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Tech Companies Debut New Revenue Cycle Tools

Analysis  |  By Alexandra Wilson Pecci  
   February 28, 2020

Several new product and service launches aim to advance the tech-enabled revenue cycle.

Some of the revenue cycle industry's biggest players have launched new products and services in recent weeks that aim to help automate and streamline revenue cycles.

Although tech and automation are essential to revenue cycle operations, leaders are inundated with information and pitches, making it hard to sort through all the possible options.

Here are a few of the latest:

  • VisitPay has teamed with Sphere to launch Text to Pay, a mobile payments solution which offers healthcare providers the ability to securely offer and accept patient payments through text messages. Text to Pay combines Sphere's secure payments platform with VisitPay's patient-centric tools to allow payments over SMS without exposing any sensitive card or patient information, utilizing a card token already collected from the patient, the companies said. Without needing to download another app, consumers can pay single visits or multiple visits at a time, using credit, debit, or ACH. Payments are posted automatically to the corresponding visit in the billing system. 
  • Waystar has launched Hubble, an AI and robotic process automation (RPA) platform that aims to "augment billing teams" by automating processes that used to require human labor. Waystar said its acquisitions of Digitize.AI and Recondo Technology have enabled Hubble, which Waystar calls a more "robust platform" that powers more than ten of its RCM solutions, including patient access, revenue capture, claims and denials management, and patient financial experience.
  • TransUnion has also teamed with VisitPay to extend its revenue protection solutions beyond government and commercial insurance into patient payments. The new product aims to provide an end-to-end patient payment experience, linking estimation with back-end billing and creating a data-driven feedback loop for providers to continually improve estimate accuracy, financial performance, and patient satisfaction. In addition to offering VisitPay as a standalone platform, TransUnion Healthcare will be integrating its patient access solutions with VisitPay's, it said.
  • R1 RCM has launched R1 Professional, a new physician revenue cycle management solution for large independent practices and hospital-owned medical groups. The solution adds to R1's existing physician RCM portfolio which services more than 27,000 physicians across more than 80 specialties and accounts for more than 30 million patient and clinician engagements annually.

Alexandra Wilson Pecci is an editor for HealthLeaders.

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