DENVER, June 20, 2017 /PRNewswire/ -- As hospital financial professionals converge at the upcoming HFMA-ANI conference, a solution to one of their most pressing needs will be on hand at the booth of Recondo Technology, the market leader in cloud-based single-platform revenue cycle management solutions. The company's robust financial clearance solutions, paired with a strategic new partnership, will help hospitals orchestrate patient payments across the enterprise while enabling more patients to better prepare for their financial responsibility for care.
Recondo was a pioneer in the patient estimation space ten years ago and has continued to build the tools necessary to help providers automate the range of pre-arrival activities; eligibility, estimation, authorization -- all with the end goal of ensuring providers get paid for the services they render. In the last 12 months Recondo has generated more than 13 million estimates worth $4 billion in upfront collection opportunity for their customers. The added benefit to the patient is they better understand their financial obligation.
The last essential step of revenue capture pre-service is a flexible and robust payment collection tool. Here Recondo has partnered with HealthPay24 to integrate accurate patient cost estimates with payment processing services at every point of service. Now hospitals and patients have all the information they need to conduct quick, transparent payment collections—a scenario that is practically unprecedented in hospitals used to negotiating payments primarily with insurance companies.
"Our partnership with HealthPay24 offers provider organizations the ability to leverage the integration of Recondo's industry leading patient estimation accuracy and financial clearance solutions with HealthPay's proven patient payment solutions. Now hospitals can easily collect payments from healthcare consumers at any point of service, accelerating highly accurate, earlier collections," stated Jay Deady, CEO of Recondo Technology.
A connected ecosystem for healthcare payments
The Recondo-HealthPay24 partnership creates a long-needed consumer-driven payment platform. HealthPay24 provides secure, encrypted payment processing technology, embedded into its industry-leading Payment Engagement Platform for health systems. Recondo brings clarity to what the patient actually owes, based on the patient's real-time insurance coverage or ability to self-pay.
With these capabilities seamlessly integrated together, the partnership eliminates a huge burden for hospitals that have struggled to accommodate the consumer-as-payer. Here consumers have varying needs. Some require payment and charity assistance, while others need a monthly repayment plan. Still others wish to pay online, or via their mobile device rather than mailing a payment or paying in person. And all patients deal with different departments and facilities.
The Recondo-HealthPay24 partnership takes these many variables into account and facilitates payments across the health system, at any service point. In a few simple steps, patient access and other designated staff can not only pull and collect an accurate bill for services, they can see for which physicians and departments—visibility that can also be beneficial for accountable care organizations.
No matter the patient type or organization, the partnership brings true price transparency and convenient payment processing together; exactly what consumers want and will increasingly expect.
"Pre-service estimation, communication of financial responsibility, and capturing a method of payment are major necessities as hospitals shift to consumerism and value-based care. Our partnership with Recondo provides a frictionless experience for staff and patients when communicating financial responsibilities and convenient payment options. When deployed at scale, the impact on hospital revenue will be significant," said David Millary, President of HealthPay24.
To learn more about consumer-facing price transparency technology, see Recondo's white paper "The Self-Service Pricing Calculator." Recondo will showcase its full suite of patient access automation solutions, including automated price transparency, prior authorization, and claim status, in Booth # 1017 at the HFMA-ANI show in Orlando, Florida, June 25--28.
HealthPay24 is a recognized leader in patient payment and engagement innovation and continues to pioneer expert-driven solutions to the ever-increasing patient pay responsibility. Founded in 2001, the company's industry leading platform was designed and developed on feedback from finance officials among hundreds of hospitals nationwide as a solution dedicated to processing healthcare payments. The solution manages the patient financial responsibility from pre-to-post-service, provides flexibility and convenience for self-pay collections, and fuels productivity to financial posting and reconciliation processes.
About Recondo Technology
Recondo's cloud-based solutions deliver financial clarity to all participants within the healthcare revenue cycle. Named the No. 1 hottest company in healthcare by Modern Healthcare in 2013, Recondo empowers more than 850 hospitals with solutions that connect providers, payers and patients to ensure proper payments across the care continuum. The company's software and expertise streamline operations and allow providers to be paid more, faster and at a cheaper cost. Recondo brings efficiencies and cost savings to patient access through to payment processing—a continuum today where inaccuracy and inefficiencies currently cost U.S. healthcare a staggering $480 billion per year. Learn more at www.recondotech.com.
Amendola Communications for Recondo
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SOURCE Recondo Technology