CHICAGO and LOUISVILLE, Ky., Dec. 4, 2019 /PRNewswire/ -- December 4, 2019 -- Waystar, a leading provider of revenue cycle technology, today announced the acquisition of Recondo Technology, a pioneer of innovative revenue cycle automation solutions powered by advanced robotic process automation (RPA) and other artificial intelligence technology allowing providers to be paid more, faster and at lower cost. Waystar's cloud-based technology simplifies and unifies the revenue cycle so that providers can redirect their resources to patient and community care. The two companies' goals and technologies complement one another, making this an advantageous next step for both entities—and for the clients they serve.
Recondo brings additional artificial intelligence and machine learning technologies to Waystar's broad portfolio of solutions. The capabilities include patient access technology that addresses inefficiencies surrounding price transparency, eligibility and pre-authorization processes, as well as business office technology that automates status checks for outstanding claims, reducing manual work. Merging Recondo and Waystar's data will drive heightened accuracy and speed for all solutions, such as increasing the rate at which providers can determine if a patient has insurance coverage or send a prior authorization to a payer.
"Recondo shares Waystar's commitment to helping healthcare organizations take the estimated $350 billion of administrative waste out of the revenue cycle," said Matt Hawkins, CEO of Waystar. "Joining forces will strengthen our AI-powered offerings, which will in turn drive greater value for our clients and a better experience for patients. We have been impressed by the Recondo team and leadership, whose expertise and professionalism will be a strong addition to Waystar."
Founded in 2007, Recondo now processes nearly $4 billion in accurate patient estimates and 33 million prior authorizations annually as part of its patient access solution set. Waystar will unify the nearly half a billion administrative transactions processed by Recondo into the end-to-end Waystar platform, which will drive unprecedented insights and prevent issues before they occur. Incorporating these technologies will set the pace in the industry and transform the way patients understand and experience the financial side of their healthcare encounters.
"We were looking for a partner whose vision and capabilities would advance our goal of intelligently simplifying the revenue cycle, and Waystar fit this bill perfectly," said Jay Deady, CEO of Recondo. "With Waystar's powerful technology stack, talented team and client base, our technology can be more impactful than ever before."
This announcement comes during a period of busy M&A and technology integration for Waystar, which most recently acquired Digitize.AI, an AI-powered prior authorization provider, and PARO, a financial assistance predictive analytics solution. In 2018, Waystar acquired predictive analytics solution Connance and claims monitoring capabilities from UPMC's Ovation. All of these companies and technologies are being truly integrated into the market-leading Waystar platform to simplify payer and patient reimbursement and provide transformative solutions for healthcare providers.
Waystar provides next-generation, cloud-based technology that simplifies and unifies the healthcare revenue cycle. The Waystar platform removes friction in payment processes, streamlines workflows and improves financials for providers in every care setting. Waystar products have won Best in KLAS® or Category Leader every year since 2010 and earned multiple #1 rankings from Black Book™ surveys since 2012. The Waystar platform supports more than 450,000 providers, 750 health systems and hospitals, and 5,000 payers and health plans. For more information, visit waystar.com or follow @Waystar on Twitter.
Recondo Technology's AI-powered software-as-a-service (SaaS) platform helps healthcare providers achieve sustainable financial performance while delivering a better patient experience. Leveraging purpose-built AI 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. Learn more at www.recondotech.com.
Contact: Laura Scott, [email protected]