Health Systems Realize Significant Financial Benefits from AI-driven Revenue Cycle Solutions from Recondo Technology
Epic IDN client Bon Secours Mercy Health adds $15 million in net revenue in 2018
Denver, CO — January 29, 2019 — The nation’s premier integrated care delivery networks are replacing expensive and time-consuming manual financial clearance solutions with AI-driven automation by Recondo Technology, the company announced. Recognized in 2018 as Best in KLAS for patient access software and solutions, Recondo made notable additions to its client base in 2018. Providers are drawn to the automated payer communication that processes large transaction volumes in a fraction of the time and cost it typically takes their staff. The results are increases in pre-service cash collection, reductions in denials and timely write offs, and huge resource efficiency gains.
“Epic” results for Bon Secours Mercy Health
In early 2018, Recondo launched RevSmart™, which embeds automated payer communication directly into the Epic system via Epic’s real-time eligibility (RTE) and real-time authorization (RTA). Bon Secours Mercy Health was one of the first customers, along with its revenue cycle outsourcing partner Ensemble Health Partners, to select RevSmart to automate financial clearance activities. As a result, Bon Secours Mercy is now automating eligibility, authorizations, medical necessity and pre-service estimations, as well as utilizing Recondo’s ClaimStatusPlus™ solution in the business office.
Coupled with best in class workflow and Ensemble-led optimization of the HIS system, Mercy has since seen a 50 percent gain in pre-registration and authorization days out, and point-of-service collections are up 95 percent in the first six months of implementation. 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 Ensemble’s focus on operational execution have resulted in a $15M net revenue increase in a single year.
“Embedding Recondo’s revenue cycle automation capabilities and content into Epic, in combination with Ensemble’s KPI-driven workflow maximization, have driven results beyond our expectations,” said Shannon White, Chief Operating Officer of Ensemble Health Partners. “We’re excited to see how our expanding revenue cycle services, combined with new developments in Recondo’s technology with respect to machine learning and natural language processing will automate more manual processes for our clients.”
New customers for automated claim status checking
Recondo customers are also reaping returns by automating retrieval of enriched claim status data from payer websites, enabling expedited and intelligent workflow routing and making 80% of claims “touchless” in the business office.
Historically, this function has required considerable staff, who could never reach the end of an endless backlog of claims needing follow up through manual effort. With Recondo’s ClaimStatusPlus™ solution, new customers such as Montefiore Health System, Henry Ford Health System, Spectrum Health, and Stormont Vail can process tens of thousands of outstanding claims in a matter of hours.
For customers like Avera Health, this newfound efficiency has resulted in cash flow improvements of over $20 million. Avera Health’s Vice President of Central Business Office, Mary Wickersham will be presenting the results of robotic process automation for claim status in Session 79 on Tuesday, February 12 at 4:15pm PST in Room W308A at the upcoming HIMSS19 Annual Conference.
Accolades for innovation
In 2018, Recondo was the first company to receive the coveted HFMA Peer Reviewed status for automated authorization and claim status verification, which contributed to expanded services to existing customers including Avera Health, University of Colorado Health, among others.
Recondo’s leadership in AI-driven technology for revenue cycle management was also featured in multiple publications, including Healthcare Finance News, HFMA’s Revenue Cycle Strategist, Becker’s Hospital Review, Modern Healthcare and others. The company pioneered the use of robotic process automation to query, retrieve and normalize answers from payers in multiple data formats, and today, is further innovating this capability with machine learning and natural language processing to make communication with payers virtually touchless.
“Strategic partners like Ensemble, and other forward-thinking clients, push Recondo not just to continuously innovate our AI technology platform, which has led the market from the earliest stages of RPA, but to do it in collaboration with workflow design and system integration. This powerful combination results in highly scalable solutions that quickly drive transformative business impact in the tens of millions,” said Jay Deady, Recondo’s CEO. “Look for next generation AI like machine learning and natural language processing to be powering our solutions in 2019.”
Recondo leadership and customers will speak about and demonstrate these capabilities at various industry events in 2019, including HIMSS19 in Living Room #3 and Session 79 where customer Avera Health is co-presenting with Ryan Ayres, Recondo’s Senior Vice President of Strategic Solutions; in Booth PL3 at HFMA Region 5’s Dixie Institute on February 24; at the CORE User Group meeting on February 27; and HFMA’s Annual Conference in June.
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.
Amendola Communications for Recondo Technology