GREENWOOD VILLAGE, Colo., Jan. 28, 2015 /PRNewswire/ -- Recondo Technology, the leading provider of cloud-based revenue cycle connectivity and applications, today announced the U.S. Patent and Trademark Office has awarded the company Patent No. 8,943,565 for its Recondo Bot technology ("ReconBot®"). This patented technology is at the core of Recondo's patient resolution cloud platform that enables Recondo clients to receive enriched actionable data from over 850 healthcare payers, resulting in higher rates of "touchless" claims, reduced manual follow-up time and accelerated cash flow.
"Recondo's newly patented ReconBot® technology reflects years of hard work by Recondo's world-class technology development organization, excellent product input from our clients, and the benefit of the investment in the strongest cloud-based revenue cycle platform in the industry," said Jay Deady, Recondo's Chief Executive Officer. "The intellectual property protected by this patent plays a crucial role in Recondo's ability to deliver significantly richer and more actionable data than found in the standard EDI transaction sets. It enables Recondo's cloud-based platform to scale and empower some of the largest health systems in the country."
Recondo's Platform as a Service (PaaS) leverages this patented technology in both the patient access front-end and business office environments. Front-end business processes that empower real-time pre-service patient interactions covering eligibility, medical necessity, patient out-of-pocket financial responsibility calculation and collection, prior authorization necessity and status, all leverage Recondo's ReconBot® technology. The business office processes dealing with the automated status of insurance claim processing as well as actionable information and workflow required to remediate denied or problem claims, are also enabled by Recondo's patented technology.
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 900 hospitals and health systems with solutions that connect providers, with over 90% of the nation's payers and their patients to ensure proper and accelerated payments across the care continuum. The company's software and expertise streamline operations and achieve efficiencies and cost savings from patient access through claim status to payment processing—a continuum today where inaccuracy and inefficiencies currently cost U.S. healthcare a staggering $480 billion per year. Visit us at www.recondotech.com.
SOURCE Recondo Technology