October 9, 2019
RevSpring Announces Digital First Solution for Patient Financial Engagement
New Offering Eliminates Barriers for Healthcare Organizations Seeking a Digital Transformation to Increase Engagement and Optimize Costs
RevSpring, a leading provider of healthcare financial engagement and payment solutions, announced today a new solution that prioritizes digital delivery in advance of printed communications. This digital-first approach, which is an enhancement to RevSpring’s eVoke™ omni-channel platform, combined with a more strategic balance of printed communications, allows healthcare organizations to shift confidently to digital delivery, which is faster, more easily actionable, and less expensive than print and mail for patient billing and payments.
“People expect digital convenience, flexibility, and ease across work, business, and personal interactions. Yet, in healthcare, digital adoption remains low due to disconnected systems and a reliance on more familiar printed processes,” said Marty Callahan, RevSpring’s president of healthcare. “We’re confident this new solution will close the digital gap in healthcare financial communications to deliver the digital experience that patients want, and providers need, to optimize effectiveness.”
RevSpring’s eVoke platform enables providers to strategically move “digitally forward” by prioritizing digital communication delivery above traditional print and mail. Providing important financial information to patients using SMS/text messages and email allows patients to act on that information sooner and at a lower cost. Because patients who engage digitally tend to pay digitally, by reducing lockbox and human-assisted call center payments, providers can carve out costs using more cost-effective channels.
The solution takes a more holistic view of the patient’s digital profile and uses digital options early in the financial conversation. Using digital channels first, the patient receives the message three to five days before they would have received a mailed statement.
In an early pilot of the solution, one provider realized the following immediate results:
- Patients receiving a text notification in advance of a paper bill paid their balance 12 days faster.
- 12.6 percent of patients who made a payment paid their bill before they received a printed statement.
- Mobile payments increased, and more patients paid online.
The solution supports digital consent gathered inside and outside of traditional billing and payment channels, such as during registration. Providers can choose to suppress statements that are delivered digitally based on patient preference, and can automatically send the printed content based on patient action. Once engaged digitally, patients are more likely to expect and act on additional communications from digital channels.
To understand market needs, RevSpring frequently surveys providers and patients across the country to understand their goals and obstacles. In recent surveys, the company learned that despite investments in digital communication technology, digital adoption remains low with only eight percent of patients receiving their statements digitally—yet 25 percent prefer digital only. Over 69 percent of patients surveyed said they weren’t offered digital options or don’t remember being offered the option of paperless billing at time of service.
“Digital isn’t right for everyone but knowing the most effective engagement channel and balancing the use of digital and paper communications is the right approach in healthcare,” Callahan added. “We know that providers want digital success to control costs, improve performance, and meet patient expectations. Our intent is to help providers make digital innovations a priority in 2020.”
With more than 1.5 billion pre-and post-service communications sent annually, RevSpring is leading the digital transformation providers want and patients crave. More details on the platform can be found at revspringinc.com/transformingdigitalnow.
About RevSpring
RevSpring leads the market in financial communications and payment solutions that inspire patients to pay. Since 1981, the company has built the industry’s most comprehensive and impactful suite of patient engagement, omni-channel 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. For information about RevSpring’s focus and leadership in healthcare, visit revspringinc.com/healthcare.
Contact:
Kate Leitao
610.650.3913
kleitao@revspringinc.com
