Recondo Technology Closes Record Year - Strong Sales Momentum Continues Across Fiscal Year 2010
GREENWOOD VILLAGE, Colo., Feb. 3, 2011 /PRNewswire/ -- Recondo Technology, a leading provider of revenue cycle solutions for the healthcare industry, announced today that Recondo® closed fiscal year 2010 with record-setting revenue numbers. In Q4 2010, 15 contracts were signed to acquire Recondo software services. These 15 hospital systems comprise more than 25 facilities that will activate and use Recondo services. Currently, more than 200 hospitals have contracted for Recondo software services.
"For Fiscal Year 2010, Recondo revenue closed at 415% of revenue over Fiscal Year 2009," said Steven M. Johnson, Recondo Chief Financial Officer. "Also, our accurate calculations of patient financial responsibility to the hospitals increased from $5.46 million in Q4 2009 to $46.1 million in Q4 2010. We're pleased to announce that our fourth quarter produced record-setting sales numbers for Recondo, and we anticipate increasing demand for all our software services throughout 2011."
"Our 2010 success demonstrates the firm's strong sales momentum from 2009 through 2010 and now into 2011," said Rick Adam, Recondo CEO. "During 2010, Recondo initiated a major initiative to help hospitals integrate disparate systems, applications, and databases, significantly lowering revenue cycle operating costs. We also announced two new software services, Authorization/Denial Prevention (Auth-DP), and Financial Assistance; our CORE Phase II certification, and our SAS 70 certification."
Auth-DP is software as a service (SaaS) that allows hospital staff to identify required payer authorizations prior to service, ensuring that the hospital provides service only with the correct, approved authorization in place. Missing or incorrect authorization information causes hospitals to write off millions of dollars every year. For many hospitals, claim denials represent the greatest financial challenge across the revenue cycle.
Financial Assistance is Software as a Service (SaaS) that identifies all sources of patient payments, determines likelihood to qualify for Medicaid, automates evaluation and classification of presumptive charity, including propensity to pay, supports hospital-specific catastrophic write-offs, and provides patient discounts based on Federal Poverty Level percentage categories and tiered payment plans.
CORE Phase II Certification
Recondo also achieved Committee on Operating Rules for Information Exchange® (CORE®) Phase II Certification, after Recondo SurePayHealth successfully completed CORE Phase II Certification testing, a process ensuring that healthcare organizations can electronically exchange or access patient insurance information conforming to the CORE Phase II rules.
SAS 70 Security and Operations Certification
The independent auditor, Ernst & Young, issued an unqualified Statement on Auditing Standards No. 70 (SAS 70) based on its Type II audit of Recondo. An "unqualified" auditor's opinion for a SAS 70 Type II report indicates that the audited organization achieved all control objectives without a significant exception or deficiency. The SAS 70 standard is one of the most rigorous and thorough auditing standards for substantiating that a company's security procedures and operational controls have been designed and tested, and are operating at maximum efficiency to protect client data in accordance with best demonstrated practices.
About Recondo Technology
Recondo Technology delivers powerful software services connecting patients, providers, and payers across the US healthcare spectrum. 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 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.
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), and automate evaluation and classification of "presumptive" charity, including propensity to pay.
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.
SOURCE Recondo Technology