LIVONIA, Mich., Aug. 26, 2020 /PRNewswire-PRWeb/ -- RevSpring, the leading provider of healthcare financial engagement and payment solutions, today announced that it is ranked the number one vendor overall for Patient Revenue Analytics by Black Book, a full-service healthcare-centric market research and public opinion research company. This marks the third consecutive year that RevSpring has received this honor from Black Book, which conducts surveys of validated users nationwide to establish the rankings for this spotlight survey of user satisfaction and utilization trends.
"We believe that intelligence-driven engagement and payments are critical for revenue cycle leaders to achieve a broad set of objectives, including, increased yield, cost efficiency and high patient satisfaction," said RevSpring CEO Scott MacKenzie. "Achieving this recognition for the third year in a row distinguishes RevSpring among our competitors. But it's even more meaningful to us because it's based on the feedback of providers who utilize and see value from our analytic solutions."
In addition to being ranked number one overall, RevSpring ranked number one in nine categories - three times that of any other vendor. Top categories include:
- Strategic Alignment with Client Goals
- Innovation
- Client Relationships and Cultural Fit
- Reliability
- Data Security
"We find solutions that drive tangible results for healthcare organizations score well in Black Book research," said Doug Brown, president of Black Book Research. "RevSpring's clear ability to bring analytic innovation that translates to meaningful financial results for their customers is a primary reason they've been the top performer in this category for the past three years."
Examples of recent innovation in Analytics this year alone, include:
- RevSpring Predict™, an advancement in propensity to pay modeling that increases predictability at more touchpoints throughout the patient payment journey to increase payments.
- True Estimate™, which uses data science technology to understand any accuracy gaps in pre-service estimates to improve estimates in the future.
- RevSpring's Financial Distress Indicator™, a pioneering, predictive approach for understanding dynamic changes in each patient's financial health, which helps revenue cycle leaders work with patients financially impacted by COVID-19.
"This honor underscores that true analytics makes a difference for healthcare organizations," said April Wilson, RevSpring's vice president of Analytics. "We find that many healthcare organizations have data collection and reporting capabilities scattered throughout their organizations, yet few have implemented the three key layers of data analysis, which are descriptive analytics, predictive analytics, and prescriptive analytics."
On average, organizations that implement RevSpring analytics-driven patient communications solutions have seen a 3-7% increase in revenue collections, 80% increase in self-service payments, and cost savings ranging from 10% to 30%, among other benefits.
For more information of RevSpring's Analytic Suite, request a demo. For more information about Black Book research and report rankings, visit blackbookmarketresearch.com/finance-revenue-cycle-management.
About RevSpring
RevSpring leads the market in financial communications 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.
About Black Book Research Reports
Black Book™ annually evaluates leading health care/medical software and outsourcing service providers across 18 operational excellence key performance indicators completely from the perspective of the client experience. Independent and unbiased from vendor influence, more than 598,000 healthcare IT users are invited to contribute to various annual customer satisfaction polls. For more information on reports published by Black Book, visit blackbookmarketresearch.com.
SOURCE RevSpring
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