DENVER, June 14, 2018 /PRNewswire/ -- Revenue cycle departments in hospitals of all sizes and types continue their mass migration to automation, Recondo Technology reported today. The company noted that climbing rates of claims and prior authorization complexity and requests, paired with patients struggling to understand and pay for medical services, are accelerating the industry shift from manual to automated revenue cycle. In response, the company is further investing in its already powerful automated solutions with advanced machine learning and other AI capabilities.
"We've already seen expansion within our customer portfolio as word is getting out among health systems that revenue returns from automating revenue cycle management are in the tens of millions," said Jay Deady, Recondo CEO.
New customers include a large integrated care delivery networks, several major universities and an affiliated large physician group. Existing customers are expanding bookings for additional automation products, specifically for AuthInitiate™, an automated prior-authorization offering, and SurePayHealth™, Recondo's patient estimation solution.
In total, Recondo has secured close to $5 million in new SaaS booking contract value in 2018 to date, with direct bookings up by 70% year-over-year and channel bookings up 50% year-over-year.
Advancing hospital revenue cycle management
With Recondo's AI-driven, automated solutions, hospitals end the need to assign armies of staff to communicate with payers about patient cost estimates, authorization requests and claim status. The company's patented ReconBotsTM perform the vast majority of this work instead, including routing the insurer's answers to assigned systems and routing accounts needing remediation to specialized staff. In short, automation moves toward near "touchless" revenue cycle management transactions.
"Recondo was the pioneer of robotic process automation in revenue cycle management. Now we are making it even smarter. Our machine learning-enhanced engines now get the most accurate information with even fewer requests, yielding direct savings for our clients," noted Eldon Richard, Recondo's Chief Technology Officer.
He continued, "We have also applied machine learning to improve patient estimates, reducing errors by as much as 33 percent while learning the impact of downstream practice and billing patterns to improve predictions."
New offerings from Recondo are also helping hospitals leverage their investments in hospital information systems. Recondo's RevSmart™ platform, for example, fully integrates intelligent payer content into Epic using Recondo's deep rule engine. Within the first weeks of usage, organizations are already seeing a 25 percent efficiency gain by using RevSmart to automate prior authorizations.
Partnerships driving automation
New partners are also joining forces with Recondo to drive efficiency for healthcare, which already includes Ontario Systems, the leading provider of revenue cycle automation solutions that accelerate payments from both payers and patients; VisiQuate, the enterprise analytics provider utilizing AI and Chatbot technology; and The SSI Group, a provider of revenue cycle, EDI gateway and clinical data interoperability solutions.
These new collaborations include five additional partners to yield access to the pre-acute and post-acute markets where the company has traditionally not competed except for facilities owned by a health system. These partners include:
eSolutions, the revenue cycle workflow automation and data analytics company
DataFile Technologies, the medical records, patient access and revenue cycle outsourcer
Queuelogix (a Scribe America Company), a provider of medical records, patient access, and physician scribe services
2018 is showing signs of being one of Recondo Technology's most fruitful years yet, from the January announcement that the company had earned the 2018 Best in KLAS ranking for Patient Access Software and Services to a productive first and second quarter, spanning business development, sales and product enhancements.
Visit Recondo at HFMA Annual Conference
Recondo will demonstrate its solutions at Booth 801 at HFMA's Annual Conference from June 24 to June 27 in Las Vegas. Members of the media working on healthcare automation stories are encouraged to reach out to Stephanie Janard, Amendola Communications for Recondo Technology, at [email protected] to schedule an interview with Recondo CEO Jay Deady.
About Recondo Technology
Recondo's cloud-based solutions deliver industry leading automated, accurate, and actionable financial clarity to all participants within the healthcare revenue cycle. Recognized by Black Book Research as one of the top three leaders in revenue cycle management software, Recondo empowers more than 900 hospitals with solutions that connect providers, payers, and patients to ensure proper payments across the care continuum. The company's patented 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.