Automatic adjustments build patient trust, increase early collections and alleviate hassles related to issuing refunds
RevSpring, the leading provider of healthcare engagement and payment solutions, announced True Up, which provides automatic adjustments for patients using RevSpring’s PersonaPay patient portal to make payments at preservice and point-of-service. True Up makes upfront collections easier by giving staff a way to confidently talk about advance payments that builds patient trust. The solution minimizes the outreach normally needed to accurately refund or increase charges for care versus what a patient initially paid.
Research shows providers only have a 30% chance of collecting after discharge, and receiving patient payments upfront increases receivables, minimizes customer contact and reduces collection costs for providers. Yet, patients can be reluctant to commit to pre-payments given the uncertainty of the precise amount that may be owed. True Up resolves that issue by automatically reconciling and refunding any overpayment to patients.
“Improvements in patient cost estimation technology, combined with the assurance of an automatic refund in the event that a patient overpays upfront or has a remaining balance after receiving care, means providers are now empowered to confidently request payments in advance,” said Williams.
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“True Up represents RevSpring’s innovation in response to a changing healthcare culture, which historically has not asked for patient responsibility payments upfront,” said Casey Williams, senior vice president, payment applications, RevSpring. “Improvements in patient cost estimation technology, combined with the assurance of an automatic refund in the event that a patient overpays upfront or has a remaining balance after receiving care, means providers are now empowered to confidently request payments in advance.
“The promise of automatic adjustments increases cash receipts, and reduces print and collection costs,” Williams added. “True Up is one more important feature for providers using PersonaPay that want to operate in a more modern, transparent and cost-effective way.”
Patient payment adjustments using True Up work with the payment method on file in RevSpring’s PersonaPay portal and leverage either RevSpring’s True Estimate™ and Merchant Services, or the provider’s own estimation tool and payment processor.
PersonaPay precisely tailors a payment experience for each patient, ensuring consistency at every touchpoint and through every communication channel. With PersonaPay, patients enjoy secure, fast and convenient payment experiences. True Up 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.
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