LIVONIA, Mich., June 2, 2020 /PRNewswire-PRWeb/ -- RevSpring, a leading provider of healthcare financial engagement and payment solutions, announced today True Estimate™, a progressive estimation product and approach that prepares patients with an understanding of the cost of their service in advance, connected with the right resources to meet their financial obligations from the start.
"Our goal is the pursuit of accuracy and clarity," says Howard Bright, vice president of patient engagement at RevSpring. "The top complaint from health systems about estimates has been that they are inadequate because they are not accurate. True Estimate is different because we track the estimate from start to finish. We use data science technology to understand any accuracy gaps to improve estimates in the future."
In a patient survey conducted by RevSpring, 70% of patients said they would be more likely to pay their healthcare bill, after they receive the first bill, if they had an estimate of the costs. Beyond accuracy, other obstacles that have held estimation back as a true solution to transparency include patient understanding of the relationship between the estimate, the explanation of benefits from the payer, and an eventual bill, how to reconcile any differences between these communications, and how to tie an estimate to a payment action that meets the needs of the patient.
True Estimate breaks down these barriers in important ways:
- Estimate tracking from start to finish, continually improving accuracy
- Scoring for estimate confidence, to facilitate meaningful and accurate financial conversations
- Bridges the gap from pre-service to post-service with estimate and statement consistency
- Payment plan from an estimate, with visibility into previous balances and post-service reconciliation
- A pre-service portal to manage payment arrangements, and discounting offers, before the encounter
"With price transparency and surprise billing legislation coming from Washington, there is a renewed focus in the industry around meeting these requirements," added Bright. "RevSpring's contribution goes beyond the checkboxes of the price transparency ruling to bridge an understanding of the costs, and create early payment options from pre-service to post-service to truly improve the experience for patients and increase collections."
RevSpring also allows providers to Bring Your Own Estimate™ if they are happy with their current estimate vendor. The workflow uses any estimate and improves and scores it for accuracy. True Estimate supports integration and automation with existing systems and registrar workflows.
"While the technologies around estimation aren't new, solutions that truly prepare patients for what they owe with clarity, consistency, and convenience have been elusive," said Scott Mackenzie, CEO of RevSpring. "By combining RevSpring's proven advantage in creating communications that help patients clearly understand what they owe, and pulling our deep analytics capabilities forward in the financial process, we are excited to introduce a solution that truly empowers patients to meet their financial obligations from the start."
RevSpring's True Estimate is part of an integrated One Patient, One Voice solution, only from RevSpring. Other capabilities include:
- Vu™ Predict, an advancement in propensity to pay modeling that increases predictability at more touchpoints throughout the patient payment journey to increase payments
- eVoke™ Automate, an OmniChannel platform that prioritizes Digital First, when appropriate, to deliver precise patient engagement everywhere
- PersonaPay™, a payment solution that sets a new standard for the patient payment to connect patients with easy payments anywhere
RevSpring solutions are flexible, thus True Estimate is also available as a standalone solution for integration with current engagement and payment solutions. We will also apply our data science methodologies to improve the accuracy of an estimation solution you use today. More details on the pre-service solutions can be found here or visit revspringinc.com/healthcare and learn how precise patient engagement everywhere improves the patient financial journey.
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.
SOURCE RevSpring
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