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RevSpring: Enhancing Revenue Cycle Performance through Automated Workflows
Marty Callahan, SVP of Healthcare Solutions, RevSpring
In a highly competitive business environment, healthcare organizations are exhibiting a great deal of reliance on technology to keep pace with regulatory changes in the industry. Especially in the area of revenue cycle management (RCM), to remain in compliance with the regulatory changes such as ICD-10 and Transforming Clinical Practices Initiative (TCPI), healthcare organizations’ overall infrastructure needs to be flexible. With this being the current scenario, healthcare providers are on a constant look out for viable partners that can help them to overcome the barriers to patient payments. Based in Wixom, MI, and with multiple facilities throughout the United States, RevSpring is one such company which offers a full suite of integrated solutions to the customers. “We streamline the payment processes by delivering targeted communications to patients in the method they prefer, while offering multiple ways for them to pay,” says Marty Callahan, SVP of Healthcare Solutions at RevSpring.
The company’s Software-as-a-Service (SaaS) solutions enable customers to drive impactful revenue cycles with optimum utilization of resources. RevSpring’s healthcare solutions cover a large arc from data analytics and patient centered communications to multi-channel payment and distribution applications that are PCI Level 1 compliant. This integrated solution suite allows customers to redistribute company resources on other important tasks, and managing one vendor is certainly easier than using multiple products from several vendors.
RevSpring is currently building a new technology platform, ‘emerge’. The new technology platform integrates RevSpring’s complete range of services into a single, automated engagement engine.
“emerge enables healthcare organizations to utilize data intelligence and analytics to tailor messages to specific segments of their patient population, while accounting for individuals’ needs, preferences and response rates,” describes Callahan. With emerge, the company looks to make patient engagement more proactive and automated throughout the revenue cycle – optimizing consumer interactions to accelerate cash flow and enhance the patient experience.
emerge enables healthcare organizations to utilize data intelligence and analytics to tailor messages to specific segments of their patient population, while accounting for individuals’ needs, preferences and response rates
RevSpring is strongly acclaimed for untangling healthcare organizations’ complexities related to payments and revenue cycle management. To shed light on one of their classic cases, a customer had a problem related to answering their patients’ calls in their call center. A high volume of patients would telephone to enquire about their billing statements, only to hang up after being on hold for too long. The majority of patients were dialing in to make payments. RevSpring implemented an in-bound pay-by-phone solution which reduced their call center volume by 30percent. Additionally, RevSpring utilized their design analytics solution to redesign their statements to push patients to use the IVR payment method.
After developing a well-established portfolio in the healthcare industry, RevSpring continues to remain focused on the revenue cycle management and payment services. As a future course of action, the company aspires to deliver an end-to-end engagement solution beyond revenue cycle by entering into different market segments in the span of a year.
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