Top 5 RealRev Alternatives & Competitors 2024

To take advantage of the coming surge in healthcare merger and acquisition activity, management services organizations and physician groups need the forecasting and accounting power of strong financial planning and analysis software. While many FP&A companies exist, RealRev is one of the few that offers healthcare financial planning and analysis (FP&A) software specifically for management services organizations (MSOs) and physician groups. Many FP&A software companies serve several industries, and those that specialize in healthcare often have hospitals and practices as clients. 

Vetting RealRev and its alternatives helps you determine which will best help you capture the M&A opportunities ahead. MSOs and physician groups endure the particular challenge of healthcare data integration of multiple PMs and EMRs. Often, their acquisitions exist in multiple states. 

Companies like RealRev and MD Clarity offer tools to enable you to get critical, real-time revenue insights when many locations, states, and groups are involved. Where healthcare leaders must always examine the financial performance of each location, the ability to compare performance levels across an entire portfolio delivers the insights that fuel acquisition target decisions, service choices, and investment.  

What is RealRev and what markets does it serve? 

Description

Established in Georgia in 2022, RealRev is led by the former CFO of a spine center physician group along with several healthcare technology executives. This cloud-based platform automates and simplifies data collection, processing, and reporting processes.  

RealRev's differentiator is its ability to integrate data from multiple systems and provide a unified view of financial performance across various entities and EMRs. As such, it targets the finance departments of management services organizations and provider groups. Its consolidation of siloed data provides healthcare practices with comprehensive insights, enabling more informed decision-making and strategic planning.

The platform's advanced features include:

• automated revenue recognition for healthcare services
• monthly reporting updates available within 3 business days
• actionable insights on location productivity, write-off trends, and provider performance
• machine learning-powered collection estimation
• centralized data management across EMRs
• compliance support for accounting standards like ASC 606 and IFRS-15

RealRev helps healthcare MSO CFOs and their teams as well as physician group finance executives streamline financial processes, gain deeper insights into their operations, and make data-driven decisions with greater efficiency and accuracy.  

Ratings

RealRev has yet to earn reviews on G2, Capterra, or Software Advice.  

Best Alternatives and Competitors to RealRev

• MD Clarity
•  Limelight 
•  Syntellis  
•  Vena
•  Vareto

A proven revenue cycle management solution 

MD Clarity

Description

A revenue cycle management (RCM) company, MD Clarity offers a contract management solution that overlaps in some ways with RealRev’s FP&A tools.

Providing contract management, modeling, and performance analysis for 10 years now, MD Clarity’s RevFind RCM for MSOs helps MSOs and physician groups integrate data from disparate systems, consolidating contracts on one platform. RevFind ranks contracts and payer performance from top to bottom, allowing clear insight into each payer’s value. 

With the largest healthcare systems among its clients, MD Clarity handles all forms of contracts and payment methods across many specialties, locations, and states. Unlike competitors, MD Clarity's team handles the contract uploading work, reducing RCM staff burden. 

RevFind makes it simple for users to detect underpayments by automatically comparing payers’ actual payments against contracted rates. Every underpayment gets listed in a simple report, preparing staff to appeal. Providers can find significant revenue opportunities when they analyze underpayments by CPT code, provider, location, and payer, all of which RevFind reporting provides. For instance, should payers underpay certain CPT codes frequently, the provider can examine whether staff is consistently failing to provide documentation required by the payer or if the payer is simply making an error. Discovering which payers underpay puts you in a stronger negotiation position. This proactive approach can lead to substantial revenue recovery, potentially amounting to millions of dollars.

Take a quick, self-guided tour through a powerful contract management and underpayments detection tool:

MD Clarity features in common with RealRev 

FP&A and RCM contribute to the financial health of an organization. RCM is considered part of FP&A. 

Both RealRev’s FP&A and MD Clarity’s RCM rely heavily on data analytics to inform strategic decisions and improve financial performance. Also, both rely on key performance indicators (KPIs) to assess financial health and identify areas for improvement. Finally, the two fields contribute to the organization's overall strategic planning process, providing insights that shape financial strategies. 

Differences between MD Clarity and RealRev

RCM and FP&A may overlap, but they are not duplicates. 

