DENVER, Feb. 6, 2019 /PRNewswire/ -- Hospital technology leaders looking to recover millions in revenue by applying artificial intelligence (AI) to their revenue cycle operations are invited to meet Recondo Technology at HIMSS19 in Orlando, Florida in the HIMSS Living Room (#3). The company will showcase a number of its award-winning automation solutions, described below, while customer Avera Health will give an insightful educational session on practical use of such technology.
Mary Wickersham, Avera Health's VP of Central Business Office Services, will highlight how her team realized over $20 million in cash improvements for the health system after automating claim status communications with health insurance companies. Co-presenting with Wickersham is Recondo SVP Ryan Ayres; the two will present on Tuesday, Feb. 12, 4:15—5:15 EST in room W308A.
Recondo AI solves the prior authorization puzzle
Full end-to-end authorization management continues to be an elusive piece of the financial clearance process for providers. While some vendor solutions solve for automating a portion of the authorization process today, Recondo is employing artificial intelligence to solve for the most complex authorization processing, including clinical data input.
"Many attendees at HIMSS will be in search of practical applications of AI that are returning real results now—not in a hypothetical future. Recondo has a number of use cases that demonstrate how to use AI to prevent losing millions in net patient revenue within a year, or even six months or less," said Eldon Richards, CTO of Recondo Technology.
He added, "We look forward to discussing these proven successes with hospital financial leaders who are tasked with keeping business operations efficient and profitable—and looking to leverage technology to do so."
Embedding automated revenue cycle management into Epic
At HIMSS19, attendees can learn how to leverage Recondo's AI-driven authorization directly within their native Epic system, and realize millions in cash flow improvements. RevSmart™ by Recondo integrates Best in KLAS patient financial clearance content via Epic's Real Time Authorization (RTA) for authorization management while bringing new capabilities into Epic's Real Time Eligibility (RTE), returning three times the coverage identification than other vendors. By using RevSmart, hospitals can automate 75 percent to 80 percent of patient estimates, while significantly increasing upfront collections.
"Epic" results for Mercy Health
Bon Secours Mercy Health was one of Recondo's first customers to use RevSmart to automate eligibility verification, authorization submission, and confirmation and notice of submission.
Coupled with workflow optimization by Mercy's revenue cycle outsourcing partner, Ensemble Health Partners, Mercy has since seen a 50 percent gain in pre-registration and authorization days out, while point-of-service collections are up 95 percent. In addition, Ensemble was able to reallocate 118 FTEs, resulting in $7.6M in FTE cost savings for Mercy Health.
In total, the combination of RevSmart and streamlined workflow processes via Ensemble have resulted in $15M added net revenue in a single year.
Turning the CMS price transparency mandate into a marketing opportunity
Recondo executives will also be on hand to discuss how to turn the onerous new CMS mandate that requires hospitals to post their standard list of charges on their websites into a patient retention and patient satisfaction advantage.
It is increasingly recognized that this mandate won't bring true price transparency to what patients will pay based on their unique levels of insurance coverage. However, it will drive prospective patients to hospitals' websites.
At this point, health systems like Baylor, Scott & White and ProMedica are helping patients get more accurate estimates in just minutes with online price calculators based on technology from Recondo. Using a combination of robotic process automation, payer rules engines and machine learning, the calculators generate estimates based on the patient's real time insurance and eligibility for services. As a result, patients show up for services more prepared to pay, while health systems increase their pre-service cash collections as well as consumer engagement.
At HIMSS19, Recondo welcomes healthcare financial leaders, members of the media and others in their dedicated meeting space in the HIMSS Living Room (#3) to learn more about how automation is reinventing the revenue cycle management department into a true profit center.
To schedule a meeting with Recondo executives at HIMSS, email [email protected] or call 303-974-2895.
About Recondo Technology
Recondo Technology's software-as-a-service (SaaS) platform helps healthcare providers achieve sustainable financial performance while delivering a better patient experience. Leveraging artificial intelligence in the forms of robotic process automation, machine learning, and natural language processing, Recondo delivers industry-leading automated, accurate, and actionable financial clarity to the healthcare revenue cycle. Recondo is the only revenue cycle vendor to have achieved coveted HFMA peer-reviewed status for both patient access and business office solutions. Recondo empowers more than 900 hospitals with solutions that connect providers, payers, and patients to ensure revenue cycle efficiency across the care continuum. The company's patented software and expertise streamline operations, allowing providers to be paid more, faster, and at a cheaper cost. Recondo brings efficiencies and cost savings from 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
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SOURCE Recondo Technology