RevSpring debuts AI agent for personalized payment plans

Healthcare payments company RevSpring has launched a conversational AI agent that can create payment plans for patients over the phone.

The company announced this new agent, Let's Talk, on Tuesday, to provide patients with a more convenient way to pay their medical bills on their own terms. Patients have long complained about their healthcare billing experiences, with some consumers notoriously preferring a trip to the DMV to paying their medical bills.

Most patients remain confused with the bills they get from providers and payers, leaving them unsure what they actually owe and how to pay it if they do. This has an impact on loyalty, with more than half of patients reporting their financial experience directly sways who they choose or recommend for care.

Providers have increasingly automated patient payment processes to speed up collections and meet patient demand for self-service, online payment options. This has led to a burgeoning market for healthcare payment technology, though collections remain a pain point for providers as they navigate the steep rise in patient financial responsibility.

RevSpring seeks to improve financial outcomes for providers without "losing sight of the need for patient empathy," Scott MacKenzie, CEO of RevSpring, said in the announcement.

The new conversational AI agent integrates with RevSpring's self-service patient payment portal to expand the range of options available to patients. These options are also tailored to patients using the same behavioral analytics and decision-making intelligence employed by the portal. This means the payment plans offered to patients are based on what that particular patient can realistically afford.

Lack of flexibility has been an issue in healthcare payment plans, with fixed installment amounts often too rigid for patients facing unexpected medical debt.

With more options, the company aims to resolve more patient needs without transferring them to a representative. Operating call centers is a major expense for healthcare organizations, especially since most calls are non-revenue or administrative, such as general billing inquiries or routine support.

RevSpring added in the announcement that the AI agent can also answer questions regarding facilities and locations, such as hours and directions, as well as general call routing.

These capabilities are capturing a population of people who prefer to call in with their healthcare questions.

Online and digital payment options are widely preferred by healthcare consumers for paying their medical bills. However, about 1 in 5 consumers still report frustrations with online billing, with customer support a major gripe for this group.

Healthcare call centers still get thousands of calls each day, although most aren't equipped to handle that volume. These centers also face an average 7% call abandonment rate, meaning some consumers don't even reach a representative to ask billing questions or make their payment.

Interactive voice response systems have helped call centers handle routine questions and route inquiries to the appropriate representatives. Now, AI is enhancing these familiar systems, transforming them from stiff, often frustrating phone trees to more dynamic, conversational touchpoints.

Jacqueline LaPointe is an Executive Editor at Xtelligent Healthcare Media, covering revenue cycle management, healthcare payers, health policy, and health IT since 2016.