While FP&A leads the overall budgeting process, RCM contributes data and insights specific to revenue-related budgeting. FP&A focuses on longer-term planning and analysis, often looking one to three years into the future. RCM staff, on the other hand, is tasked with generating short-term, day-to-day operations insights and immediate cash flow management.

Real-time visibility like that available in MD Clarity’s RevFind allows healthcare providers to instantly track crucial metrics like reimbursement rates, denial frequencies, and adherence to contract terms. This immediate insight helps quickly identify issues such as:

• underpayments
• contract violations
• missed optimization opportunities
• payer performance
• denial rates

Industry authorities, including the Healthcare Financial Management Association (HFMA) and McKinsey, stress that real-time visibility is crucial for actively managing payer relationships and enhancing revenue cycle performance. Billing, coding, and other revenue cycle staff have timely access to the performance metrics reflected in MD Clarity’s RevFind. 

Immediate visibility is a key component of RevFind’s contract modeling, an engine that generates the revenue impact of the changes payers propose. When a pay change notice comes in, staff can run it through RevFind so as to get concrete figures on how it will diminish or enhance revenue (payers tend to underplay change impact.) Contract modeling also allows providers to generate unlimited scenarios of their own, feeding as many variables as needed into the modeling feature. Clear on the overall impact from seemingly minor changes, providers can stick to more favorable rates and terms. 

You can model exactly how proposed payer changes will impact your revenue. Experiment with your own changes via unlimited scenarios. Take a quick tour of MD Clarity’s efficient contract modeling in action here: 

Unlike RCM software users, FP&A software users tend to be CFOs and other healthcare executive leadership and department heads across the organization. It helps these executives establish broad financial metrics like:

• profit margins
• return on investment
• overall financial performance. 

It takes different types of software to handle these two types of tasks. 

In summary, while Real Rev’s FP&A and MD Clarity’s RCM tools both contribute to the financial health of a healthcare organization, FP&A takes a broader, more strategic view of the entire organization's finances, while RCM focuses specifically on optimizing the revenue generation process. The insights and data from RCM often feed into the broader financial planning and analysis conducted by the FP&A team. 

Ratings

MD Clarity reviewers have given the software an average of 4.8 / 5 stars.

Built-In recognized MD Clarity as a Best Place to Work. The company is also listed on Inc. Magazine’s list of the 5000 fastest-growing private companies in America in 2024. 

A RealRev competitor focused on Excel and workforce planning

 Limelight 

Description

Limelight is an established cloud-based Financial Planning and Analysis (FP&A) software company that serves the healthcare industry. 

It offers a single, comprehensive FP&A platform that integrates various financial planning, forecasting, and reporting functionalities into one solution.

 Key features of Limelight's product include:

• integrated planning, reporting, and forecasting capabilities
• real-time access to financial data and KPIs
• healthcare-specific dashboards for supply costs, service costs, and program profitability
• workforce planning solutions that integrate with annual budgets, payroll, and accounting systems
• rolling forecasts to monitor the impact of factors like patient volume and service type on financial outcomes

While Limelight serves management services organizations and multisite healthcare groups, it also has clients that are hospitals, clinics, specialty care providers, and other healthcare-related organizations. Limelight positions itself as a comprehensive FP&A solution for the wider healthcare industry.

Similarities between Limelight and RealRev  

As with RealRev, the Limelight software is designed to help healthcare finance professionals streamline their planning processes, improve forecasting accuracy, and gain actionable insights from their financial data. It aims to reduce the time spent on manual data gathering and increase the time available for strategic analysis and decision-making.

Both Limelight and RealRev offer integrated planning, forecasting, and reporting capabilities within a single solution. They emphasize the consolidation of financial data and key performance indicators (KPIs), aiming to provide actionable insights that facilitate informed decision-making.

Differences between Limelight and RealRev

The primary difference between the two lies in their target markets. RealRev specializes in management services organizations and multisite healthcare groups, while Limelight has hospital, health system, and practice clients as well. In terms of specific features, Limelight puts more focus on rolling forecasts, workforce planning, and cost control with real-time KPIs, whereas RealRev emphasizes automated revenue recognition and machine learning-powered collection estimation.

