DENVER, April 9, 2019 /PRNewswire/ -- Due to accelerated market expansion of intelligent automation that replaces expensive, manual communication between hospitals and payers, Recondo Technology announced today it has achieved record bookings and growth in the first quarter of 2019. Breaking previous records for contracted monthly recurring revenue (CMRR), the company achieved a 120 percent increase in first quarter bookings in 2019 as compared the same quarter of the previous year. Overall, the company is reporting 35 percent compounded annual growth over the last three years.
The trend to automate the hospital's revenue cycle management is driving Recondo's growth into provider settings across the country. Long known as the earliest pioneer of robotic process automation (RPA) for healthcare, the company has strengthened its solutions portfolio with AI technologies that include models for natural language processing and additional machine learning capabilities that detect and act on payer reimbursement patterns.
"We're very excited to see the industry momentum toward Recondo's solutions and technology, impacting the cost and efficiency of delivering healthcare in this country reflected not only in our bookings growth, but more importantly, in the outcomes our clients are experiencing," noted Jay Deady, Chief Executive Officer of Recondo Technology. "Throughout 2018, we shared real return on investment from clients including Bon Secours Mercy, Avera Health and others. It's incredibly promising to see more providers partnering with us to positively impact their organizations in 2019."
"The consistent documented client activations and tremendous outcomes achievement helped us step up the growth rate from 35 percent to over 120 percent in the first quarter," Deady noted.
NLP Model Enables Fully Automated Prior Authorization
Recondo and its purpose-built AI technology shine in the toughest areas of healthcare revenue cycle automation – where EDI transaction sets are the weakest.
Authorization management is a primary example. Prior authorization requirements continue to be a cost containment lever that payers use to control utilization. Many payers have begun to apply authorization rules based on a patient's member ID prefix, while even large, self-funded employer groups have rules that vary from that of national payer policies. As a result, providers now recognize manual staff alone will not solve their denial problem—and more are turning to Recondo Technology instead. The nation's top hospitals use Recondo's Authorization Solution Platform to collectively automate an average of 85,000 prior authorizations per day.
This year, Recondo is dramatically advancing its AuthInitiate solution to create a nearly "touchless" prior authorization experience. The solution already automated much of the process before, including making the actual prior authorization request to payers and returning the answer. This alone reduced what was a manual 15 to 20-minute transaction to less than half of that time.
Recondo will further whittle processing time down to a mere 1 to 3 minutes by pairing its patented ReconBotâ RPA capability with natural language processing models to extract clinical data from the provider's EMR. This data, which previously had to be inputted manually, will now be auto-populated into the prior authorization request and auto-submitted to the payer.
"The potential this technology and other machine learning technologies have to impact not only authorizations, but other areas of the revenue cycle by extracting and synthesizing clinical data from the EMR is limitless," stated Chief Technology Officer Eldon Richards. "We're actively engaging beta partners delivering this capability prior to HFMA's Annual Conference, and seeking opportunities to apply these capabilities in new ways. We have an additional 75 use cases already documented to expand this technology capability in the future."
Hospital Price Transparency Beyond Government Mandates
Large health system providers are recognizing that engaging consumers earlier in the process matters to a patient's financial experience and in turn retaining revenue. To that end, progressive health systems are now expanding that financial and collection engagement out into their ambulatory settings. Last year, three of Recondo's customers created 4.1 million patient estimates for $160 million in upfront collection opportunities.
In another win for hospitals and their patients, Recondo Technology now offers the industry's most accurate patient price calculator, which is embedded in the websites of hospitals such as ProMedica, Baylor Scott & White and others.
The technology is a counter to government mandates that force hospitals to post their standard list of charges online. To help prospective patients understand their true cost of care, hospital website visitors can be directed to the online price estimate calculators. As CEO Jay Deady described in a STAT News op-ed earlier this year, this knowledge is essential for encouraging patients to schedule needed healthcare services instead of put them off.
Meet Recondo at NAHAM 2019
Recondo will be exhibiting at the upcoming National Association of Healthcare Access Management (NAHAM) 45th Annual Conference, April 23-26 in Orlando, Florida. Executives will showcase the company's RevSmart patient financial clearance solution for Epic. In just one example of the solution's powerful ROI, Bon Secours Mercy Health has paired RevSmart with workflow optimization by Mercy's revenue cycle outsourcing partner, Ensemble Health Partners, to increase upfront patient collections by 95 percent and added $15M in net revenue in a single year.
Recondo executives will also be on hand to demo Recondo's full portfolio of intelligent automation solutions in Booth #208. To schedule a meeting, contact Marketing Director Elyse Lazartic at [email protected].
About Recondo Technology
Recondo Technology's AI-powered software-as-a-service (SaaS) platform helps healthcare providers achieve sustainable financial performance while delivering a better patient experience. Leveraging purpose-built artificial intelligence in the forms of robotic process automation, machine learning, and natural language processing, Recondo delivers industry-leading automated, accurate, and actionable financial clarity to the healthcare revenue cycle. Recondo is the only revenue cycle vendor to have achieved coveted HFMA peer-reviewed status for both patient access and business office solutions. Recondo empowers more than 900 hospitals with solutions that connect providers, payers, and patients to ensure revenue cycle efficiency across the care continuum. The company's patented software and expertise streamline operations, allowing providers to be paid more, faster, and at a cheaper cost. Learn more at www.recondotech.com.
Amendola Communications for Recondo Technology
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SOURCE Recondo Technology