March 24, 2020

RevSpring Releases New Patient Financial Experience Report

National survey reveals what patients expect, opportunities for transformation, and ties between the billing experience and future care

 

Livonia, Mich. (March 24, 2020) — RevSpring, the leading provider of healthcare financial engagement and payment solutions, today released a report highlighting its latest national survey of healthcare consumers. Among the key findings:

  • Patient confidence in electronic communications and payment channels is high, yet gaps remain
  • 48 percent of respondents said they found medical bills confusing
  • A negative experience or outstanding balance is driving many to avoid future care or shop for new providers

 

The report makes a compelling and comprehensive case for why a conventional approach to financial engagement must transform to meet patient expectations and improve financial performance.

“This report, which exposes first-hand sentiment from patients themselves, is a key indicator of where the market should focus as it relates to patient experience and engagement,” said Marty Callahan, RevSpring’s president of healthcare. “These insights fuel our product roadmap, our analytics initiatives, and the way in which we consult with our customers on transformative solutions.”

Multiple takeaways provide practical insight into how healthcare providers can begin now to reap the benefits of digital customer financial engagement and payment strategy evolution. The report also includes special sections on patient payment obstacles, digital financial communications, and practical ways hospitals and other providers can begin to transform the financial experience for patients. The 2019 Patient Financial Experience Report is available in its entirety here.  

About the Report
The report measured patient sentiments around a range of financial engagement issues and compared findings with another national survey RevSpring conducted in 2017. Survey participants included 3,000 consumers who were responsible for paying a hospital bill within six months of taking the survey. Geographic, income and other demographic details were diverse to reflect as wide a swath of U.S. consumers as possible. The survey measured perceptions of healthcare billing systems, including roadblocks to satisfaction.

About RevSpring
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.

Contact:
Kristen Jacobsen
651-259-4636
kjacobsen@revspringinc.com

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