User interface is another area where they differ; Limelight is described as user-friendly and similar to Excel, appealing to finance professionals familiar with spreadsheet software. RealRev’s interface relies more on visual representations of data.

Additionally, Limelight offers a dedicated workforce planning solution that integrates with annual budgets, payroll, and accounting systems, a feature RealRev lacks. 

In summary, while both Limelight and RealRev provide FP&A software tailored for the healthcare industry, their key differences lie in their target markets and the specific features they emphasize. Limelight offers a broader solution with a strong focus on Excel interfaces and workforce planning, whereas RealRev focuses more narrowly on specialized functionalities for management services organizations and multisite healthcare groups.

Ratings

G2 reviewers have given Limelight an average rating of 4.5 / 5. 

A RealRev competitor serving dedicated Microsoft Excel users

Vena Solutions

Description

Like RealRev and Limelight, Vena Solutions is a cloud-based financial planning and analysis (FP&A) software company. Established in 2011, It offers a single, comprehensive FP&A platform rather than multiple distinct products. Its solution automates time-consuming tasks so executives can spend less time checking data accuracy.

Like all of these solutions, Vena’s key features include:

• budgeting and forecasting capabilities
• financial and business-wide planning, reporting, and analysis
• variance reporting and analysis
• sales performance management
• financial close management
• integrated business planning 
• regulatory compliance reporting

Vena's platform is designed to work with Microsoft Excel, adding functionalities like templates and version control to enhance the familiar spreadsheet interface.

Regarding markets served, Vena caters primarily to mid-market companies, especially those using the Microsoft ecosystem (Microsoft Office, Microsoft Dynamics 365, and Power BI). They offer solutions for various industries, including banking, manufacturing, sports, and construction. 

Vena and Real Rev similarities

Both Vena Solutions and RealRev are cloud-based solutions that emphasize data integration from various sources into a single source of truth. Both aim and automate financial processes, and consolidate financial data to provide reporting and analytical insights.  

Differences between Vena and RealRev 

Vena Solutions and RealRev have distinct differentiators and target markets. RealRev specifically targets management services organizations and multisite healthcare groups, while Vena Solutions caters to healthcare but banking, hospitality, legal as well.   

RealRev lacks Vena Solutions’s native integration with Microsoft 365, particularly Excel. By leveraging Excel as the primary interface for planning and analysis, Vena enhances this familiar tool with additional features such as templates, version control, and automated workflows, allowing users to work within an environment they already know while gaining advanced FP&A capabilities.

In terms of user interface, Vena Solutions is built around Excel, enhancing its functionality for financial planning, whereas RealRev offers a specialized interface designed for healthcare finance.  

In contrast, RealRev is focused on healthcare-specific customizations. Finally, Vena emphasizes enterprise-level scalability suitable for cross-functional teams, while RealRev focuses on scalability within the context of multi-site healthcare groups. Overall, while both companies offer valuable FP&A software solutions, Vena differentiates itself through its Excel-based interface and broad applicability across industries, whereas RealRev specializes in tailored solutions for healthcare finance professionals.

Ratings

G2 reviewers have given Limelight an average rating of 4.6 / 5. 

A RealRev alternative offering comprehensive services

Syntellis Performance Solutions

Description

In addition to FP&A software, Syntellis Performance Solutions provides enterprise performance management software, data, and analytics solutions not only for healthcare, but also for higher education and financial services and more industries. Like all FP&A companies reviewed here, the company aims to help organizations improve their financial and operational performance through data-driven decision-making.

Syntellis’s FP&A services are a core component of its overall business, falling primarily under their enterprise planning and financial management offerings. By offering robust financial planning tools alongside other services, Syntellis aims to provide a holistic approach to organizational performance improvement. 

Syntellis’s FP&A software handles: 

• service line planning
• rolling forecasting
• operational budgeting
• health plan budgeting
• long-range financial planning
• treasury cash management
• performance reports
• capital planning and tracking

Syntellis and Real Rev similarities

Like all companies listed here, both Syntellis and RealRev aim to streamline financial processes, improve decision-making, and provide actionable insights for healthcare organizations. Both companies offer cloud-based platforms that integrate data from various sources to provide a comprehensive view of financial performance. Additionally, both Syntellis and RealRev emphasize the importance of automation in financial processes, aiming to reduce manual data entry and calculations.

