Recondo Technology Closes Fiscal Year 2009 With Record Results - Strong Sales and Activations Illustrate Solid Customer Acceptance and User Momentum

GREENWOOD VILLAGE, Colo., Jan. 13 /PRNewswire/ -- Recondo Technology, a leading provider of revenue cycle solutions for the healthcare industry, announced today that Recondo® closed fiscal year 2009 with a record-setting number of new hospital customers. In Q4 2009, 30 contracts were signed to acquire Recondo software services. These 30 hospital systems comprise more than 100 discrete facilities that will activate and use Recondo services.

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"Recondo closed the year by overachieving our Q4 forecasts in both our direct and indirect sales channels," said Rick Adam, Recondo Founder and CEO. "Our success generates significant revenue momentum moving into 2010, and we continue to bring new customers online with our three software services, SurePayHealth®, EligibilityPlus™, and Authorization-Denial Prevention (Auth-DP™). Our active hospitals are collecting hundreds of thousands of dollars at point-of-service, and use our advanced eligibility services to reduce phone calls or online queries to payers. Hospitals have a renewed sense of immediacy to lower costs and reduce bad debt, and Recondo intends to move more and more services from the back office to the front of the hospital revenue cycle."

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.

Eligibility Plus 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.

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.

About Recondo Technology

Recondo Technology delivers powerful software services that connect patients, providers, and payers, across the spectrum of US health care. Recondo services are bringing efficiencies and cost savings to health care payment processing, which currently costs the medical industry a staggering $360 billion in annual expense. Recondo services automate the revenue cycle and payment cycle, from pre-scheduling to adjudication, with virtually no manual intervention. Recondo offerings are designed to integrate crucial business processes across all patient, provider, and payer services, presenting accurate, real-time eligibility status, benefits verification, accurate statements of patient financial responsibility prior to service, authorization approval and notification, denial management, and reconciliation. Recondo services seamlessly interface and integrate to provider scheduling systems, HIS systems, and other technologies, increasing cash flow, reducing bad debt, lowering administrative costs, and adding significant, measureable value across both the payment and revenue cycles. Visit Recondo Technology at www.recondotech.com.

Recondo and SurePayHealth are registered trademarks of Recondo Technology. EligibilityPlus, Auth-DP, and Powered by Recondo are trademarks of Recondo Technology. All other trademarks and registered trademarks are the property of the respective trademark holders.

SOURCE Recondo Technology



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