July 28, 2020
RevSpring Announces a Consumer Price Shopping Tool, True Price™
RevSpring Announces a Consumer Price Shopping Tool, True Price™, Qualifying Healthcare Organizations to Meet Price Transparency Ruling
Educates and attracts patients while fulfilling and superseding all requirements of the HHS ruling, effective Jan 1, 2021
LIVONIA, Mich. (July 28, 2020) – RevSpring, a leading provider of healthcare financial engagement and payment solutions, announced today True Price™, a comprehensive, ready-to-embed web-based application for healthcare organizations to provide a consumer-facing healthcare price shopping tool. True Price meets and supersedes the Department of Health and Human Services (HHS) price transparency ruling and provides consumers an intuitive interface to price healthcare services easily.
“The price transparency ruling deadline is approaching, and healthcare organizations will soon be required to publish their price lists and contractual payer information to comply,” said Howard Bright, vice president of patient engagement at RevSpring. “Doing so in a way that makes it easy for the patient to find and understand their costs can not only ensure compliance to the ruling, but equip health systems with a clear and engaging tool to educate consumers, and open a new avenue for attracting patients to their organization.”
True Price was created using contemporary user interface design and built to be easily embedded directly within an organization’s existing website. Consumers access the price shopping tool anonymously (no login required), selecting procedures they would like to price. They also have the option to enter their insurance information to more accurately understand their out-of-pocket expense. After completing the calculation, the estimate is assigned a unique reference number for future reference. Customizable calls to action are available, such as “schedule an appointment” or “have a patient representative call me”.
“RevSpring’s bread-and-butter is to communicate clearly and precisely with patients in a way that drives action,” says Scott MacKenzie, CEO of RevSpring. “While there are competitors who are dropping in products to comply with price shopping, none of them have the communication experience and expertise that RevSpring owns in-house. RevSpring makes price shopping, an otherwise complex communication, easy for patients to understand, so they are inspired to action.”
Features of the consumer price shopping tool include:
- Anonymous price-shopping with no login required or personal data captured
- A consumer-friendly user experience with contemporary UI/UX design
- Easily embedded in an organization’s existing website
- Automated grouping of common services in “procedure bundles”
- Pricing that can designate professional and hospital charges
- Calls to action after pricing for patient empowerment and proactive scheduling
- Reporting and tracking of services shopped, number of shoppers, and more
- Exportable list of the 300+ shoppable services required by the HHS ruling
True Price is available both as a stand-alone solution or as an integrated and comprehensive bundled solution set with the True Access™ Platform, including the recently announced True Estimate™, a progressive estimation product and approach that prepares patients with an understanding of the cost of their service in advance, and connects them with the right resources to meet their financial obligations from the start. True Price also complements RevSpring’s full suite of patient and financial engagement solutions from pre-service to post-service.
More details on the True Price can be found here. Or visit revspringinc.com/healthcare to learn how precise patient engagement everywhere improves the patient financial journey, reduces costs and improves outcomes.
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.
Contact:
Kellie Kennedy
312-933-4903
kelliek@theharbingergroup.com
Kristen Jacobsen
651-259-4636
kjacobsen@revspringinc.com
