LAS VEGAS, Jan. 16, 2017 /PRNewswire/ -- From the floor of HFMA's Western Region Symposium, Recondo Technology, the market leader in cloud-based single-platform revenue cycle management solutions, announced today the launch of its new automated solution, AuthInitiate™, which eliminates the need for healthcare providers to employ large teams to obtain prior authorizations from insurers.
Powered by Recondo's patented ReconBot™ technology, AuthInitiate inputs and retrieves web-based information from payers' websites at astonishing speed, automating what is manual today. The addition to Recondo's existing Auth-DP platform enables hospitals and other provider organizations to automate nearly the entire authorization process, from requesting a prior authorization to confirming its status. Recondo will demonstrate AuthInitiate at the HFMA conference, Jan. 15—18.
"Continuing our successful quest to leverage our SaaS platform, content, and machine learning capabilities to automate more of the US revenue cycle continuum for providers of all types, we're extremely excited to kick off 2017 with our newest automation solution," said Jay Deady, CEO of Recondo Technology. "AuthInitiate is designed to make one of the most critical components of getting paid in full for services rendered—securing a prior authorization—a breathtakingly efficient process. We're confident provider organizations will be blown away when they see AuthInitiate in action."
Solving an emerging and expensive bottleneck
More hospitals now routinely take on the responsibility of obtaining prior authorizations from payers on behalf of both employed and non-employed physicians. In doing so, hospitals are both protecting and potentially eroding their financial bottom line. While gaining control assures that steps are taken to obtain these authorizations, the steps themselves are cumbersome and heavily labor-intensive.
Requesting a single authorization, for example, typically takes at least 15 minutes. It requires a staff member to visit a payer's website, then copy and paste a significant amount of non-clinical and clinical patient data into numerous fields. For large multi-facility IDNs the process can require delegating hundreds of employees, or writing significant outsourcing checks.
Now they no longer have to. ReconBots embedded in the AuthInitiate solution log-in to the payer's website on behalf of the provider, using the provider's credentials. Additional technology within the solution auto-populates patient data, drawing on the industry's most robust authorization rules library of over 700,000 rules, which are continuously curated and expanded.
Given the pace at which payers introduce and revise authorization requirements and rules, this particularly eliminates the manual burden and expense of authorization content management. Now staff need only answer clinical questions. With at least half of the authorization request completed via automation, hospitals can exponentially increase the amount done per hour, with far fewer staff.
When used in conjunction with Recondo's Auth-DP solution, AuthInitiate delivers a comprehensive automation strategy for handling large volumes of prior authorizations. While AuthInitiate automates much of the initial work of obtaining authorizations, submitting the inquiry, Auth-DP entirely automates the second half of the process-- confirming whether a prior authorization is approved or denied. As a result, hospitals and other provider organizations can perform a virtually "touchless" authorization, with a bare minimum of human intervention. More authorizations can be processed in a fraction of the time it previously took to process them manually.
For an advance preview of AuthInitiate, contact 888.732.6672 or visit Recondo at HFMA Western Region Symposium in booth No. 306.
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.
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SOURCE Recondo Technology