book⢠is the leading source for independent, crowdsourced healthcare IT and services vendor performance data. Over 3.4 million healthcare professionals have contributed to Black Book's impartial scoring of over 1,000 RCM software firms and outsourcing partners. Competitive scorecard intelligence reports may be requested through research@blackbookmarketresearch.com. Gratis Black Book industry research reports are available at www.blackbookmarketresearch.com for all healthcare IT stakeholders.
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SOURCE: Black Book Research
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