30 Hottest Tech companies to watch 2019

Recondo Technology: Intelligently Automating Healthcare Revenue Cycle

Revenue cycle management ties up the clinical and financial aspects of a healthcare business. It does so by combining the administrative data with the treatment a patient receives. This makes revenue cycle management important to communicate with the insurance companies. And selecting a partner to manage this in an efficient way is important. Based in Denver, Colorado, Recondo Technology is one of the best at this.

Recondo Technology was founded in 2007 when visionaries from Goldman Sachs came upon the realization that automation transaction processing (ATP) could be used in healthcare. Recondo Technology was founded with the goal of revolutionizing healthcare with the power of automation.

The company identified that revenue cycle management was one of the pain points of the industry and focused its solutions to help the industry deliver sustainable financial performance.

Recondo helps free up a bottleneck

Avera Health is one of the leading integrated health systems in the Upper Midwest. Hundreds of thousands of patients across many hospitals in South Dakota, Minnesota, Iowa, and Nebraska are cared for by the healthcare company. But Avera Health grew rapidly which in turn increased the burden of its outstanding claims.

The staff would rely on phone calls with the payers and visiting payers’ websites to close 13, 452 claims per year. The staff was tasked with manually logging the status into their workflow system. As a result, the staff was wading through a lot of backlogs. Unpaid accounts would at times remain unresolved for up to 82 days and more. Avera Health had to do a lot of write-offs due to this.

The company understood that such a massive workload could only be resolved by the automation technology. To alleviate the backlog, Avera Health turned to Recondo Technology’s ClaimStatusPlusTM. Recondo’s ClaimStatusPlusTM had previously integrated actionable payer intelligence with health information systems like Epic to Cerner. And soon the company was successfully able to integrate ClaimStatusPlusTM into Avera’s Meditech system which gave the company added abilities.

The results were apparent:

  • The aged AR accounts reduced by $2.1 million in 90 days
  • The aged AR accounts reduced from 82 days to 57 days initially and then to 30 days
  • 50% reduction in credit balances
  • Closed claims increased by 26%
  • Avera Health avoided associated training and turnover costs

The road ahead

Recondo Technology has tie-ups with over 4,500 provider organizations. These organizations range from large Integrated Delivery Networks, regional and community hospitals to large specialty practices. The company is responsible for over 400 million annual payer transactions including 70 million of self-automated transactions. Recondo’s automated revenue cycle management solution helped the company earn the 2018 Best in KLAS ranking for the Patient Access category.

Meet the leader extraordinaire

Jay Deady, CEO and Board Member

Mr. Deady has more than 25 years of experience as a visionary and a leader in healthcare information technology. Prior to Recondo, he was the CEO of Awarepoint. Before Awarepoint, he served Eclipsys (now Allscripts) at the capacity of VP of Client Solutions. Here, he drove the company’s go-to-market and solution delivery strategies. He has also served as the Senior VP and General Manager of revenue cycle at McKesson Provider Technologies and held management positions at the Cerner Corporation and ADAC Healthcare.

He holds a Bachelor of Arts from the Tufts University and completed his Global Executive Management program of the Wharton School of Business at the University of Pennsylvania. 

Client testimonials

Recondo’s ClaimStatusPlus really digs into and translates the data. It even flagged when a payer’s turnaround time changed; which would have taken us considerably longer to identify before. We quickly got the payment period adjusted, amounting to a $5 million cash flow improvement. –Jodilyn Mafua, Operations Manager for Hospital Billing, The Queen’s Medical Center

I would absolutely recommend this as the solution for any hospital that uses the Epic Benefit Collector. Working with Recondo, everything goes smoothly. Best of all, we’ve seen our point-of-service collections steadily increase.” – Betty Wikof, Vice President of Patient Access, Mercy

Before Recondo, our staff would sometimes have to sit on the phone forever with the insurance companies, who would only discuss three or four patients at a time. So the next day, the round of calls started over again. Now it’s all automated, so all of that time is free for other work.” – Linda Glass, Patient Access Services Director at St. Francis Hospital.

Solving your most complex revenue cycle problems by discovering data beyond what’s available in standard EDI and health information systems.

Our mission is to help providers achieve sustainable financial performance while delivering a better patient experience.

We partner with more than 4,500 provider organizations ranging from large Integrated Delivery Networks, regional and community hospitals and large specialty practices, including radiology and imaging.

We’re relentless about driving efficiency and transforming healthcare, and that pursuit guides our work every day.