DENVER, Nov. 12, 2019 /PRNewswire/ — As prior authorization requirements by healthcare insurers reach unprecedented levels, Recondo Technology announced today that bookings demand for its automation solution for prior authorization transactions has accelerated in 2019, from over 60 national and regional health systems, the vast majority from within the Epic provider community.
The company’s solution, Authorization-Denials Prevention (Auth-DP™) leads the industry with nearly 10 years of authorization automation and is the only authorization-specific solution endorsed with coveted HFMA Peer Reviewed status. Additionally, its AuthInitiate™ module is pioneering advanced clinical language processing that answers complex medical questions, reducing the process of initiating an authorization request from a manual 25 minutes to less than 3 minutes.
Health systems are reaping the benefits of integrating revenue cycle content directly into Epic, removing the need for a “bolt-on” third-party application. In a notable example, within six months of deploying the Recondo solution, Bon Secours Mercy Health improved authorization approval days out from one to two days to ten days prior to service, and automated 75% of patient financial clearance workflow, contributing millions in FTE savings.
Recondo ahead of national movement to automate prior authorizations
Recently, even Congress has looked into the prior authorization requirements beleaguering hospitals across the country, urged by medical associations to take legislative action on the issue.
Moreover, both providers and payers recognize that automation and the ability to use EHRs to generate prior authorization transactions are effective solutions for all parties involved. In a widely cited consensus statement, the American Hospital Association, American Medical Association, America’s Health Insurance Plans and other national healthcare industry groups noted: “Moving toward industry-wide adoption of electronic prior authorization transactions based on existing national standards has the potential to streamline and improve the process for all stakeholders.”
The consensus statement further observed that, “Making prior authorization requirements and other formulary information electronically accessible to health care providers at the point-of-care in electronic health records (EHRs) and pharmacy systems will improve process efficiencies, reduce time to treatment, and potentially result in fewer prior authorization requests because health care providers will have the coverage information they need when making treatment decisions.”
These are all capabilities offered by Recondo’s Auth-DP, which automates prior authorization transactions within Epic and other systems at a fraction of the time it takes to manually process prior authorizations.
“We’re looking at a busy implementation schedule for Auth-DP as it solves one of the toughest areas in healthcare billing and administration today–how to stay ahead of the relentless onslaught of prior authorization requirements without adding more staff or hiring a third party,” said Heather Kawamoto, Chief Product Officer at Recondo Technology.
She continued, “While robotic process automation alone is saving millions of dollars in labor costs and denied claims, because Recondo can automate prior authorization transactions directly within Epic, we’re also helping hospitals leverage what is often their most expensive technology investment.”
Fully Automated Prior Authorization
The nation’s top hospitals already use Recondo’s Auth-DP to collectively automate an average of 85,000 prior authorizations per day. The solution was further advanced this year with natural language processing models to extract clinical data from the provider’s EHR system, such as Epic, and populate the data into the prior authorization request. Combined with Recondo’s machine learning and patented ReconBot® robotic process automation that queries websites to retrieve payer data, this processes large batches of authorization transactions at once in as little as 60 seconds.
Recondo’s Chief Technology Officer Eldon Richards spoke about the company’s AI-powered technology at this year’s Stanford MedicineX Conference, which is appropriately billed as Stanford’s premier program on emerging technology and medicine, focusing on patient-centered innovation.
As Richards shared with conference attendees, he and his teams have effectively built one of the most sophisticated learning labs for healthcare AI today, drawing on Recondo’s 12 years of revenue cycle RPA experience, large healthcare financial data sets, company executives’ decades of experience in healthcare, and resources from the nation’s premier AI institutions, including Stanford University and the Massachusetts Institute of Technology.
Recondo frequently conducts free webinars on automating the hospital revenue cycle. Register to attend one today at: https://www.recondotech.com/education
To learn more about automating prior authorizations and additional revenue cycle automation solutions integrated with Epic, visit recondotech.com/solutions/authdp.
About Recondo Technology
Recondo Technology’s AI-powered software-as-a-service (SaaS) platform helps healthcare providers achieve sustainable financial performance while delivering a better patient experience. Leveraging purpose-built artificial intelligence in the forms of robotic process automation, machine learning, and natural language processing, Recondo delivers industry-leading automated, accurate, and actionable financial clarity to the healthcare revenue cycle. Recondo is the only revenue cycle vendor to have achieved coveted HFMA peer-reviewed status for both patient access and business office solutions. Recondo empowers more than 900 hospitals with solutions that connect providers, payers, and patients to ensure revenue cycle efficiency across the care continuum. The company’s patented software and expertise streamline operations, allowing providers to be paid more, faster, and at a cheaper cost. Learn more at www.recondotech.com.
Amendola Communications for Recondo Technology
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SOURCE Recondo Technology