June 11, 2024
RevSpring Announces Comprehensive Solution for Medicare Part D Sponsors in Advance of 2025 CMS Mandated Prescription Payment Program
Configurable, out-of-the-box connected solution supports fast, efficient member outreach, program enrollment and PCI compliant payments
NASHVILLE, Tenn. (June 11, 2024)—RevSpring, the leading provider of healthcare and health plan engagement and payment solutions, today announced a comprehensive solution in response to the CMS Medicare Prescription Payment Program requiring health plans to provide co-pay smoothing for members’ out-of-pocket expenses. The program, which goes into effect on January 1, 2025, means Medicare Part D sponsors must notify eligible members and allow them to make out-of-pocket payments over a 12-month period versus all at one time. RevSpring’s easy-to-integrate solution includes effective member OmniChannel engagement, its industry leading payment portal and other convenient payment channels. The solution requires no IT development and can be fully configured quickly, so plans can be operational in advance of the January 1, 2025, date.
The comprehensive solution from RevSpring meets every invoicing and payment collection aspect of the CMS mandate for health plans, including program education and opt-in/enrollment, as well as payment reminders, notifications and collections. RevSpring’s connected solution improves member recruitment rates and provides savings on communication costs. It also improves payment rates in a PCI compliant manner with convenient payment methods, reminders and easy payment collection technology for members and staff, that eliminates financial risks due to slow or no payments, while reducing administrative burdens.
“We are serious about supporting financials in the healthcare market, including health plans that offer Medicare Part D to members,” said RevSpring CEO Scott MacKenzie. “We’re delighted that our industry leading engagement and payment solutions can assist Medicare Part D sponsors as they prepare for this new CMS mandated program. We look forward to helping members manage co-pay costs, and ensuring that health plans receive maximum compensation while saving on their member communication and collection expense.”
RevSpring’s OmniChannel platform takes a digital first approach to intelligently determine the right channels to avoid costly and ineffective communication. Precise engagement helps plans quickly connect with members to encourage early program enrollment. Whether a member responds best to communications delivered via email, text, paper or phone, RevSpring technology identifies the best coordinated channels for individual members to activate faster responses. Digital communications include links to enrollment forms and other required documentation, as well as forms specific to the co-pay smoothing program.
RevSpring provides simple collection options—such as securely storing members’ payment information for ease in collecting future payments through text to pay or autopay. The solution also supports automated phone payments via Interactive Voice Response (IVR) at any time of the day or night that is convenient, as well as staff-assisted phone payments—all in a PCI compliant manner. Reminders can be sent automatically each month to ensure no payments are missed.
RevSpring is available to demonstrate its solutions and answer questions in booth 1536 at the AHIP 2024 conference in Las Vegas.
About RevSpring, Inc.
RevSpring leads the market in healthcare and health plan engagement and payment solutions that inspire patients and members to participate in and pay for their healthcare. We’ve built Engage IQTM, the industry’s only connected patient engagement suite designed to coordinate interactions from pre-care to post-care to payment. RevSpring’s intelligent, holistic platform puts patient understanding at the center of one connected personal experience, allowing providers and health plans to fully optimize patient satisfaction, data accuracy, staff efficiency and financial outcomes. The company’s OmniChannel communications and payment solutions are backed by intelligence, analytics, contextual messaging and user experience best practices. RevSpring was rated #1 for Most New Capabilities in Patient Engagement by KLAS in 2023 and Best in KLAS in Patient Communications in 2024. To learn more, visit revspringinc.com/healthcare. Follow RevSpring 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
