Recondo Technology, a Denver-based revenue cycle management solutions company, revealed it is investing more in artificial intelligence-driven automation as healthcare providers increasingly move away from manual RCM.
More claims and prior authorization complexity and requests are driving the automation of revenue cycle departments, company official said. They noted patients also face various challenges understanding and paying for healthcare, which contributes to the trend.
In response, Recondo plans to put a greater focus on its automated solutions with advanced machine learning and other AI capabilities.
"We've already seen expansion within our customer portfolio as word is getting out among health systems that revenue returns from automating revenue cycle management are in the tens of millions," said Jay Deady, Recondo’s CEO.
Overall, the company reported $5 million in new software-as-a-service bookings in the first half of 2018. Recondo said it has brought in a variety of new customers, including a large integrated care delivery network, universities and an affiliated large physician group. At the same time, the company said current customers are expanding bookings for Recondo's automation offerings, such as its automated prior authorization product and its patient estimation solution, which includes new machine learning.
Recondo also has new partnerships with eSolutions, a revenue cycle workflow automation and data analytics provider; DataFile Technologies, which focuses on medical records, patient access and revenue cycle; and Queuelogix, a Scribe America company. That's in addition to partnerships with Ontario Systems, VisiQuate and The SSI Group.
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