healthcaretechoutlook

Automation to Bring Financial Clarity in the HealthCare Sector

By Healthcare Tech Outlook | Friday, March 15, 2019

Achieving financial clarity during the process of transaction holds immense importance to every sector, but the process of providing financial clearance manually often becomes verbose, time-consuming, and complicated. Recondo Technology plays a pivotal role in facilitating and bringing transparency in this complex process through SaaS platform leveraging robotic process automation, ML, and natural language processing.

The game of revenue cycle management turns tougher when it comes to the healthcare sector, as this sector is growing on a formidable pace and involves several people and payment methods. Recondo Technology's automated and accurate solutions become tremendously important to the healthcare sector to achieve desired financial clarity.

Previously, Recondo announced RevSmart which leverages Epic's real-time eligibility (RTE) and real-time authorization to ensure automated payer communication within the Epic system. Bon Secours Mercy Health and Ensemble Health Partners were one of the primary customers to select RevSmart to automate the process of financial clearance, and as a consequence, this process of automation offered them the chance to escalate revenue providing the desired accuracy while offering pre-service estimations.

Authorization management is one of the hardest struggles for healthcare service providers. Recondo's Auth-DP automates this complex process offering providers with an elevated chance to escalate net revenue and optimize resources by lowering the chance of denials. AuthInitiate provides updated sets of rules related to authorization, and AuthStatus forwards automated confirmation during the case of incorrect information.

SurePayHealth leverages managed care contracts, chargemaster data, and the patients benefit information to automate the process of calculating a patient's liability. This solution largely helped Atrium Health and made the patient access department a real driver of revenue enhancing the pre-service collection. Moreover, the company also focuses on the eligibility-related denials through the cutting-edge solution EligibilityPlus which easily gets amalgamated with diverse systems, such as  Epic, Cerner, McKesson, Meditech, Allscripts, and Artiva. Interestingly, the company has made a partnership with Healthypay24 to introduce more developed estimation and payment capture solutions enhancing the point-of-service payment collection.

ClaimStatusPlus, another important solution from Recondo, demolishes several questions related to the denial of a claim leveraging exception-based processing automation. The Queen’s Health System witnessed a reduction rate of almost 26 percent in aged accounts within the six months of its implementation, and the cash flow was improved by $5 million.

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