Almost 30 percent of U.S. healthcare consumers with a high propensity to pay their healthcare bills now are in financial distress due to the COVID-19 pandemic
Livonia, Mich. (May 13, 2020) – RevSpring, the leading provider of healthcare financial engagement and payment solutions, has responded to the COVID-19 crisis by creating a Financial Distress Indicator™ to help healthcare providers understand which of their patients are most financially impacted by the pandemic. Building on years of industry experience and healthcare payment expertise, RevSpring’s financial distress measurement model helps hospitals and other healthcare providers adapt their billing and payment tactics to a patient’s dynamic fiscal conditions, such as COVID-19.
RevSpring reviewed data from 370 million U.S. consumers to identify how many people have been negatively financially impacted by the pandemic. The data revealed that nearly 30 percent of people with a high propensity to pay their bills are in coronavirus-related financial distress. The findings confirmed the need for a more precise way for healthcare revenue managers to navigate during this unpredictable and rapidly changing financial environment.
“There are consumers who’ve lost their jobs either temporarily or permanently and don’t have sufficient savings or access to cash,” said RevSpring VP of Analytics, April Wilson. “These people will struggle to meet financial obligations, including their healthcare bills. However, there are many patients who still have their jobs, strong savings, or both. By understanding those real-time, real-life insights, providers will be better able to showcase payment options based on patient needs and still have the confidence to continue billing and payment activity in a sensitive way.”
RevSpring’s Financial Distress Indicator is unique because it fills the gaps in traditional propensity to pay models by factoring in economic variables based on employment industry and other household income metrics. Healthcare providers can match appropriate payment options for people experiencing financial distress during this unprecedented fiscal reality.
Traditional credit score propensity to pay models do not take COVID-19 financial changes into account. With insight from the Financial Distress Indicator, healthcare providers can approach patients with balances in the most appropriate manner. Providers can leverage their knowledge about which patients may need new payment options or flexibility to delay payments until they can find new jobs or return to previous ones if on furlough, among other payment options.
RevSpring clients can use their insight into which patients are in COVID-related financial distress by adding empathetic messages to their print statements, patient portals, inbound and outbound IVR scripts and more. In addition, RevSpring can help clients customize online statements for the affected patients to find the right combination of compassion and collections.
“Patient empathy is especially critical at this time, but so is the financial health of providers,” said Wilson. “Providing flexible payment options or financial assistance well before accounts reach collections status will improve collections and cash flow, as well as reduce bad debt. It also lets patients know their healthcare providers understand their situation and want to work with them accordingly.”
RevSpring leads the market in financial communications and payment solutions that inspire patients to pay. 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 www.revspringinc.com/healthcare