DENVER and SANTA ROSA, Calif., June 4, 2019 /PRNewswire/ -- Recondo Technology, the pioneer of healthcare revenue cycle automation, and VisiQuate, a leader in healthcare analytics, have teamed up to dramatically reduce claim denials and shorten the process of correcting and resubmitting them to payers. Through an integrated offering, the partnership aims to iteratively deliver a completely automated denials management solution while also giving unprecedented near-term insight into where human effort should most efficiently be applied. In a clear example of how the partnership is already disrupting inefficient and expensive denials management, hospitals such as The University of Southern California are successfully implementing the automated claims methodologies to yield swift and significant results.
"The partnership between Recondo Technology and VisiQuate is changing denials management forever. No longer will this be a costly exercise that requires endless hours on the phone with payers or cutting and pasting data into payer websites only to then have difficult conversations with patients about why their insurance company isn't paying a claim for service," said Heather Kawamoto, Chief Product Officer at Recondo Technology.
"Ultimately, the combination of sophisticated analytics and purpose-built, AI-powered automation will not only drive improvements in denials management, but perhaps even more importantly, identify and predict opportunities for improvement across the patient financial clearance process," she added. "We're thrilled with how this partnership is already delivering major outcomes for our joint clients."
Redefining denials management
The two companies have integrated Recondo's ClaimStatusPlusTM with VisiQuate's DenialFloTM and PayFloTM solutions to intelligently automate the claim management process for large Integrated Delivery Networks, regional and community hospitals, and large specialty practices.
On its own, ClaimStatusPlus sends large volumes of claims inquiries to payer websites and retrieves and catalogs claim denial data, all without human intervention. Claims needing intervention are flagged and routed to specialized staff for remediation, while those pending payment are removed from work queues. This operational, exception-based processing solution is live and driving huge financial returns and claims processing scale in many of the largest health systems and business process outsourcers in the industry. The addition of VisiQuate's Denials Management Analytics leverages applied analytics, machine learning and artificial intelligence (AI) to score and properly route the best opportunities for remediation; orchestrating valuable staff time towards the biggest financial impact rather than chasing small or hard-to-collect claims.
"Today's healthcare revenue cycle continues to grow in complexity, requiring an advanced and strategic response that incorporates intelligent automation and analytics," said Rich Waller, co-founder and chief experience officer at VisiQuate. "We are excited about our Recondo partnership, which delivers to the healthcare industry an elegant solution to accelerate revenue and achieve much needed financial relief."
Waller added, "We had a strong foreshadowing that this partnership would pay dividends for healthcare organizations struggling to reduce their administrative overhead. Our analytics platform is used by a major health system that also uses Recondo for automated financial clearance of claims. At one particular site, which previously used a competing product to Recondo, our analytics detected that claims that were financially cleared by Recondo were over 50 percent less likely to be denied than claims by the competing product, to a difference of $30 million dollars to our client."
The two companies will demo their joint offering at the upcoming HFMA Annual Conference. To schedule a look at the offering in advance, contact Elyse Lazartic, Marketing Director for Recondo Technology at marketing@recondotech.com.
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. Learn more at www.recondotech.com.
About VisiQuate
VisiQuate is an expert managed analytics service that helps clients accelerate the enterprise-wide growth of peak business health more effectively. The company's business analytics integrate and simplify complex big data from multiple sources and present the information as meaningful insights, actionable workflows and prediction pathways. Hidden root causes, trends, and opportunities become clear and lead directly to real-world results thanks to powerful artificial intelligence and machine learning capabilities. Founded in 2009 and headquartered in Santa Rosa, CA, VisiQuate currently serves clients in healthcare and finance. For more information, visit www.visiquate.com or contact info@visiquate.com.
Media contact:
Stephanie Janard
Amendola Communications for Recondo Technology
sjanard@acmarketingpr.com / 828.288.2831
Media contact:
Jenn Cohen
Amendola Communications for VisiQuate
jcohen@acmarketingpr.com / 404.759.3933
SOURCE Recondo Technology
