Recondo Technology, a Greenwood Village, CO-based provider of cloud-based revenue cycle management solutions has raised $16 million in debt and capital funding led by Lehmi Ventures with Bridge Capital serving as the debt partner. The company plans to utilize the funding to support product development investments, particularly in areas of API-enabled revenue cycle content, expanded claims statusing, and authorization automation—all solutions designed to measurably improve financial outcomes.
Founded in 2007, Recondo automatically querying payer websites and then retrieving, normalizing and presenting actionable, workflow-contextual information critical to the patient access and claims follow-up process. Recondo’s solutions focuses on the front-end (patient access) and back-end (business office) of the healthcare revenue cycle:
– EmpoweredPatientAccess™ tools, hospital revenue cycle managers can help individual practices finally present patients with an accurate estimate of their financial responsibility on the same day they recommend surgeries and procedures—a proven way to reduce cancellations.
– EmpoweredBusinessOffice™ tools give deep insight into the performance of acquired entities through a single source of detailed claim adjudication information. Now large volumes of claims from diverse providers can be rapidly managed via automation, regardless of balance.
The company has reported Recondo 50 percent year-over-year increase in bookings and anticipates its growth in the fourth quarter will remain at the same or higher level.
“We are thrilled that Lemhi Ventures chose to continue their longstanding relationship with us to support our effort to advance major innovations for US healthcare,” said Jay Deady, CEO of Recondo. “I am extremely proud of our team’s execution in driving growth in excess of 50 percent year-over-year, while simultaneously achieving corporate profitability for the first time in the company’s history. Recondo is poised to leverage this investment to further execute on our aggressive growth strategy.”