Ongoing evolution in propensity to pay modeling increases precision in payment plan offers and likelihood of patient acceptance and adherence.
LIVONIA, MICH. (PRWEB) DECEMBER 03, 2020
RevSpring, a leading provider of healthcare financial engagement and payment solutions, today announced a new payment plan optimization score. This new propensity score within RevSpring Predict
represents another major step forward in RevSpring’s ability to leverage analytics to improve patients’ financial journeys, while helping providers collect payments and achieve revenue management goals. This new predictive score identifies both the “sweet spot” for the installment payment amount, as well as the duration of a recommended payment plan.
RevSpring Predict is an advancement in propensity to pay modeling that enhances predictability at more touchpoints throughout the patient payment journey to increase payments. The payment plan optimization score takes it a step further by allowing healthcare providers to present an even more precise payment plan all within their pre-determined guidelines.
“The new payment plan optimization score is the result of increasing sophistication in our use of patient analytics,” said April Wilson, vice president of analytics at RevSpring. “We’re excited because it increases the likelihood that patients accept and fulfill payment plans RevSpring Predict proposes. And patients using RevSpring’s PersonaPay
portal will appreciate the flexibility it provides for adjusting their own payment terms within the provider’s business rules. Either way, patients and providers win.”
Unlike credit score-based models that are one-dimensional and therefore less precise in terms of predicting payment behavior in financially underserved segments, RevSpring Predict—including the new payment plan optimization score—achieves a higher standard of precision because it uses more human context, including behavioral characteristics, the stage of the patient in their healthcare journey, and more. Through iterative modeling and machine learning techniques, RevSpring uses science to create a more flexible and compassionate payment experience for the patient. This means providers can have confidence that they are matching the best payment option to the needs of the patient at the right time—and ultimately improve patient loyalty and satisfaction—while increasing payments.
About RevSpring
RevSpring leads the market in financial communications and payment solutions that inspire patients to pay. 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.
"The new payment plan optimization score...increases the likelihood that patients accept and fulfill payment plans RevSpring Predict
proposes," said April Wilson, vice president of analytics at RevSpring.
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