Waystar Acquires AI-Powered Revenue Cycle Platform Recondo Technology
Waystar, a revenue cycle technology provider, has announced its acquisition of Recondo Technology, a revenue cycle automation solutions platform powered by robotic process automation (RPA). While the financial terms of the acquisition were not disclosed, this deal brings additional machine learning and artificial intelligence to Waystar’s portfolio of solutions. Recondo currently processes nearly $4 billion in patient estimates with 33 million prior authorizations annually.
In 2012, US healthcare providers spent a cumulative $471 billion on billing and insurance-related activities.
In June 2019 Waystar acquired the healthcare financial assistance predictive analytics specialist PARO to help healthcare organizations identify patients who qualify for charity under a provider’s Financial Assistance Policy, using thousands of sources of socioeconomic data instead of credit scores. With new capabilities, improved data efficacy and a larger team, Waystar can help healthcare organizations consolidate vendors and capture more revenue. “We were looking for a partner whose vision and capabilities would advance our goal of intelligently simplifying the revenue cycle, and Waystar fit this bill perfectly,” said Jay Deady, CEO of Recondo. “With Waystar’s powerful technology stack, talented team and client base, our technology can be more impactful than ever before.”
The current healthcare landscape seems designed to reduce the revenue physicians and hospitals earn per patient, no matter how high in quality the care or the cost in labor and supplies to deliver it.
Recondo’s proprietary AI and ML technologies annually replace 494 million payer communications previously performed by a human. “Recondo shares Waystar’s commitment to helping healthcare organizations take the estimated $350 billion of administrative waste out of the revenue cycle,” said Matt Hawkins, CEO of Waystar. “Joining forces will strengthen our AI-powered offerings, which will, in turn, drive greater value for our clients and a better experience for patients. We have been impressed by the Recondo team and leadership, whose expertise and professionalism will be a strong addition to Waystar.”
Waystar provides next-generation, cloud-based technology that simplifies and unifies the healthcare revenue cycle. The Waystar platform removes friction in payment processes, streamlines workflows and improves financials for providers in every care setting.The Waystar platform supports more than 450,000 providers, 750 health systems and hospitals, and 5,000 payers and health plans. For more information, visit www.waystar.com.
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 AI 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.