Frazier Healthcare Acquires Payments Firm RevSpring

Investment firm Frazier Healthcare Partners has acquired RevSpring, a payments solution firm for the healthcare field.

Frazier announced the deal in a news release Tuesday (March 12), noting that it had acquired RevSpring from private equity firm GTCR. 

“The partnership with Frazier will leverage Frazier’s investment, experience, and deep industry expertise to accelerate the company’s success as a leading solution provider in the communication and payments industry,” the release said. “RevSpring helps customers accelerate revenue and increase engagement through an intelligent digital platform that includes omnichannel communication, payments, and analytic tools.” 

Last year, PYMNTS covered RevSpring’s partnership with Texas health company Next Level Medical, which allowed Next Level to double its urgent care locations without adding new administrative staff. As that report noted, the admin workers it does have were able to focus on “higher level revenue cycle work” instead of the data entry that comes with entering patient data, validating insurance or collecting copays.

The acquisition is happening at a time when consumers have been left frustrated by legacy healthcare systems struggling inefficiencies and opaque pricing structures, as noted here last week. This system can be especially difficult for baby boomers and seniors, who tend to have greater and more frequent healthcare needs than their younger counterparts.

“For older consumers often facing more complex healthcare needs, unified digital platforms that streamline the healthcare experience can be a game changer,” PYMNTS wrote last week.

As detailed in a PYMNTS Intelligence study, these platforms allow users to easily manage medications, pay bills, communicate with insurers and providers, and access comprehensive coverage information from one place. This not only saves patients time but also cuts down on the frustration associated with having to juggle disparate systems.

“Given these benefits, unified digital healthcare platforms have garnered interest among older generations, with approximately 65% of boomers and seniors expressing interest,” the study found. “Moreover, those who have already adopted these platforms reported high levels of satisfaction with their experiences.”

Data from the study showed that 78% of baby boomers and seniors who received test results digitally expressed satisfaction, while similar levels of satisfaction were found in patients who used digital channels for healthcare-related payments or appointment scheduling, at a respective 73% and 72%.

“This positive feedback underscores the effectiveness of all-in-one healthcare platforms in meeting the needs and expectations of older demographics and consumers overall, further driving their adoption and integration into mainstream healthcare systems,” PYMNTS wrote.

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