Recondo Technology Announces Recondo Financial Medical Record and Denial Reporting
GREENWOOD VILLAGE, Colo., Sept. 12, 2012 /PRNewswire/ -- Recondo Technology, a leading provider of revenue cycle services and Proper Payments solutions for the healthcare industry, announced today the release of two new software services, the Recondo Financial Medical Record® and Denial Reporting™. These new services open up a wide range of benefits for the hospital revenue cycle and business office.
Recondo Financial Medical Record (RFMR)
Healthcare providers typically work with many transaction systems, such as Registration and Scheduling, but often don't have flexible, customizable reporting, query, or decision support capability. Traditionally, hospitals have created various data stores in multiple locations across the business office and throughout the revenue cycle.
The RFMR is a single data store composed of correlated data elements (including all historical modifications to the data). Since data is captured from the onset to the closure of the patient's medical encounter in a unified structure, regardless of origin, RFMR exposes many logical axes of interest. This collection of data allows Recondo® to present a complete view of financial and administrative medical status at any point in time from any perspective, including the Provider, Payer, Patient, or Financial Institution.
"This is a major step toward understanding and closing the revenue cycle loop in hospitals and Integrated Delivery Networks (IDNs)," said Tyson Henry, Vice President, Database Research and Development. "Tactically, Recondo clients, using our suite of products, can leverage this single source of patient data to properly ensure compliance with eligibility, authorization of procedures, payer and patient financial responsibility, and claim status without requiring the use of various segregated, traditional hospital computer systems (HIS, billing, medical records, etc.). Strategically, our SaaS offerings use the many axes of interest to supply business intelligence in a concise, meaningful presentation to identify and improve deficiencies in the cycle."
Claims denied in error, delays in reviewing appeals, and untimely release of payment on overturned denials all contribute negatively to a hospital's financial health. Denial Reporting automates the entire denial reporting process, from initial claim to full payment. Denial Reporting loads and analyzes claims and remittance data and produces a series of standard summary and detailed month-end reports. Denial Reporting also provides users easy-to-customize tools to drill down and support specific account review. Denial Reporting is platformed on the Recondo Financial Medical Record.
Denial Reporting includes the following features and reports:
- Number of denials received
- Number of denials appealed
- Number of denials overturned/upheld
- Number of accounts and dollars with appeals and payments outstanding
- Type of denial: clinical versus technical
- Type of service/admission: ER, inpatient, outpatient
- Average time between denial overturn date and payment issue date
- Drilldown to denial specifics
- Payer performance
"Denial Reporting exposes the data related to a denial across the entire revenue cycle," said Joe White, Recondo Vice President, Research and Development. "With the release of Denial Reporting, Recondo gives providers unprecedented insight into the source of denials and delivers to them the data they need to fix those denials before they occur."
About Recondo Technology
Recondo connects providers, payers, and patients using breakthrough cloud computing solutions throughout the healthcare revenue cycle. Recondo software services are designed to ensure Proper Payments across the continuum of US healthcare. Recondo brings efficiencies and cost savings to healthcare payment processing, which currently costs US healthcare a staggering $460 billion in annual expense.
Recondo/Trilogi technology-enabled services resolve troubled accounts and claims, reduce accounts receivable, improve case management efficiency, and maximize payer collections. These tech-enabled services include underpayment recovery, AR cleanup, Motor Vehicle accident programs, and more.
Recondo helps hospitals streamline the revenue cycle by moving operations up-front, reducing manual intervention, and delivering operational and financial benefits. Recondo combines sophisticated rules architectures and legacy integration and data mining to provide true interoperability for more than 450 US hospital customers.
The Recondo family of software services bridges patient access and the business office:
Authorization/Denial Prevention (Auth-DP™)
Recondo/Trilogi® Technology-enabled Services
Recondo Financial Medical Record®
Recondo technology is delivered as 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 architectures, giving hospitals unmatched and immediate access to real-time data. Visit Recondo Technology at www.recondotech.com.
Copyright © 2007-2012 Recondo Technology
All rights reserved. Patent Pending.
Recondo, SurePayHealth, ReconBot, Recondo Financial Medical Record, and Powered by Recondo are registered trademarks of Recondo Technology. Trilogi is a registered trademark of Trilogi, Inc. EligibilityPlus, Auth-DP, Denial Reporting, Denial Management, Omni278, Financial Assistance, AllPayHealth, and Patient Resource Management are trademarks of Recondo Technology. All other trademarks and registered trademarks are the property of the respective trademark holders.
SOURCE Recondo Technology