As soon as you get your phone out of water, take the battery out as soon as possible. If you neglect to do so, short circuits and corrosion will continue to occur, possibly causing irreversible damage.
A good alternative to rice is heating your phone in an oven on a piece of paper or something nonmetallic for 5 hours @ 150F-180F (temperature is safe for electronics), and then turn the oven off and keep your phone in it over night to ensure all the moisture that got inside your phone has evaporated. I've used this method before and it works great.
I've never done the following myself, but you could probably give your phone a bath in highly concentrated (preferably >90%) isopropyl alcohol which will cause the water to evaporate faster and also remove corrosion. I recommend that you try this option if your phone exhibits signs of water damage later on.