RevSpring has integrated lockbox payments into its digital payment platform, allowing healthcare financial leaders to get a single, unified view of payments made through all modalities.
The firm accomplished this by expanding its PersonaPay platform to include a lockbox solution that encompasses patient payments made by check, according to a Tuesday (June 25) press release.
The platform now merges lockbox details with the other payments processed by RevSpring, including text-to-pay, point-of-service, call center, interactive voice response (IVR) and online self-service, per the release.
“More than 40% of patient payments are still mailed today,” Casey Williams, senior vice president of payment applications at RevSpring, said in the release. “And although that number continues to decrease, it is important to have full visibility into all payment modalities.”
With a single, unified view of payments, healthcare financial leaders can reconcile cash faster, do so with greater accuracy, and gain insights into payment trends and performance across modalities, according to the release.
RevSpring’s lockbox solution is HIPAA compliant, secure and capable of capturing and validating essential data like patient account information, payment amount, invoice amount, payer details and funding confirmation, the release said.
The lockbox payments are then processed, submitted with other RevSpring payments and posted through the settlement-based reconciliation software, per the release.
Together with the administrative benefits, the integration of lockbox payments into the RevSpring platform will improve financial outcomes, enhance the patient experience and increase loyalty, Williams said in the release.
“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,” Williams said.
PYMNTS Intelligence has found that innovations like unified healthcare platforms are helping cure some of the problems consumers said they frequently encounter.
Currently, 21% of consumers said they found the actual process of paying difficult, according to “The Digital Platform Promise: How Patients Want to Streamline Healthcare Payments,” a PYMNTS Intelligence and Lynx collaboration.
RevSpring’s launch of its latest solution comes about three months after it was acquired by investment firm Frazier Healthcare Partners, which said the partnership would accelerate RevSpring’s success as a solution provider in the communication and payments industry.