Evolution in propensity to pay modeling boosts predictability to increase payments
LIVONIA, Mich. (March 5, 2020) – RevSpring, a leading provider of healthcare financial engagement and payment solutions, today announced Vu™ Predict, an advancement in propensity to pay modeling that increases predictability at more touchpoints throughout the patient payment journey to increase payments.
Unlike credit score-based models that are one-dimensional and therefore less precise in terms of predicting payment likelihood in healthcare, Vu™ Predict uses a broader blend of data and more dynamic modeling techniques designed to increase the precision of the insight. As a result, providers can have confidence that they are matching the best payment option to the needs of the patient at the right time.
“Most patients have good intentions when it comes to paying their healthcare bills,” said April Wilson, vice president of RevSpring analytics. “But because healthcare costs are typically unpredictable for the consumer, patients often struggle to pay in full and on time. Vu Predict takes that guesswork out of healthcare billing for the provider, and for the patient.”
Vu Predict achieves a higher standard of precision than other predictive models because it uses more human context, including behavioral characteristics, the stage of the patient in their healthcare journey, and more. Through iterative modeling and machine learning techniques, RevSpring uses science to create a more flexible and compassionate payment experience for the patient. That ultimately improves patient loyalty and satisfaction and increases payments.
“With concerns over price transparency and surprise billing, it’s important to start the conversation out right with each patient and make it consistent at every touchpoint,” said Marty Callahan, president of healthcare at RevSpring. “We are excited about the innovation behind this new approach to predictive analytics and payment personalization, and believe it will have a tremendously positive impact on the patient experience and payment performance for our clients.”
Vu Predict is one of several new product announcements RevSpring will showcase at the 2020 HIMSS Global Health Conference & Exhibition, on March 9–13, 2020 in Orlando. Healthcare providers are invited to visit booth #6479 or www.revspringinc.com/healthcare to learn how precise personalization impacts patients throughout their healthcare financial journey.
RevSpring leads the market in financial communications and payment solutions that inspire patients to pay. 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 www.revspringinc.com/healthcare.