Recondo Technology Announces Financial Assistance Software Service — Software service helps hospitals determine patient financial assistance
GREENWOOD VILLAGE, Colo., Oct. 20 /PRNewswire/ -- Recondo Technology, a leading provider of revenue cycle solutions for the healthcare industry, announced today the general availability of Recondo Financial Assistance, the Software as a Service (SaaS) offering that helps hospitals:
- Identify the most likely payment source for each patient
- Determine likelihood to qualify for Medicaid and offer state-specific Medicaid assessments and applications
- Automate evaluation and classification of "presumptive" charity, including propensity to pay, for initial patient assessment and for patients choosing not to participate in a charity assessment process
- Support facility-specific catastrophic write-offs
- Provide patient discounts based on Federal Poverty Level percentage categories and tiered payment plans
- Create worklists to support exception management and prioritize accounts
- Tailor scripting to guide workflow for Financial Counselors and Patient Access staff
Historically, hospital business offices were responsible for managing Medicaid and charity evaluations, but now these facilities must contend with the population growth of both uninsured and underinsured patients, along with expanded government oversight and intervention. In parallel with that growth, many hospitals are challenged to identify and substantiate charity in excess of bad debt. In particular, non-profit hospitals must rapidly become more cognizant about recognizing the downstream impact of missed opportunities to assess and resolve financial need and charity earlier in the hospital revenue cycle.
Based on specific account evaluation of patients who fall into the categories of self-pay, underinsured, Medicare without a supplement, or catastrophic determination at time of scheduling or registration, Financial Assistance guides hospital patient access staff and financial counselors through the evaluation process.
"Hospitals have an increasing need to automate patient encounters at registration or scheduling, and to offer appropriate options for financial aid," said Rick Adam, Recondo CEO. "Recondo developed the Financial Assistance service to support every hospital's responsibility to identify and serve patients who require help, which includes Medicaid, payment plans, catastrophic illness, conforming to IRS guidelines, and much more."
Recondo has integrated Financial Assistance with PARO, a software analytics company that developed the PARO score, a socioeconomic score that predicts the likelihood of a patient qualifying for financial assistance and charity care. The predictive model uses 9,000 database sources comprising more than 2 billion public record sources. PARO conforms to the guidelines of IRS Form 990, Schedule H, and accurately identifies patients qualified for presumptive charity. PARO has an established history of successful and accepted audits.
Recondo Financial Assistance is a logical extension to Recondo SurePayHealth, which allows hospitals to present accurate statements of patient financial responsibility and collect the patient portion prior to or at time of service.
Currently, more than 200 hospitals have contracted for Recondo software services, and several hospitals have already signed agreements for the Recondo Financial Assistance service.
About Recondo Technology
Recondo Technology delivers powerful software services that connect patients, providers, and payers across the spectrum of US healthcare. Recondo services bring efficiencies and cost savings to healthcare payment processing, which currently costs US healthcare a staggering $375 billion in annual expense. Recondo services automate the revenue cycle and payment cycle, from pre-scheduling to adjudication, with virtually no manual intervention.
SurePayHealth® offers an accurate statement of patient financial responsibility at Point of Service, verifying patient identity, eligibility, and benefits, and accurately calculating the patient fee. After activating SurePayHealth, hospitals increase cash collections by tens of thousands of dollars every month.
EligibilityPlus™ gives hospitals the most complete view of government and commercial patient insurance benefits available in the industry. With a complete understanding of insurance benefits, hospitals immediately identify specific coverage, simplify patient registration workflows, reduce claim rework, and assess patient liability.
Authorization-Denial Prevention (Auth-DP) increases cash flow by reducing a hospital's costly payer denials. Auth-DP identifies precertification requirements and authorization at the front of the revenue cycle, increasing authorization coverage and reducing denials by as much as 75 percent. Auth-DP automatically identifies precertification requirements and authorization at pre-registration, registration or scheduling, and supports the United Healthcare initiative for 278 admission notification, determines Medicare's Medical Necessity guidelines, and produces the associated Advance Beneficiary Notifications (ABNs).
Recondo Financial Assistance helps hospitals identify the most likely payment source for each patient, determine initial likelihood to qualify for Medicaid and offer state-specific Medicaid assessments and applications (for every state), automate evaluation and classification of "presumptive" charity, including propensity to pay, for initial patient assessment and for patients choosing not to participate in a charity assessment process, support facility-specific catastrophic write-offs, and provide patient discounts based on Federal Poverty Level percentage categories and tiered payment plans.
Recondo services are Software as a Service (SaaS), requiring no capital budget and no additional hardware or software installation. Recondo services are developed using high-speed, high-volume rules-based processing, giving hospitals unmatched and immediate access to real-time data. Visit Recondo Technology at www.recondotech.com.
Recondo, SurePayHealth, and Powered by Recondo are registered trademarks of Recondo Technology. EligibilityPlus, Auth-DP, AllPayHealth, Omni278, Financial Medical Record, Patient Resource Management, and ReconBot are trademarks of Recondo Technology. All other trademarks and registered trademarks are the property of the respective trademark holders.
SOURCE Recondo Technology