Many RevSpring clients working in Accounts Receivables Management (ARM) have realized the movement toward online payments is more reality than passing trend. In 2011, a Florida-based agency providing early out services to healthcare providers was faced with the situation that some of its providers were requiring an online payment portal be available to accept patient payments. Since their ability to retain key clients was dependent upon the portal, it was critical to select the right partner.
After careful consideration, the agency chose to go with RevSpring’s online payment portal, which is part of the RevPay family of payment solutions. RevPay offers a range of payment services, including online bill pay, point-of-service, and phone and text payments. RevSpring’s online payment portal allows companies to accept ACH, debit and credit cards payment online 24 hours, 7 days a week. Additionally, RevPay’s online portal offers easy integration, custom cross-banding on the portal, and no internal maintenance. These factors were key components when the Florida-based agency chose RevSpring to kickstart its online payment platform.
RevPay’s online payment portal is wholly owned and maintained by RevSpring.
There is no need to pass receivables documents to a third party, and the portal offers multi-layers of security, including PCI DSS Level 1 certification. The same information used to drive document production is also used to create PDF replicas. The PDF files are automatically archived into the portal where the guarantor can view the complete statement and easily make a payment using various payment methods.
A Branded Online Payment Portal
While many portal providers can place your logo at the top of the portal, RevSpring takes the extra steps to create a customized, branded portal. The portal is designed to mirror your, or the credit grantor’s, existing Web site. This increases consumer confidence in knowing that they are continuing to do business with you. RevSpring’s ability to not only customize a portal for your agency but to set up a unique, customized portal for each credit grantor or provider is equally beneficial. As a result, the agency in Florida, is able to offer each healthcare provider their own unique, customized portal, increasing the comfort level of each providers’ patients.
Ease of Set Up and Ongoing Operation
Another key factor in selecting RevPay was the easy path to go live and the lack of internal resources required to maintain it. In fact, the portal went live in less than 30 days from the date the contract was signed, and absolutely no internal resources are required to maintain or troubleshoot the portal. Nominal monthly maintenance fees cover all support, maintenance, security and disaster recovery needs.
With over 30 years of combined experience in ARM security and compliance, RevSpring’s online payment portal exceeds the unique and complex security requirements demanded by every ARM organization. The portal is certified PCI DSS Level 1 and has passed SOC 2, Type II certification.
When it comes to measuring online payment results, two factors are the most important: the amount of resources required and cash collected.
As mentioned earlier, the timeline from contract signing to go live was less than 30 days with limited time and resources required from the client. And, no internal resources are required on an on-going basis.
After launching late in 2011, cash collections reached $102,000 in the first quarter of 2012. The average amount collected per transaction is more than $350. Even in the first 30 days of the portal being live, the agency collected $18,000.
The agency gained a competitive advantage with their healthcare clients, increased cash collections, reduced the resources required to collect on those accounts and improved the patient experience by keeping their payment doors open 24/7.