Recondo Technology to Demonstrate How Machine Learning and Web Bots Are Automating Complex and Costly Areas of Revenue Cycle at HFMA Annual Conference
Company leveraging machine learning to reduce the 20-minute manual process of initiating an authorization down to less than 3 minutes; Recondo named by Black Book Research as top client-rated patient access software and services vendor
DENVER, June 18, 2019 /PRNewswire/ -- At this year's HFMA Annual Conference, healthcare financial leaders seeking to replace costly and inefficient solutions are encouraged to meet with Recondo Technology, the pioneer of healthcare revenue cycle automation. The company will unveil its most impressive advance in automation yet — clinical language processing that contextually automates answering clinical queries from payers during prior authorization. This technology will eliminate the hours employees would otherwise spend tracking down and interpreting clinical information on their own. As a result, organizations will see increased employee productivity yield and a reduction in authorization denials relating to human error.
"We're excited to see how new developments in Recondo's technology with respect to machine learning and natural language processing will automate more manual processes for our clients," said Shannon White, Chief Operating Officer of Ensemble Health Partners.
Recondo already automates all other aspects of the prior authorization process, from inquiring whether an authorization is required, to statusing and submitting the authorization, and to notification of its acceptance. With the addition of clinical language processing, prior authorizations are now a completely automated transaction.
"Recondo wants to do its part to help drive down the cost of healthcare—and this solution promises to save millions of dollars for hospitals through vastly reduced denials and labor costs," noted Heather Kawamoto, Recondo Technology's Chief Product Officer.
Recondo delivers purpose-built AI to solve most complex problems in revenue cycle
There is no shortage of products that claim to reinvent healthcare revenue cycle management with automation. The reality is that it takes multiple key factors to build a solution as technologically capable as clinical language processing. These factors include access to large, high quality data sets, expertise in machine and deep learning, and extensive subject matter and workflow knowledge.
Recondo's access to broad and diverse data sets comes via the company's patented web bots; the nearly 1,000 ReconBots® that quickly retrieve vast sets of data from payer websites, coupled with EDI and integrations with clinical systems like Epic, Meditech, Cerner and others. With this data, the company's team of machine learning engineers apply advanced proficiency in mathematics to build and train deep learning models that produce excellent results in correctly answering any number of clinical questions—including those that typically require familiarity with all the nuances of different diagnoses.
Of course, it is impossible to train machine learning models for healthcare revenue cycle automation without a deep understanding of the domain. This is where companies with less experience than Recondo find themselves naively applying machine learning tools to build models that result in sporadic or overall minimal performance improvement. Recondo's executives and product management team members altogether comprise hundreds of years of domain healthcare IT and revenue cycle experience.
"We took the long view of automating the most complex aspects of healthcare revenue cycle, taking a methodical approach that kept building on our previous successes. We've incorporated machine learning standards from the educational programs at Stanford and MIT, and require advanced degrees and knowledge in computer science and related studies from all of our software engineers," said Eldon Richards, Recondo Technology CTO.
He added, "It isn't the fastest or cheapest path, but in the process, we've built a world-class lab for healthcare revenue cycle automation."
Named #1 Client-Rated Patient Access Vendor for Financial Digital Transformation by Black Book™ Research
In the latest recognition of Recondo's automation acumen, the company was recently ranked #1 for patient access software and services by Black Book Research in a study that polled 1,600 revenue cycle leaders and an additional 124 CEOs. The study aimed to determine the top-performing vendors for achieving financial digital transformation, and represented the views of 484 hospitals and 713 physician practices. Recondo has earned #1 status by Black Book Research in a number of categories over the years.
"Recondo Technology is honored to be recognized by our clients for our commitment to customer satisfaction and client experience," noted CEO Jay Deady. "With health system margins now below three percent nationwide, providers are urgently seeking opportunities for digital transformation in the areas of pre-service patient specific price transparency estimates and payments, eligibility and authorization denial reductions, and overall increased automation that delivers employee yield improvements."
Deady added, "We are glad to be known as a partner that consistently delivers and innovates solutions that drive financially meaningful outcomes."
Meet Recondo at HFMA's Annual Conference
Healthcare financial leaders at HFMA who are interested in automating their most complex problem areas in revenue cycle will have several opportunities to meet with Recondo at HFMA's Annual Conference. In addition to exhibiting at Booth 867, Recondo will give a Rapid-Fire Case Study presentation in HFMA Central on Monday, June 24 at 2:45 p.m. The company will also host live demos at its booth throughout the show, kicking the conference off with an in-booth Margarita Bar on Sunday, June 23 from 5 to 7 p.m.
To schedule a live demo in advance, contact Elyse Lazartic, Marketing Director for Recondo Technology at [email protected].
About Recondo Technology
Recondo Technology's AI-powered software-as-a-service (SaaS) platform helps healthcare providers reduce administrative costs while delivering a better patient experience. Leveraging purpose-built artificial intelligence in the forms of robotic process automation, machine learning and clinical language processing, Recondo delivers automated, accurate, and actionable financial clarity to the healthcare revenue cycle. Recondo is the only technology vendor to have achieved coveted HFMA peer-reviewed status for both patient access and business office solutions, and powers more than 900 hospitals with solutions that ensure revenue cycle efficiency across the care continuum. Learn more at www.recondotech.com.
Media contact: Stephanie Janard Amendola Communications for Recondo Technology [email protected] / 828.288.2831