DENVER, June 22, 2016 /PRNewswire/ -- Recondo Technology (Recondo), a leading provider of cloud-based revenue cycle applications bringing automation and denial mitigation for more than 900 U.S. hospitals and health systems, is partnering with key clients to highlight revenue cycle successes at HFMA's ANI 2016 Conference in Las Vegas, June 26-29.
Recondo clients will be on-hand at ANI in Recondo's booth #1056 to share their experience using the company's full suite of "touchless" revenue cycle management tools.
Recondo automates millions of revenue cycle transactions each year, in the process helping some of the nation's largest healthcare organizations streamline and improve pre- and post-service collections and denial reduction. Using Recondo's unmatched Authorization, Claim Status, Eligibility and pre-service collection tools (for patient estimations and price transparency) – with integration to every major health information system driving both front-end and business office workflow – customers have experienced an average of 47% decrease in denials; a 28% increase in upfront collections; and more than an 80% increase on touchless claims.
"Hospitals today need all the help they can get to streamline their revenue processes through automation, resulting in increased accuracy and the reduction of manual labor costs. Some competitors rely solely on EDI transaction sets in key areas or have just recently announced new product initiatives, while Recondo has years of achieving great results with our customers," said Jay Deady, CEO of Recondo. " I'm excited that a number of our clients achieving these results, like Promedica, St. Francis Hospital and Trinity Mother Francis Health System, feel so strongly about their Recondo client experience that they are joining us in our booth at ANI to speak directly with other providers and answer questions on how they have achieved superior industry results with Recondo solutions."
At ANI, Recondo and its customers will demonstrate the differentiating success of its integrated pre-and post-service collection solutions including Auth-DP™, automating the authorization of service; ClaimStatusPlus™, automating claim status follow-up and accelerating payment; SurePayHealth™, producing reliably correct patient estimates prior to or at the point of service; and MySurePayHealth™, delivering self-service, provider-centric price transparency for patients.
Taking Authorization Management Out of Manual Mode
Authorization management is a 100% manual process and a universal challenge for providers. There's a reason why Recondo has been the lone vendor in this space for so long – it's not an easy problem to solve. However six years, 590,000+ rules and millions of authorizations later, Recondo understand better than any vendor in this space what it takes to help providers overcome this challenge. Missing authorizations often account for significant portions of all payer-denied claims, and can result in a loss of 3-5 percent of a hospital's net revenue. Hospitals can little afford to write off millions of dollars every year. Yet too many rely on staff to log into payer websites or place phone calls to address the problem.
Recondo's Auth-DP solution takes authorization out of manual mode by managing the ever-changing authorization requirement rules and automatically querying payer websites for authorization information by payer/patient/procedure. It quickly returns with authorization status, number and expiration date in a fraction of the time required for manual checking. Hundreds of hospitals across the country use Auth–DP to significantly reduce denials and write-offs; accelerate their cash flow; increase net revenue; optimize staff time; and improve patient satisfaction.
Auth-DP features:
Removing 90 Percent of Claims from Manual Follow-up
Claims remittances – communications from payers indicating whether a claim will be paid or not - commonly take up to 40 days or longer to arrive. Meanwhile, payment for services rendered sits in limbo. Hospitals have few options beyond passively waiting for the remittance, or pursuing costly fixes such as staffing up internally or hiring expensive third party call centers to follow up with payers on missing claims.
Recondo's ClaimStatusPlus provides customers with additional claim status information that resolves common delays in payment while streamlining workflow. ClaimStatusPlus leverages Recondo's patented and proven Reconbot™ technology to automatically query payer websites and then retrieve, normalize and present critical information about claim status.
Regardless of how, where or in which system hospitals process claims, ClaimStatusPlus operates as a data feed, delivering detailed and timely answers on claims status including the precise reason for denial. And it eliminates manual follow-up on approximately 90 percent of claims that have already been approved, freeing staff to focus on remediation rather than follow-up. As a result, customers can achieve meaningful reductions in write offs, denied claims, and A/R Days, along with higher staff productivity driven by exceptions-based processing.
ClaimStatusPlus delivers:
Accurate Calculation of Patient Estimates for Patient Access and Pre-Service Collection
Patient Access professionals have long sought greater efficiency in producing patient payment estimates. Manually, getting a patient estimate requires staff to visit payer websites and perform a lengthy search for information per patient and without tools to retrieve charge and contract information. Recondo eliminates this manual process which in turn allows providers to focus on collections, not estimate creation.
Recondo's SurePayHealth and MySurePayHealth solutions provide the automated patient estimate intelligence feed that produces reliably correct patient estimates prior to or at the point of service. Together, the solutions are driving up cash collections for hundreds of hospitals around the country—for many, by as much as 40 percent.
SurePayHealth draws on the three data sources necessary to create an estimate – charges, contract rates and patient benefit information. In contrast to manual efforts to obtain this level of detail—which typically require numerous visits to the payer's websites and calls to the payer--Recondo's ReconBot technology retrieves this data on the provider's behalf, enabling automated patient estimates. Working in tandem with Auth-DP, SurePayHealth also confirms the patient's eligibility coverage for services.
MySurePayHealth, the patient self-service version of SurePayHealth, reduces the FTE burden to providers of price estimation by enabling patients to self-generate accurate out-of-pocket expense estimates. Working in tandem with SurePayHealth, MySurePayHealth calculates 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.
Recondo's pre-service solutions generated:
About Recondo Technology
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. 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.
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SOURCE Recondo Technology