Recondo Technology, a revenue cycle management solutions company, said it experienced significant growth this year, despite healthcare reform uncertainty.
The Denver-based company recorded a 72 percent increase in bookings for its cloud-based, single-platform RCM apps and content for the first half of this year compared to the same period the year prior. Recondo attributed the growth in large part to sales of the company's ClaimStatusPlus solution, which aims to automate claim status and remediation processes. The company said its Epic clients in particular have opted to use ClaimStatusPlus. For instance, Recondo in May announced Honolulu-based Queen's Health Systems' plans to integrate the company's ClaimStatusPlus with Epic.
Overall, the solution has been rolled out at more than 300 hospitals to date. As a result, Recondo said it now processes more than 5 million claim status transactions monthly. The company said these numbers represent a more than 100 percent increase in hospital clients and transactions from a year ago.
In addition to ClaimStatusPlus, Recondo in January launched its AuthInitiate solution, which is designed to automate preauthorizations from insurers.
"With 25 percent of US Hospitals currently running at negative operating margins, which is projected to approach 50 percent of Hospitals by 2025 without a major economic change, Recondo drives substantial ROI [return on investment] by automating unnecessary and unproductive administrative work that eats into the bottom line," Recondo CEO Jay Deady said in a prepared statement.
He added, "These two markets of preauthorization automation and claims status automation and workflow integration represent a $1 billion dollar annual market opportunity for the company, which extrapolates to well over five to six times that figure in annual cost savings for the US hospitals themselves."
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