GREENWOOD VILLAGE, Colo., Sept. 16 Recondo Technology, a leading provider of revenue cycle solutions for the healthcare industry, announced today that Recondo has received a CAQH(R) Committee on Operating Rules for Information Exchange (CORE(R)) Phase I Vendor Product Certification Seal. The CORE Seal was awarded after Recondo SurePayHealth successfully completed certification testing - a process ensuring that healthcare organizations can electronically exchange or access patient insurance information according to the CORE Phase I rules.
"The CORE rules represent a cutting-edge approach to streamlining electronic administrative data exchange," said Robin J. Thomashauer, CAQH executive director. "By adopting the rules and completing CORE-certification, Recondo Technology is reducing unnecessary healthcare administrative burden, and helping U.S. healthcare become more efficient and responsive to patient concerns."
"Recondo's customers benefit because Recondo streamlines data communication between payers and providers. Recondo understands quite well the pressure of increasingly complex insurance processing rules and the associated manual intervention, errors, and rework," said Rick Adam, Recondo Founder and CEO. "The CORE rules will drive accuracy and consistency across patient eligibility transaction processing (270/271), significantly lowering administrative costs for both payers and providers."
The CORE rules, which build upon national standards, including HIPAA's eligibility (X12 270/271) transaction, make electronic administrative data communications seamless, streamlined and predictable, regardless of the technology. In many cases, the CORE rules eliminate the need for time-consuming phone calls and paperwork.
CORE-certification ensures that Recondo users can securely process electronic queries within 20 seconds and that providers will receive consistent patient administrative information.
According to a recent CAQH study, providers may reduce labor costs associated with verifying insurance coverage as much as 50 percent by moving from labor-intensive verification methods (Web, fax and phone) to automated HIPAA transactions. Health plans also could achieve significant labor savings, as the study showed that average labor costs per phone call are $1.38 vs. $0.00 for an automated transaction.
CAQH, a nonprofit alliance of health plans and trade associations, launched CORE to promote health plan-provider interoperability and improve provider access to administrative information. To date, the voluntary industry-wide initiative has brought together more than 100 healthcare industry stakeholders - health plans, providers, vendors, CMS and other government agencies, associations, regional entities, standard-setting organizations and banking industry experts - to develop the operating rules. These stakeholders cover more than 130 million lives, or more than 75 percent of the commercially insured plus Medicare and state-based Medicaid beneficiaries.
About Recondo Technology
Recondo Technology delivers powerful software services that connect patients, providers, and payers, across the spectrum of US health care. Recondo services are bringing efficiencies and cost savings to health care payment processing, which currently costs the medical industry a staggering $360 billion in annual expense. Recondo services automate the revenue cycle and payment cycle, from pre-scheduling to adjudication, with virtually no manual intervention. Recondo offerings are designed to integrate crucial business processes across all patient, provider, and payer services, presenting accurate, real-time eligibility status, benefits verification, accurate statements of patient financial responsibility prior to service, authorization approval and notification, denial management, and reconciliation. Recondo services seamlessly interface and integrate to provider scheduling systems, HIS systems, and other technologies, increasing cash flow, reducing bad debt, lowering administrative costs, and adding significant, measurable value across both the payment and revenue cycles. Visit Recondo Technology at www.recondotech.com.
CAQH is a catalyst for industry collaboration on initiatives that simplify healthcare administration for health plans and providers, resulting in a better care experience for patients and caregivers. CAQH and its members are working to achieve a healthcare system in which administrative processes are efficient, predictable, and easily understood by patients, caregivers and providers. In this system, administrative and clinical data are integrated to effectively support the delivery of care. Visit www.caqh.org for more information.
SOURCE Recondo Technology