Providers now have a 360-degree view of patient payments made by check or digital channels to increase payment velocity, accuracy and insight
NASHVILLE, Tenn., June 25, 2024 /PRNewswire-PRWeb/ -- RevSpring, the leading provider of healthcare engagement and payment solutions, today announced a lockbox solution that integrates the processing power and optimization insights of patient payments made by check, into its market-leading digital payment platform, PersonaPay™. By streamlining payments made through all modalities into a single, unified view, healthcare financial leaders can reconcile cash faster, with greater accuracy, and understand payment trends and performance across modalities to improve financial outcomes.
A lockbox is a location where providers can receive payments in the mail. The new solution from RevSpring merges vital lockbox details into a comprehensive remit with all other payments processed by RevSpring—text-to-pay, point-of-service, call center, interactive voice response (IVR), and online self-service—to deliver a complete, transparent payment view. The solution delivers myriad administrative and financial benefits, including streamlined reconciliation, improved cash flow, and greater insight into missed opportunities to collect.
"More than 40% of patient payments are still mailed today," said Casey Williams, senior vice president of payment applications with RevSpring. "And, although that number continues to decrease, it is important to have full visibility into all payment modalities. By integrating lockbox payments into our full solution, RevSpring now provides a single pane of glass to simplify the reconciliation of patient accounts, invoices and billing records for all transactions."
"The administrative benefits are just part of the value," adds Williams. "I am excited for our customers to experience the improvements in financial outcomes, patient experience and increased loyalty. With clear visibility into patient payments made outside of our digital platforms there is greater insight into which payment channels are performing for which patients, which informs and empowers revenue cycle leaders to engineer better financial outcomes."
RevSpring's HIPAA-compliant lockbox solution will benefit from a secure payment experience. Essential data is captured and validated, including verification of patient account information, comparison of payment amount with invoice amount, review of check numbers, dates and other payer details, and funding confirmation. Lockbox payments are then swiftly processed and submitted with other RevSpring payments for a simplified posting process through their Settlement-based Reconciliation software.
RevSpring integrates with more than 95% of EHR and PM systems in the market, allowing lockbox payments to seamlessly post back to the client's EHR system. The new solution also accelerates RevSpring patient statement and payment solution onboarding. Underwriting usually can be completed within 48 hours, and the need for extended third-party scanline testing on the patient statement remit coupon is eliminated.
The RevSpring lockbox solution is available now with PersonaPay and is an integral component of the RevSpring Engage IQ™ platform, which delivers one coordinated patient experience from pre-care through payment, enabling providers to know their patients, prescribe their journeys and predict their outcomes. RevSpring will showcase the new Lockbox solution and the full Engage IQ platform at Booth 951 at HFMA Annual in Las Vegas.
About RevSpring
RevSpring leads the market in healthcare engagement and payment solutions that inspire patients to participate in and pay for their healthcare. We've built Engage IQ™, the industry's only connected patient engagement suite designed to coordinate patient 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 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).
Media Contact
Kristen Jacobsen, RevSpring, 7639235280, kjacobsen@revspringinc.com, www.revspringinc.com
Kellie Kennedy, The Harbinger Group, 3129334903, kelliek@theharbingergroup.com, www.theharbingergroup.com
SOURCE RevSpring
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