LIVONIA, Mich., Jan. 26, 2021 /PRNewswire-PRWeb/ -- Memorial
Health System has significantly improved its reconciliation process
since adopting RevSpring's Merchant Services, including its
Settlement-based Reconciliation solution. Memorial also is
benefitting from improved posting visibility, operating
efficiencies and increased employee productivity made possible by
RevSpring's automated reconciliation tool.
Memorial Health includes two hospitals and employs more than
3,000 employees, including 325 providers representing 64 clinics
and 40-plus specialty areas. The Marietta, Ohio-based health system processes
hundreds of payments daily since it began working with RevSpring in
2019 to enhance patient outreach and self-service payment options.
Memorial Health credits the use of RevSpring's Settlement-based
Reconciliation tool, which it began using in August 2020, with reducing its reconciliation
time by more than half, and significantly reducing the difficulty
of this frequently onerous process.
RevSpring's expanded Merchant Services offering includes
Settlement-based Reconciliation that automates the payment
reconciliation process of tying out patient transactions to the
monies settled into the bank account, while eliminating errors and
reducing write-offs. RevSpring designed a series of dedicated
reconciliation reports, accessed independently or through
RevSpring's PersonaPay™ portal, to make it fast and efficient for
reconcilers to gain insight into the funding status of any payment
at any stage when taken through RevSpring's portals, IVR or
text-to-pay service, so providers know the status of any patient
payment.
"I use RevSpring's Settlement-based Reconciliation tool when a
file doesn't match the deposit. That has cut the reconciliation
process for transactions on the RevSpring portal down by more than
half. I spend almost double the amount of time doing reconciliation
on other portals," said Nikki
Shaulis, revenue cycle supervisor for Memorial Health
System's department of Payments Posting/Credits.
"RevSpring's tool also reduces the difficulty of the
reconciliation process, making it possible to credit payments every
day. And it takes the guess work out of reconciliation and makes me
feel more confident. I wish every payment portal used the RevSpring
Settlement-based Reconciliation tool," Shaulis added.
"Settlement-based Reconciliation ideally complements RevSpring's
comprehensive payment services and our leading edge PersonaPay
portal," said RevSpring President of Payments Steve Callis. "Memorial Health System is a prime
example of how health systems can benefit from a full-service
payment and automated reconciliation solution using one reliable
partner."
"We are delighted that Memorial Health System is experiencing
tremendous success, both in increased payment collections and in
faster, more efficient and reliable reconciliation," Callis added.
"The goal of integrating RevSpring's Merchant Services' offering
with our industry-leading reconciliation tool was to provide the
optimal payment solution for our client. The outstanding results
experienced by Memorial Health is testament to the success of this
goal."
"Employees from RevSpring were always so helpful, and continue
to be so," added Shaulis. "RevSpring was able to see our struggles,
cared enough to listen to what was needed, and knowledgeable enough
to develop a solution. RevSpring is a great partner."
Customer benefits of RevSpring's comprehensive Merchant Services
solution include:
- significant processing rate savings
- acceptance of a full array of credit, debit, ACH, healthcare
savings accounts and digital wallet methods
- funds are deposited within 24-48 hours
- pre-, point-of-service and post-service patient payments using
RevSpring's portal, IVR and/or text-to-pay solutions
- inclusion of point-to-point encrypted devices for EMV chip,
mobile and contactless payments
- simplified reconciliation process, which solves a common
complexity and transparency problem for healthcare back-office
staff
About RevSpring
RevSpring leads the market in financial communications and payment
solutions that inspire patients to participate in and pay for their
healthcare. 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 revspringinc.com/healthcare.
Media Contact
Kristen Jacobsen, RevSpring,
651-259-4636, kjacobsen@revspringinc.com
SOURCE RevSpring