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Large Health System Cuts Reconciliation Time by More Than Half with RevSpring's Settlement-based Reconciliation Solution
Wednesday, February 3, 2021
Memorial Health System is crediting hundreds of payments daily, while improving customer service and increasing confidence in the system's reconciliation process
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(TM) 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
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