Revenue cycle AI leader launches new automation solution to eliminate client manual tasks and support requirements while reducing claims denied due to lack of authorization and patient eligibility; beta customers report revenue gains in the millions
Denver, CO—March 1, 2018—Hospital financial leaders looking to leverage their investment in Epic and other core patient financial systems are invited to meet Recondo Technology at HIMSS18 in Las Vegas, where the company will be showcasing its new RevSmart™ solution which fully integrates automated real-time data from payers with actionable intelligence to streamline patient financial clearance. Tightly woven into Epic workflows, RevSmart turns the system into a significant revenue generator for its clients. With sample data from Recondo customers showing a $4.3 million increase in upfront collections; 47% reduction in denied dollars; an 80% automation rate; and millions in resource savings annually, the opportunities for health care providers are significant.
“RevSmart sets providers up for truly integrated revenue cycle management, saving millions in revenue and giving a huge boost to employee efficiency and morale. Recondo’s product teams with our beta clients have demonstrated RevSmart by Recondo has the highest accuracy, highest “touchless” automation, and most integrated capabilities available to Epic clients today,” said Jay Deady, Recondo Technology CEO.
Leverage investment in hospital information systems, while growing the bottom line.
Recondo has always been at the forefront of revenue cycle innovation. Now, integration of the Recondo data intelligence into Epic brings together two Best in KLAS software solutions, allowing providers to reap the revenue cycle automation from Recondo while staying within Epic.
Leveraging Epic’s preferred integration methods of Real Time Eligibility (RTE) and Real Time Authorization (RTA), RevSmart returns three times the coverage identification than manual processes, helping providers generate accurate patient estimates, increase upfront collections and mitigate millions in eligibility-related denials, while removing the client’s responsibility for rule and table configuration and maintenance.
Along with reducing risk of denial from eligibility errors, RevSmart helps staff focus on costly authorization-related denial risk, due to more meaningful and actionable information acquired by Recondo and fired to clients as interventional alerts. In turn, providers are able to cover more of the patient financial clearance process without additional FTE expense.
Recondo uses AI to solve the Authorization Management puzzle
Effective authorization management continues to be an elusive piece of the financial clearance process for providers. Charged with vendor consolidation and eliminating bolt-ons, operations teams and IT organizations are hard pressed to do so while still keeping denials in check. Recondo’s AI-driven authorization engine gives organizations the best of both worlds–meaningful automation with actionable intelligence in their native Epic system.
Recondo’s actionable intelligent content isn’t merely being integrated into Epic, it’s first being normalized to help users work smarter by routing to work queues as needed for remediation or guiding “next step” required actions. With RevSmart’s automated authorization, users can generate an authorization request straight from their Epic work queue, verify patient eligibility based on real-time levels of coverage, and communicate a patient estimate within their current workflow.
“Customers can expect three major themes in future releases: continued deeper expansion to other prominent health information systems; the launch of machine learning to drive actionable intelligence for front-line revenue staff; and integration with new market disrupters as needed to deliver more value to our clients,” Deady said.
At HIMSS18, Recondo will welcome healthcare financial leaders, members of the media and others in their dedicated meeting space in the HIMSS Living Room with Recondo executives on hand to discuss how automation is reinventing the revenue cycle management department as a true profit center. For more info on RevSmart, visit: https://meet.recondotech.com/himss18/
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.
SOURCE: Recondo Technology