Recondo Technology, a Greenwood Village, Colo.-based provider of revenue cycle management solutions, closed an additional $16m in debt and capital funding.
The round was led by Lemhi Ventures with participation from Bridge Capital serving as the debt partner.
The company intends to use the funds for continued product development investments, particularly in areas of API-enabled revenue cycle content, expanded claims statusing, and authorization automation.
Led by Jay Deady, CEO, Recondo provides cloud-based healthcare revenue cycle management solutions connecting providers, payers and patients to ensure proper payments across the care continuum. The company provides:
the Claims Status Plus (CSP) solution,
the Auth-DP suite of automated authorization tools (with a library content to over 700,000 rules, which are curated and expanded every two weeks),
the SurePay Health price transparency solution, and
the MySurePayHealth consumer-facing solution.
All the solutions are powered by a patented technology, which aims to improve the revenue cycle by automatically querying payer websites and then retrieving, normalizing and presenting actionable, workflow-contextual information critical to the patient access and claims follow-up process.
The company currently serves more than 850 hospitals.