February 14, 2024
RevSpring Announces Partnership with iVitaFi to Offer Integrated Non-Recourse Financing Solution
Integration with PersonaPay™ improves the patient experience and increases financial performance by balancing empathy with clear payment obligations and seamless access to patient financing options when appropriate
NASHVILLE (February 14, 2024)—RevSpring, the leading provider of healthcare engagement and payment solutions, today announced a new partnership with iVitaFi, a top non-recourse patient financing company. The partnership provides an integrated solution for patients’ out-of-pocket healthcare expenses by leveraging analytics to determine which patients would benefit from patient financing. Those patients are seamlessly linked from PersonaPay™, RevSpring’s industry leading payment platform, to iVitaFi for clear information about their debt obligations and credit options. A convenient, self-service credit application can be completed using RevSpring’s payments platform, with qualifying patients receiving immediate access to a reusable line of credit.
“RevSpring’s proven expertise with patient data analytics ensures iVitaFi financing is offered to the right patient at the right time,” said Casey Williams, senior vice president, engagement and payment applications at RevSpring. “This means the patient experience is strengthened by reducing financial stress. Providers also win with increased efficiency and unnecessary write-offs, as well as immediate payment when services are rendered.”
“We are delighted to join forces with RevSpring to make it easy for patients to access credit for managing healthcare expenses and for providers to strengthen their bottom line,” said Chris Cox, senior vice president of product, strategy and growth at iVitaFi. “The seamless integration with PersonaPay means approved patients immediately begin using their line of credit for healthcare out-of-pocket expenses. Our non-recourse loans also protect providers against patient default.”
By properly identifying and connecting patients to financing options early in their financial journeys, providers reduce write-offs and improve their overall financial health. Payments can be rendered at any point in the revenue cycle—pre-registration, point of service and post-billing—with automatic payment posting and reconciliation to save time and reduce errors. Credit terms for approved applicants include zero percent interest with no hidden fees. A reusable line of credit is available for entire families for up to 36 months.
PersonaPay precisely tailors a payment experience for each patient, ensuring consistency at every touchpoint and through every communication channel. Greatly enhanced payment experiences and payment outcomes for both patients and healthcare providers are the end result.
About iVitaFi
As a healthcare payment financing company, iVitaFi focuses on improving patient financial health and provider sustainability. Their non-recourse program provides an all-digital, 0% interest line of credit for patients of all credit profiles, helping our partner hospitals throughout the U.S. improve cash flow and reduce patient bad debt. iVitaFi’s patient engagement and payment platform helps hospitals and practices to connect with patients via their preferred method of payment and communication, helping them afford their medical care. They help patients pay for their out-of-pocket costs, keeping them on the path toward complete physical and financial wellness. Backed by a global private equity firm, partnered with a large federally insured financial institution, and led by seasoned industry executives, iVitaFi is uniquely positioned to help hospitals and health systems transform the way they approach patient payments and improve operating margins.
About RevSpring
RevSpring leads the market in 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 patient engagement suite, spanning the clinical, administrative and financial experience. RevSpring’s OmniChannel communications and payment solutions are backed by behavior analysis, propensity-to-pay scoring, contextual messaging, and user experience best practices. Using proprietary data analytics to tailor the engagement from preservice to post-service to payment, RevSpring improves the patient experience and outcomes for providers, members and patients. To learn more, visit revspringinc.com/healthcare. Follow us on LinkedIn and X (formerly Twitter).
Contact:
Kristen Jacobsen
763.923.5280
kjacobsen@revspringinc.com
Kellie Kennedy
The Harbinger Group
312.933.4903
kelliek@theharbingergroup.com
