GREENWOOD VILLAGE, Colo., Feb. 15 /PRNewswire/ -- Recondo Technology, a leading provider of revenue cycle solutions for the healthcare industry, announced today that Recondo has become an Organizational Member of Health Level Seven® International, the global authority on standards for interoperability of health information technology. Health Level Seven has members in over 55 countries. The Health Level Seven (HL7) vision is to create the best and most widely used standards in healthcare.
Founded in 1987, HL7 is a nonprofit organization composed of more than 4,000 members worldwide, including healthcare vendors, providers, payers, government agencies, and others. In the US alone, 90 percent of the largest health information system vendors are HL7 members. HL7 provides standards for interoperability that improve care delivery, optimize workflow, reduce ambiguity, and enhance knowledge transfer among all its stakeholders.
"Recondo embraces the HL7 standards to offer our customers consistent and solid transactions across applications, databases, and software services," said John Magee, Recondo Vice President of Customer Operations. "The healthcare industry regularly uses hardware and software systems that were created more than 30 years ago, and these legacy systems share communication and data with new and robust applications and software services. With the HL7 standards, guidelines, and methodologies, healthcare systems can communicate, share information, and process data consistently and uniformly. We're developing our software services to use HL7 standards to help streamline connectivity and data across virtually all healthcare computing platforms."
According to a McKinsey study, it costs the US healthcare industry 15 percent of every dollar to collect payment, while retail takes 2 percent and financial services requires only 1 percent to collect. This excessive administrative overhead contributes greatly to the cost of US healthcare. All Recondo software services are developed using a new generation of high-volume, high-speed rules processing, delivering performance, speed, and the ability to handle ongoing changes in a highly complex business environment. Combining standards, such as HL7, with sophisticated rules processing systems significantly reduces administrative costs in the hospital revenue cycle.
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.
Omni278™ offers hospitals an easy-to-implement service for delivering the required admission notification to UnitedHealthcare. Omni278 accepts admission data in a variety of forms, including an electronic file, an email message, a phone call, a fax, or a read-only feed from Hospital Information Systems. Omni278 converts this information into a 278 transaction and submits it electronically.
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.
For more information, contact:
Vice President, Marketing
Recondo and SurePayHealth are registered trademarks of Recondo Technology. EligibilityPlus, Auth-DP, Omni278, Financial Medical Record, Patient Resource Management, and Powered by Recondo are trademarks of Recondo Technology. "HL7® International" and "Health Level Seven® International." Both are registered trademarks of Health Level Seven® International, Inc. All other trademarks and registered trademarks are the property of the respective trademark holders.
SOURCE Recondo Technology