08-02-2017, 03:15 AM
Recondo Reports Significant 2017 Growth in Healthcare Revenue Cycle Market
Demand for automated revenue cycle solutions continues to spike; company’s bookings up 70 percent compared to first half of the prior year
Denver, CO—August 1, 2017—Despite persistent uncertainty about the fate of the Patient Protection and Affordable Care Act dogging the healthcare sector, Recondo Technology announced today that bookings are up 70 percent for its cloud-based, single-platform revenue cycle management applications and content. Much of this momentum has been fueled by sales of the company’s ClaimStatusPlus™ solution, particularly within the Epic client base where Recondo’s advanced data and workflow integration with Epic has resulted in some of the largest and most prestigious health systems in the country signing contracts with Recondo.
ClaimStatusPlus offers a groundbreaking “touchless” method to verify the status of large volumes of claims from multiple payers at once—and then route normalized and actionable denied claims data to designated specialists or work queues, by reason of denial. In the absence of such an automated approach, health systems are forced to expend considerable employee resources or outsource with third parties. As such, ClaimStatusPlus has been eagerly deployed at more than 300 hospital sites to date, with Recondo now processing over 5 million claim status transactions per month; both a 100 percent increase in hospitals and transactions from a year ago.
“By automating the process of obtaining detailed status information from payer websites and then integrating that information to drive workflow in Epic, my staff can concentrate on resolving issues rather than spending unnecessary time on the phone trying to obtain claims status from our myriad of payers,” said Lehua Pate, Director, Corporate Revenue Cycle for The Queen’s Health Systems of Hawaii.
Pate added, “We are looking to ClaimStatusPlus to make staff more efficient, decrease response time on denials and requests, and thereby, improve overall financial performance.”
Next up: automating the pre authorization process
With an eye on infusing the pre-service revenue cycle with the same efficiency as ClaimStatusPlus does for post-service reimbursement, Recondo launched AuthInitiate™ in early 2017 as the newest module of Recondo’s industry-leading Authorization-Denial Prevention (Auth-DP) suite of solutions. The solution was developed with close input from health systems such as St. Francis Hospital, Mercy (MO), Baylor, Scott & White and others.
Clients’ interest in co-developing AuthInitiate stems from the tremendous amount of expensive manual work involved in obtaining authorizations. For large multi-facility IDNs, that can require significant numbers of employees or writing sizeable outsourcing checks.
Now that can be dramatically reduced. Recondo’s patented ReconBots™, embedded in the AuthInitiate solution, and combined with over 900,000 authorization rules, can first determine if an authorization is required, and then leverage Recondo’s patented technology and log in to the payer’s website on behalf of the provider and initiate the request for the authorization. From there, the Recondo solution automates the on-going status checking of the authorization request. This entire process can be triggered by and updated within the workflow of the client’s EMR and/or patient financial system.
St. Francis Hospital is another Recondo customer aiming to improve both employee productivity and the hospital’s bottom line.
“Hospitals must find inventive ways to compete with the proliferation of independent facilities such as imaging and various treatment centers. With a solution like Recondo’s AuthInitiate, we can easily obtain pre-certs for physicians, saving their staff and our own considerable time and work,” observed Linda Glass, Director of Patient Access Services at St. Francis Hospital.
Significant market opportunity for Recondo and its clients
“With 25 percent of US Hospitals currently running at negative operating margins, which is projected to approach 50 percent of Hospitals by 2025 without a major economic change, Recondo drives substantial ROI by automating unnecessary and unproductive administrative work that eats into the bottom line,” said Jay Deady, Recondo CEO.
He continued, “These two markets of pre-Authorization automation and Claims Status automation and workflow integration represent a $1 billion dollar annual market opportunity for the company, which extrapolates to well over five to six times that figure in annual cost savings for the US hospitals themselves.”
Recondo solutions are now found in over 900 hospital sites across the country, reflecting the depth and breadth of the need for automated revenue cycle management. Customers choose Recondo for the company’s clear commitment to helping hospitals both accelerate and lower the cost of being reimbursed for the care they provide through touchless automation solutions.
Learn how to revitalize the revenue cycle
Those interested in learning more about how Recondo is helping hospitals increase revenue can meet the company at the upcoming HFMA Region 8 conference, Booth #15, August 7—9, Kansas City, MO. Additionally, Recondo will be exhibiting at:
- CAHAM Aug 27-30, Rancho Palos Verdes, CA
- Healthcare Finance Sept 14-15, San Jose, CA
- AAHAM Oct 18-20, Nashville, TN
About Recondo Technology
Recondo's cloud-based solutions deliver industry leading automated, accurate, and actionable financial clarity to all participants within the healthcare revenue cycle. Recondo empowers more than 900 hospitals with solutions that connect providers, payers, and patients to ensure proper payments across the care continuum. The company's patented software and expertise streamline operations and allow providers to be paid more, faster, and at a cheaper cost. Recondo brings efficiencies and cost savings to patient access through to payment processing—a continuum today where inaccuracy and inefficiencies currently cost U.S. healthcare a staggering $480 billion per year. Learn more at www.recondotech.com.
Media contact:
Stephanie Janard
Amendola Communications for Recondo
sjanard@acmarketingpr.com
704.418.9874