DENVER, June 21, 2018 /PRNewswire/ -- In the latest demonstration that Recondo Technology is the innovation leader in the healthcare revenue cycle management software industry, a number of the company's solutions have been peer reviewed by the Healthcare Financial Management Association (HFMA). This includes Recondo's automated solutions for obtaining prior authorizations from healthcare insurers and early retrieval of actionable claim status; the first ever such solutions to be peer reviewed by HFMA.
Recent customer studies show returns in the millions from revenue cycle automation, with Avera Health achieving a $2 million reduction in aged A/R accounts at one facility within 18 months, and The Queens Medical Center improving cash flow by $5 million within 12 months.
"I speak for everyone at Recondo Technology when I express our gratitude to HFMA and our customers for such a distinction. HFMA is one of the most well-respected trade organizations in healthcare, and passing its scrutiny means a great deal to us. We look forward to continue working with HFMA members to leverage automation to return their skyrocketing denials and labor costs back to reality," stated Jay Deady, Recondo Technology CEO.
The following four products in Recondo's revenue cycle automation software portfolio have garnered the coveted HFMA Peer Review status:
- Auth-DP™, Recondo's automated authorization suite. Now the only HFMA peer reviewed automated authorization software.
- ClaimStatusPlus™, which automates the process of obtaining approved/denied status of claims, and auto-routing the answers into the provider's system and workflow of choice. It is now the only HFMA peer reviewed software for automated claim statusing.
- EligibilityPlus™, which automates the process of determining a patient's available insurance coverage for services. Previously peer reviewed by HFMA, this status was renewed.
- SurePayHealth™, the solution that accurately estimates a patient's portion of costs based on the patient's real time levels of insurance coverage. Its peer reviewed status was also renewed by HFMA.
HFMA's Peer Review process provides healthcare financial managers with an objective, third-party evaluation of business solutions used in the healthcare workplace. The rigorous, 11-step process includes a Peer Review panel of current customers, prospects who have not made a purchase, and industry experts. The Peer Review status of the healthcare business solution and its performance claims are based on effectiveness, quality and usability, price, value, and customer and technical support.
"We're pleased to have Recondo Technology achieve their HFMA Peer Reviewed designation," said HFMA President and CEO Joseph J. Fifer, FHFMA, CPA. "The HFMA Peer Review process assures our members, through a rigorous evaluation, that the reviewed healthcare business solution meets an objective, third-party assessment of overall effectiveness, quality, and value."
The recognition from HFMA follows another prized industry accolade, with Recondo Technology being named 2018 Best in KLAS for the Patient Access software and services category.
Discover the latest in revenue cycle management technology at HFMA Annual Conference 2018
Healthcare financial professionals interested in applying automation and artificial intelligence to their toughest revenue cycle management issues can learn more at the upcoming HFMA Annual Conference in Las Vegas, June 24—27. Recondo will be demonstrating its products in Booth # 801. Come by to enjoy fresh Krispy Kreme donuts from 11 a.m. to 2 p.m. on Monday and Tuesday of the conference and refreshing margaritas from 4:30 to 6:30 p.m. on Monday.
Recondo CEO Jay Deady and CTO Eldon Richards will be onsite for media interviews on how the company is advancing its artificial intelligence capabilities to drive even more efficiency for revenue cycle management.
Recondo pioneered robotic process automation in revenue cycle management, and today, its machine learning-enhanced engines are reducing patient estimate errors by as much as 33 percent, while learning—and acting on--the impact of downstream practice and billing patterns to improve predictions. Natural language processing is being applied to authorization, reducing further the need for human input of clinical data for prior authorization requests.
New offerings from Recondo are also helping hospitals leverage their investments in hospital information systems. Recondo's RevSmart™ platform, for example, fully integrates intelligent financial clearance content into Epic. Within the first weeks of usage, organizations are seeing a 25 percent efficiency gain by using RevSmart to automate prior authorizations.
Members of the media are encouraged to contact Stephanie Janard, Amendola Communications for Recondo Technology, at 828-288-2831 or [email protected] to schedule an interview with Jay Deady, Recondo CEO, or Eldon Richards, Recondo CTO.
With more than 38,000 members, the Healthcare Financial Management Association (HFMA) is the nation's premier membership organization for healthcare finance leaders. HFMA builds and supports coalitions with other healthcare associations and industry groups to achieve consensus on solutions for the challenges the U.S. healthcare system faces today. Working with a broad cross-section of stakeholders, HFMA identifies gaps throughout the healthcare delivery system and bridges them through the establishment and sharing of knowledge and best practices. We help healthcare stakeholders achieve optimal results by creating and providing education, analysis, and practical tools and solutions. Our mission is to lead the financial management of health care.
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.
Amendola Communications for Recondo Technology
SOURCE Recondo Technology