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RevSpring announces integrated lockbox solution to streamline reconciliation and insights across patient payment channels

Press releases may be edited for formatting or style | June 25, 2024 Business Affairs
NASHVILLE, TN (June 25, 2024)—RevSpring, the leading provider of healthcare engagement and payment solutions, today announced a lockbox solution that integrates the processing power and optimization insights of patient payments made by check, into its market-leading digital payment platform, PersonaPay™. By streamlining payments made through all modalities into a single, unified view, healthcare financial leaders can reconcile cash faster, with greater accuracy, and understand payment trends and performance across modalities to improve financial outcomes.

A lockbox is a location where providers can receive payments in the mail. The new solution from RevSpring merges vital lockbox details into a comprehensive remit with all other payments processed by RevSpring—text-to-pay, point-of-service, call center, interactive voice response (IVR), and online self-service—to deliver a complete, transparent payment view. The solution delivers myriad administrative and financial benefits, including streamlined reconciliation, improved cash flow, and greater insight into missed opportunities to collect.

“More than 40% of patient payments are still mailed today,” said Casey Williams, senior vice president of payment applications with RevSpring. “And, although that number continues to decrease, it is important to have full visibility into all payment modalities. By integrating lockbox payments into our full solution, RevSpring now provides a single pane of glass to simplify the reconciliation of patient accounts, invoices and billing records for all transactions.”

“The administrative benefits are just part of the value,” adds Williams. “I am excited for our customers to experience the improvements in financial outcomes, patient experience and increased loyalty. 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.”

RevSpring’s HIPAA-compliant lockbox solution will benefit from a secure payment experience. Essential data is captured and validated, including verification of patient account information, comparison of payment amount with invoice amount, review of check numbers, dates and other payer details, and funding confirmation. Lockbox payments are then swiftly processed and submitted with other RevSpring payments for a simplified posting process through their Settlement-based Reconciliation software.

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