Payment facilitation and automated reconciliation services drive healthcare providers’ cost-savings and efficiency with patient payments
Livonia, Mich. (July 15, 2020)—RevSpring, the leading provider of patient engagement and payment solutions, has expanded its Merchant Services offering with an integrated payment facilitation program. RevSpring recently acquired Loyale, which has a comprehensive set of payment facilitation capabilities and an already mature program, that will be the foundation of RevSpring’s new offer. The expansion provides a quick and simple way for customers to leverage a Merchant Services program that provides significant cost- and time-savings benefits. This move enhances RevSpring’s already market leading healthcare patient engagement and payments platform, including its comprehensive Merchant Services offering which ties together the client’s full payments experience.
With the integration of RevSpring’s payment applications and Loyale’s payment facilitator program, RevSpring offers a comprehensive and scalable Merchant Services solution for hospitals, health systems and providers of all types and sizes.
“We are very excited as we continue to leverage Loyale’s capabilities for the greater RevSpring marketplace,” said RevSpring president of payments Steve Callis. “Providers have differing needs when it comes to payment processing, and being able to onboard our Merchant Services’ clients quickly by taking advantage of Loyale’s payment facilitator program rounds out our Merchant Services offering and allows us to offer the optimal solution to meet the payment objectives of each client.”
RevSpring is fully integrated into a provider’s EHR and patient communications and payment platform everywhere: during pre-service, day of service and post-service payment engagements. Payments can be accepted digitally at the point of care, online or via mobile devices. With uniform cut-off times for banks, credit card companies and processors, same day and next day settlement funding will be available for faster receivables.
RevSpring also announced an expansion of its Merchant Services offering to include Settlement-Based Reconciliation that automates the payment reconciliation process, while eliminating errors and reducing write-offs. RevSpring designed a series of dedicated reconciliation reports, accessed independently or through RevSpring’s PersonaPay™ portal, to make it fast and efficient for reconcilers to gain insight into the funding status of any payment at any stage when taken through RevSpring’s portals, IVR or text-to-pay service, so providers know the status of any patient payment.
“Settlement-Based Reconciliation ideally complements RevSpring’s comprehensive payment services and our leading edge PersonaPay portal,” said Callis. “RevSpring customers now can benefit from a full-service payment and automated reconciliation solution using one reliable partner.”
“Not only does RevSpring Settlement-Based Reconciliation reduce the time needed to reconcile payments, it’s easier and more accurate than manual reconciliation work,” said RevSpring director of payments, Dennis Haughie. “We’re confident customers will also appreciate the improved posting visibility, operating efficiencies and increased employee productivity made possible by our automated reconciliation service.”
Customer benefits of RevSpring’s comprehensive Merchant Services solution include:
- significant processing rate savings
- acceptance of a full array of credit, debit, ACH, healthcare savings accounts and digital wallet methods
- funds are deposited within 24-48 hours
- pre-, point-of-service and post-service patient payments using RevSpring’s portal, IVR and text-to-pay solutions
- inclusion of point-to-point encrypted devices for EMV chip, mobile and contactless payments
- simplified reconciliation process, which solves a common complexity and transparency problem for healthcare back-office staff
RevSpring leads the market in financial communications 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.
Loyale Patient Financial ManagerTM is a comprehensive patient financial engagement technology platform leveraging a suite of configurable solution components including predictive analytics, intelligent workflows, multiple patient financing vehicles, communications, payments, digital front doors, and other key capabilities. Based in Lafayette, California, Loyale and its leadership team bring 28 years of expertise delivering leading financial engagement solutions for complex business environments. Loyale joined the RevSpring family of companies in March 2020.