DENVER and RICHARDSON, Texas, March 12, 2019 /PRNewswire/ -- Today, MedeAnalytics and Recondo Technology announced a new partnership that promises to make hospital revenue cycle transactions nearly "touchless" experiences, while unlocking data insights at all levels of the revenue cycle. The two organizations signed a formal partnership agreement that will bolster both Recondo's automated revenue cycle management (RCM) solutions and industry-specific analytics from MedeAnalytics. The joint solution is expected to help hospitals gain efficiencies in the revenue cycle while preventing lost revenue and identifying revenue at risk.
"This is a meaningful partnership between two proven companies who thrive in solving complex financial challenges for large provider organizations. In the new healthcare economy, it is just this sort of partnership that will enable providers to achieve their cost and quality objectives," said Paul Kaiser, CEO of MedeAnalytics.
Two industry leaders create a single, powerful RCM platform
The combined offering merges two best-in-breed technologies: automated communication with payers and RCM workflows and analytics.
Recondo's patented robotic process automation queries payers about a range of transactions—including prior authorization confirmation, patient eligibility and coverage for services, patient financial responsibility for cost, and approved/denied status of outstanding claims. Taking this several steps further, Recondo solutions bring back detailed answers from payers at a speed and volume that manual communication can never achieve, even if staff were doubled or tripled.
MedeAnalytics was the first on the market with a healthcare analytics SaaS solution, and today helps more than 2,440 provider, payer, and public sector organizations unlock the potential of their data. Recondo Technology has ranked 2018 Best in KLAS for patient access in the 2018 Best in KLAS: Software and Services report by KLAS Research and is HFMA Peer Reviewed for both patient access and business office software, and is deployed in over 900 hospitals and health systems in North America.
"For years we've proved that automating much of the revenue cycle reaps millions in revenue for provider organizations across the country, but really, that is only the tip of the iceberg. With the addition of analytics from an industry leader like MedeAnalytics, hospital financial executives will be able to make the most profitable decisions yet for their organizations," said Jay Deady, CEO of Recondo.
In the joint offering, MedeAnalytics will enable hospitals and health systems to analyze this payer intelligence, creating a unified view of the organization's revenue. With a holistic way to analyze their financial health, provider organizations can see and understand revenue cycle data in context, create a plan to reduce revenue leaks, and ensure financial viability by taking control of missed revenue, lost revenue, and revenue at risk.
About MedeAnalytics® A pioneer in healthcare analytics, MedeAnalytics helps organizations make even smarter decisions. With the most advanced data orchestration in healthcare, our intelligent cloud-based analytics platform combines data to deliver state-of-the-art analytics, all in a business context. MedeAnalytics' scalable solutions for financial management, operations, value-based care, and strategic planning deliver the action-ready insights organizations need to achieve success. Helping clients realize financial and operational value almost immediately is just one of the many reasons why MedeAnalytics is the leading healthcare-only analytics provider. Learn more at www.medeanalytics.com.
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.