Differences between Syntellis and RealRev 

Syntellis and RealRev have significant differences.

With 480,000 users, Syntellis is a larger, older, more established company with a broader range of solutions that extend beyond healthcare. It offers a suite of products under the Axiom brand, including budgeting, cost accounting, and clinical analytics tools. Syntellis also has a proprietary All-Payer Claims Dataset, which it uses to provide market intelligence and referral pattern analysis.

RealRev, on the other hand, is new to the market and more focused on healthcare management services organizations and multisite healthcare groups. RealRev's platform is designed to consolidate data from multiple EMR systems and provide a holistic view of financial performance across various healthcare entities. 

Ratings

G2 reviewers have given Syntellis’s overall Axiom by Syntellis Performance Solutions an average rating of 4.3 / 5. 

An FP&A software company that modernizes finances

Vareto

Description

Founded in 2020, Vareto aims to modernize financial planning by providing software with a user-friendly interface that allows finance teams to create and update plans quickly, analyze performance, and generate reports. Vareto serves industries other than healthcare, including technology, retail, manufacturing, and more. 

For the healthcare industry, Vareto offers solutions to help with challenges such as managing complex revenue cycles, forecasting patient volumes, and analyzing the financial impact of new service lines or facilities.

Vareto's main business services include:

• financial planning and forecasting
• budgeting and variance analysis
• reporting and analytics
• collaboration tools for finance teams
• data integration and consolidation

 Vareto's FP&A services are at the core of its offering. The company appears to focus primarily on providing modern, user-friendly FP&A solutions to help organizations across various industries improve their financial planning and decision-making processes.

Vareto and RealRev similarities

Both Vareto and RealRev are cloud-based FP&A software solutions that aim to automate data gathering, consolidation, and reporting, providing users with real-time access to financial information. Both platforms emphasize the importance of data integration, offering the ability to connect with various data sources to create a single source of truth for financial information. Additionally, both Vareto and RealRev focus on providing actionable insights and improving collaboration between finance teams and other departments within an organization.

Differences between Vareto and RealRev 

The primary difference between Vareto and RealRev lies in their target markets and specialization. RealRev is specifically designed for healthcare organizations, particularly management services organizations and multisite healthcare groups. It offers features tailored to the healthcare industry, such as automated revenue recognition for healthcare services and integration with multiple EMR systems. Vareto, on the other hand, serves a broader range of industries, including healthcare, technology, retail, manufacturing, and professional services.

Vareto emphasizes its user-friendly interface, which is described as similar to familiar tools like Excel or Google Sheets. This design choice aims to reduce the learning curve for finance professionals. RealRev, while not explicitly describing its interface, focuses on providing a centralized platform for healthcare-specific financial data and KPIs.

While both platforms offer data integration capabilities, RealRev specifically mentions its ability to consolidate data from multiple EMR systems, which is crucial for healthcare organizations. Vareto highlights its integration with NetSuite and ability to create custom reports, while RealRev emphasizes its machine learning-powered collection estimation and healthcare-specific reporting features.

G2 reviewers have given Vareto an average rating of 4.8 / 5. 

Optimize your revenue with MD Clarity’s powerful tools

If you’re reading this piece, you’re most likely striving to modernize your MSO or physician group financial and revenue cycle performance. 

MD Clarity's RevFind automated contract management solution works on the RCM side, pinpointing increased revenue opportunities. By automating healthcare contract lifecycle management, RevFind facilitates easy comparison of reimbursements over all CPT codes, physicians, and provider locations. Further, it not only provides templates for contract generation, it also evaluates and compares payer performance, and establishes alerts for contract renewal dates. This enables staff to swiftly appeal improper reimbursements, safeguarding revenue integrity. 

RevFind incorporates Medicare benchmarks, providing metrics for evaluating payer contract performance. Detailed analytics help healthcare providers identify their most and least favorable payers, providing valuable leverage for negotiations.

By generating automated reports and pinpointing systemic causes of underpayments, RevFind empowers healthcare providers to not only rectify current pricing discrepancies but also prevent future underpayments. A proactive approach to contract management helps healthcare organizations maximize revenue.

Schedule a demo to see how RevFind helps you capture all the revenue you’ve earned.  

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