Cloud-based revenue cycle management company Recondo Technology has closed on an additional $16 million in debt and capital funding.
The money will help Recondo grow more rapidly, said CEO Jay Deady, adding that the capital would be used to fund product development, particularly in areas of API-enabled revenue cycle content, expanded assignment of claims status and authorization automation – all designed to improve financial outcomes for Recondo clients.
Recondo's Claims Status Plus technology queries and retrieves up-to-date status details on outstanding claims. Responses from multiple payers return in a single standardized format.
All Recondo tools are powered by the company's patented Reconbot technology, which automatically queries and retrieves status from payer websites, normalizing and presenting actionable, workflow-contextual information critical to the patient access and claims follow-up process.
Recondo also sells the Auth-DP suite of automated authorization tools, which are designed to eliminate the manual burden and expense of authorization content management.
Also, Recondo's price transparency solutions – SurePay Health and its recently introduced consumer-facing solution, MySurePayHealth – enable medical provider staff, or consumers to receive fast, accurate estimates for financial planning and pre-service collection, Deady noted.
Lehmi Ventures led the funding round, with Bridge Capital serving as the debt partner. Recondo has 850 hospital customers.