Recondo Technology supports the shift to healthcare automation, using machine learning and natural language processing to communicate with payers.
Denver, CO — June 14, 2018 — Revenue cycle departments in hospitals of all sizes and types continue their mass migration to automation. Climbing rates of claims and prior authorization requests, paired with patients struggling to understand and pay for medical services, are accelerating the industry shift from a manual to an automated revenue cycle. As a response, Recondo is further investing in its already powerful healthcare automation solutions with advanced machine learning and other AI capabilities.
“We’ve already seen expansion within our customer portfolio as word is getting out among health systems that revenue returns from automating revenue cycle management are in the tens of millions,” said Jay Deady, Recondo CEO.
In the first half of 2018, new Recondo customers included a large integrated care delivery network, several major universities, and an affiliated large physician group. Existing customers are expanding bookings for additional automation products, specifically for AuthInitiate™, an automated prior-authorization offering, and SurePayHealth™, Recondo’s patient estimation solution.
In total, Recondo has secured close to $5 million in new SaaS booking contract value in 2018, with direct bookings up by 70% and channel bookings up 50%.
Advancing Hospital Revenue Cycle Management
With Recondo’s AI-driven, automation solutions, hospitals end the need to assign armies of staff to communicate with payers about patient cost estimates, authorization requests, and claim status. The company’s patented ReconBots™ perform the vast majority of this work instead, routing the insurer’s answers to assigned systems and accounts needing remediation to specialized staff.
“Recondo was the pioneer of robotic process automation in revenue cycle management. Now we are making it even smarter. Our machine learning-enhanced engines now get the most accurate information with even fewer requests, yielding direct savings for our clients,” noted Eldon Richard, Recondo’s Chief Technology Officer.
New offerings from Recondo are also helping hospitals leverage their investments in hospital information systems. Recondo’s RevSmart™ platform, for example, fully integrates intelligent payer content into Epic using Recondo’s rule engine. Within the first weeks of usage, organizations are already seeing a 25% efficiency gain by using RevSmart to automate prior authorizations.
Partnerships Driving Automation Expansion
New partners are also joining forces with Recondo to drive efficiency for healthcare, including Ontario Systems, the leading provider of revenue cycle automation solutions to accelerate payments from both payers and patients; VisiQuate, the enterprise analytics provider utilizing AI and Chatbot technology; and The SSI Group, a provider of revenue cycle, EDI gateway, and clinical data interoperability solutions.
These new collaborations include five additional partners to yield access to the ambulatory and post-acute markets. These partners include:
- eSolutions, the revenue cycle workflow automation and data analytics company
- DataFile Technologies, the medical records, patient access and revenue cycle outsourcer
- Queuelogix (a Scribe America Company), a provider of medical records, patient access, and physician scribe services
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.
Amendola Communications for Recondo Technology