Exceptional engagement and payment improvements seen for healthcare organizations using PersonaPay™
Providers report dramatically improved rates for patient payments, self-service adoption, and digital engagement with PersonaPay, RevSpring's patient-centric payment solution
LIVONIA, Mich., Feb. 24, 2021 /PRNewswire-PRWeb/ -- RevSpring, the leading provider of healthcare financial engagement and payment solutions, today announced that healthcare providers across the U.S. are seeing stunning payment improvements with PersonaPay™, including dramatically increased collection rates, self-service rates and digital adoption rates. Specifically:
- A 29% increase, on average, in their collection rate as more patients are paying their bills and/or paying a bigger percentage of balances due.
- A 50% increase in customer self-service resulting in more time for customer service reps to work on other issues.
- A more than 1,500% increase in patient digital payment adoption rates and significantly improved time to cash and work flow improvements.
- A 15-30% reduction in print and mail costs as patients who prefer digital are being served in a manner they prefer while reducing the need for paper communication to receive and pay their bills.
- 95% retention of patients using shorter-term payment plans through PersonaPay.
PersonaPay, which incorporates RevSpring Predict™, a proprietary advancement in propensity to pay modeling, means healthcare providers can precisely tailor the payment experience for every patient, ensuring consistency at every touchpoint and through every communication channel. The end result: greatly enhanced payment experiences—and payment outcomes—for both patients and employees, as recent customer results attest.
"We've enjoyed 65% digital adoption with PersonaPay and digital communications, which was driven by analyzing our patient base. This translated to approximately $300,000 in savings with no negative impact on collections – all during the COVID-19 pandemic," said Anne Smith, manager, patient financial services revenue cycle customer call center at OhioHealth. "It was absolutely huge that we could bring these savings to the table because, like so many other providers, we are experiencing lower volumes due to COVID."
"RevSpring is thrilled with the results our PersonaPay customers, such as OhioHealth, are experiencing," said Steve Callis, president of payments at RevSpring. "These outstanding performance metrics speak volumes about PersonaPay's power to help providers improve cash flow and collections by driving the best possible patient payment outcomes."
Additional PersonaPay highlights include:
- Secure environment (no usernames and passwords required)
- Ability to leverage RevSpring analytics to present clear payment options tailored to each patient's unique needs
- Easy set-up and management of self-serve payments, payment plans, electronic statement delivery, and payment preferences
- Strong integrations with major EMR solutions and third-party financing companies
- Deviceless payments initiated by point-of-service or call center personnel for securing payments via text, email or IVR
- Text-to-pay with one click from stored card information
- Integrated Merchant Services for a complete payment solution, including automated settlement reconciliation
- Modern and responsive design using human factors for intuitive interactions
- ADA compliance to promote inclusion
About RevSpring
RevSpring leads the market in financial engagement and payment solutions that inspire patients to participate in and pay for their healthcare. The company has built the industry's most comprehensive and impactful suite of patient engagement, OmniChannel communications and payment solutions backed by behavior analysis, propensity-to-pay scoring, contextual messaging, and user experience best practices. Using proprietary data analytics to tailor the engagement from pre-service to post-service, we improve the financial experience and outcomes for providers and their patients. To learn more, visit revspringinc.com/healthcare.
Media Contact
Kristen Jacobsen, RevSpring, 763-923-5280, [email protected]
Kellie Kennedy, The Harbinger Group, 312-933-4903, [email protected]
SOURCE RevSpring
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