DENVER, Jan. 30, 2018 /PRNewswire/ -- Recondo Technology is pleased to announce it has earned the 2018 Best in KLAS ranking for the Patient Access category. Recondo's automated revenue cycle management solutions help hospitals and healthcare systems process large volumes of queries to payers at unprecedented scale and speed by leveraging touchless processing, helping these providers brings millions of dollars in revenue back to the bottom line.
"On behalf of the hardworking and talented team at Recondo Technology, I want to express our gratitude to our customers for partnering in Recondo's vision to reinvent and automate the hospital's revenue cycle," said Jay Deady, CEO of Recondo Technology.
Deady went on to further describe this vision.
"Beginning in 2015, we partnered with our leading clients to implement a three-year improvement plan focused on key attributes--highly reliable, innovative SaaS software and revenue cycle content; a new client implementation and support model implemented by our COO, Perry Sweet and team; and leading-edge integration of actionable intelligence delivered directly into the workflow of our clients' revenue cycle platforms of choice, such as Epic and others," Deady said.
He added, "Given that KLAS rankings are based on objective customer feedback, clearly this vision has been successfully achieved in actual practice."
KLAS ranking puts touchless automation in the spotlight
Communicating with healthcare insurance companies is a manual and time-consuming process for providers, with many relying on armies of internal or outsourced staff to keep up. In response, a growing number of providers are turning to automation to carry out these transactions with payers—using automated solutions to verify a patient's coverage for services and the patient's financial responsibility; obtain prior authorizations for services; and confirm the approved or denied status of claims.
The efficiency of automating these revenue cycle transactions is quickly realized. In just one patient access example, Recondo customers experienced a 100 percent increase in account processing throughput using AuthInitiate, the latest addition to Recondo's Authorization-Denial Prevention suite.
"Hospitals that automate revenue cycle management functions routinely recoup tens of millions of dollars in revenue. For example, St. Francis Hospital increased point-of-service collections by $4 million after deploying our patient estimation solution. In another example, by automating claim status verification with our ClaimStatusPlus™ solution, Avera Health freed $2.1 million from over-aging accounts," Deady noted.
Recondo's automated solutions have proven to be so effective for providers, the company experienced an almost 40 percent year-over-year growth in bookings in 2017 following similar growth in 2016. ClaimStatusPlus™, the industry's leading automation tool for touchless claims follow-up, has helped significantly drive that growth with new customers including Bons Secours, University of Colorado Health and Stanford Health Care. Additional new Recondo customers include St. Jude Children's Research Hospital, USC Health, Banner Health, Stormont Vail and Ensemble Health Partners.
Automation is on the cusp of becoming mainstream in the healthcare revenue cycle industry, thanks in large part to the success of solutions like Recondo's and the focus on automation by prestigious research organizations such as KLAS.
The recognition from KLAS follows closely on the heels of Recondo's full suite of revenue cycle solutions being selected as a "best-in-class" platform vendor for the Revenue Cycle Innovation Center by Baker Tilly, a leading full-service consulting and advisory firm.
The center was formed by Baker Tilly to help its clients break the pattern of commonly under-performing revenue cycle programs that are failing to deliver on expected ROIs in the ever-changing healthcare environment. Having identified automation as a key strategy to overhaul such programs, Baker Tilly sought the most innovative platform SaaS vendor in healthcare revenue cycle automation—and found it in Recondo Technology.
In 2017, Recondo was also recognized by Black Book Research as one of the top three leaders in revenue cycle management software.
Deady concluded by noting that in the near future, the most effective automation tools will incorporate artificial intelligence capabilities like robotic process automation, machine learning, and natural language processing.
"Our own solutions are now deploying these capabilities to create a truly 'touchless' financial clearance. Look out for more great news for Recondo and our customers in the coming months," Deady said.
KLAS is a data-driven company on a mission to improve the world's healthcare by enabling provider and payer voices to be heard and counted. Working with thousands of healthcare professionals, KLAS collects insights on software, services and medical equipment to deliver reports, trending data and statistical overviews. KLAS data is accurate, honest and impartial. The research directly reflects the voice of healthcare professionals and acts as a catalyst for improving-vendor performance. To learn more about KLAS and the insights we provide, visit www.KLASresearch.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.
Stephanie Janard Amendola Communications for Recondo Technology [email protected] 704.418.9874