Self-Service Price Transparency Comes to Healthcare
Recondo Launches First Self-Service Price Transparency Solution at HFMA Conference
DENVER – Recondo Technology (Recondo), a leading provider of cloud-based revenue cycle connectivity and applications, will introduce MySurePayHealth℠, a powerful new price transparency tool for healthcare organizations and patients, at the 18th annual HFMA Region 11 Healthcare Summit in San Diego, January 24-27.
Hospitals are under increasing pressure from states and consumers to make their prices more transparent. Recently, 39 states have passed price transparency laws mandating that healthcare organizations make their prices available to patients. Consumers face greater responsibility for out-of-pocket payments and want to know the cost of health care services before they receive care. They need time to budget for health care costs or even shop for a better price. But healthcare organizations have struggled to supply accurate estimates of patient responsibility.
MySurePayHealth addresses common concerns with price estimation by enabling patients to self-generate accurate out-of-pocket expense estimates. Leveraging Recondo’s proven patient access suite, MySurePayHealth validates insurance coverage before sharing proprietary, contracted rates to deliver out-of-pocket estimates specific to a consumer’s current benefits.
“Patients no longer have to wonder what a service or procedure will cost them, and providers no longer have to wonder if patients are prepared to pay,” said Jay Deady, CEO of Recondo. “With MySurePayHealth, consumers can generate a price estimate for care at their convenience just by entering their insurance information and very little else. That helps healthcare organizations both improve the patient access experience and increase the likelihood that patients will pay because they can plan for the expense.”
MySurePayHealth is the result of years of development by one of the most experienced teams in healthcare revenue cycle management. Recondo’s revenue cycle management suite is used by more than 900 hospitals nationwide. The company generated 9.3 million price estimates for its customers’ patients in 2015, representing $3.4 billion in patient payment obligation, prior to the introduction of MySurePayHealth.
Reducing uncompensated care while increasing patient satisfaction
MySurePayHealth works in tandem with Recondo’s provider-facing patient estimation service, SurePayHealth™, to calculate out-of-pocket estimates based on the patient’s individual benefit data (contracted rates with payers and fluctuating year-to-date benefits usage). Consumers can access MySurePayHealth through a healthcare organization’s website and it requires minimal patient input data to get price information in real-time.
MySurePayHealth will increase the efficiency of hospital staff in the Patient Access Department by significantly reducing calls from patients who have questions about their out-of-pocket costs. It should also reduce uncompensated care by encouraging patients to arrive prepared to pay. Numerous studies have shown that the earlier the collection process begins, the higher the percentage the provider ultimately collects.
Visit Recondo at HFMA Region 11 to see MySurePayHealth for yourself: Booth #212.
Recondo’s cloud-based solutions deliver financial clarity to all participants within the healthcare revenue cycle. Named the No. 1 hottest company in healthcare by Modern Healthcare in 2013 and a Cool Vendor for Healthcare Providers 2015 by Gartner, Recondo empowers more than 900 hospitals and health systems with solutions that connect providers with over 90% of the nation’s payers and their patients to ensure proper and accelerated payments across the care continuum, at significantly lower costs. The company’s software and expertise streamline operations and achieve efficiencies and cost savings from patient access through claim status to payment processing—a continuum today where inaccuracy and inefficiencies currently cost U.S. healthcare a staggering $480 billion per year. Visit us at www.recondotech.com.