DENVER, Sept. 18, 2018 /PRNewswire/ -- In response to the recent IPPS Final Rule issued by CMS requiring hospitals to post their standard charges online, Recondo Technology is embarking on an educational initiative to inform providers how to provide authentic price transparency to patients. As part of this effort, the company's Chief Product Officer, Heather Kawamoto, will participate in the panel "The Most Important Issues Facing the Payor and Provider Relationship" at the Becker's Hospital Review 4th Annual Health IT + Revenue Cycle Conference in Chicago, alongside Scott McFarland, President of HealthBI and Michael Yetter, Director of Healthcare Solutions at KPMG. Those interested in attending the panel, scheduled for 9:45 a.m. on Thursday, September 20, can register here.
Kawamoto gave a preview of some of her commentary at the upcoming panel.
"Although the CMS measure on its own won't help patients understand their unique cost of care, it may drive more traffic to hospital websites—and present hospitals with a significant marketing opportunity," Kawamoto noted.
She continued, "Hospitals have two choices. They can choose to not interact with prospective patients who are reviewing the charges online and hope that the patient decides to call and schedule care. Or, hospitals can engage patients to generate an accurate cost of care based on the patient's insurance status via a self-service calculator."
Price estimate calculators like Recondo's MySurePayHealth™ typically require just a few data inputs. Prospective patients need only enter a name, contact information, insurance policy number and the service or procedure. From there, MySurePayHealth generates an accurate price estimate based on the patient's real time levels of coverage, rather than a generic chargemaster. The calculator can also make the patient aware of the hospital's different financial assistance programs. Preparing patients with an accurate estimate of what they will owe and providing payment options increases the likelihood of capturing revenue pre-service and positively impacts patient satisfaction.
Another advantage is that the hospital now has the prospective patient's name and contact information and can periodically reach out to encourage the patient to schedule care and remind them that financial assistance may be available.
"That is crucial in this era of high deductibles and co-insurance, which too often result in patients deferring the care they need," Kawamoto noted.
Recondo has guided some of the largest health systems in the country to deploy cost estimate technology as a fundamental offering in their market strategy, including Baylor Scott & White Health, ProMedica and Shields Health Care Group, among others. The company pioneered robotic process automation in revenue cycle management, and today, its machine learning-enhanced engines are reducing patient estimate errors by as much as 33 percent, while discovering and acting on the impact of downstream billing patterns to improve predictions.
Members of the media that are covering healthcare price transparency are encouraged to interview Heather Kawamoto. To schedule the interview, contact Stephanie Janard, Amendola Communications for Recondo Technology, at 828-288-2831 or sjanard@acmarketingpr.com.
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. Learn more at www.recondotech.com.
Media contact:
Stephanie Janard
Amendola Communications for Recondo Technology
sjanard@acmarketingpr.com | 828.288.2831
SOURCE Recondo Technology
