Denver, CO — June 25, 2019 — On the heels of the Trump Administration’s executive order enforcing healthcare price transparency, Recondo Technology CEO Jay Deady issued the following statement and recommendations.
“This is a development in healthcare that would have been unheard of just a few short years ago, but is indicative of how frustrated Americans have become with trying to pay for their healthcare—especially in the absence of pre-service pricing information that could help them make informed choices,” said Deady.
Deady went on to note that hospitals struggle to provide patients with an understanding of what they will pay based on their unique financial situation—specifically, their insurance plan or ability to self-pay.
“But there are hopeful developments on the horizon. Even in advance of today’s executive order, many hospitals have been working beyond federal regulations in a sincere effort to give patients rapid clarity into the cost of their care,” he added.
For example, Recondo clients Baylor, Scott and White and ProMedica, among others, have embedded price calculators on their websites that enable patients to look up a procedure, enter their insurance number if they have one, and some additional data to generate an accurate cost estimate in under 60 seconds.
Helping patients pay their bills
Along with giving immediate insight into out-of-pocket costs, the above-mentioned calculators can determine if a financial assistance plan or charity care is available and direct the prospective patient to the appropriate resources. This is a crucial need in an era of sky-high deductibles and co-insurance that routinely puts patients on the hook for 10 to 50 percent of the entire medical bill.
It also helps patients pay for and schedule care. Indeed, healthcare price transparency calculators present a massive revenue opportunity for providers. Last year, three of Recondo’s customers alone created 16.1 million patient estimates for $3.8 billion in upfront collection opportunities.
The calculators are powered by Recondo’s patented robotic process automation technology and sophisticated rules engine that calculate costs based on the prospective patient’s insurance or ability to pay as well as the hospital’s own rates.
“Offering patients the ability to rapidly generate their own estimate, when and where they need it, is a good faith price transparency effort that no other service industry is making. I’m certainly not aware of an accounting firm or construction company or law practice that provides such calculators on their own websites,” Deady concluded.
About Recondo Technology
Recondo Technology’s AI-powered software-as-a-service (SaaS) platform helps healthcare providers reduce administrative costs while delivering a better patient experience. Leveraging purpose-built artificial intelligence in the forms of robotic process automation, machine learning and clinical language processing, Recondo delivers automated, accurate, and actionable financial clarity to the healthcare revenue cycle. Recondo is the only technology vendor to have achieved coveted HFMA peer-reviewed status for both patient access and business office solutions, and powers more than 900 hospitals with solutions that ensure revenue cycle efficiency across the care continuum.
Amendola Communications for Recondo Technology