Recondo Technology Announces General Availability of ZPay
- eCashiering Credit Card and Check Processing
GREENWOOD VILLAGE, Colo., March 21, 2012 /PRNewswire/ -- Recondo Technology announced today that Recondo® is adding credit card and check processing to its existing suite of healthcare revenue cycle solutions. Recondo is partnering with ZirMed Inc., to deliver this solution.
ZPay is a web-based credit and debit card processing solution that complements existing healthcare revenue cycle workflows and eliminates slow Point-Of-Service terminals and shared phone lines, making the healthcare experience better for both the hospital and the patient. The solution allows hospitals to collect the patient financial responsibility quickly and easily, in a variety of settings and payment formats. Hospital staff can utilize ZPay onsite by using inexpensive card-swipe terminals connected to any internet-connected computer. Through a simple web-based interface, ZPay also empowers revenue staff professionals to processes payments that are mailed in or phoned in. With the inclusion of a customizable payment web-page that can be either standalone or integrated with an existing web presence, ZPay allows patients to pay their balances directly online. ZPay processes credit and debit cards, as well as check-based ACH transactions.
"Recondo is the market leader in helping hospitals communicate financial responsibility to patients at point-of-service," said Rick Adam, Recondo CEO. "We have found this to be very beneficial for patients who are interested in knowing what their co-pay and co-insurance amounts will be before their visit or procedure. Studies show that when billing occurs after service is provided, 60% of the time payment is not received. With the patient bill in hand at point of service, ZPay credit card swiping makes the overall interaction much faster and smoother."
"ZirMed® has made a significant Research and Development investment in streamlining the healthcare payment process," said Jim Lacy, ZirMed CFO and General Counsel. "We are very pleased to have Recondo offer these services to their clients."
More than 400 US hospitals use Recondo SurePayHealth® every day to protect and maximize revenue. From inception to date, SurePayHealth has calculated more than $500,000,000 for patients in consumer-directed health plans. Already, Recondo hospital customers collect significantly more than the Best Practice figure of two-to-three percent of patient financial responsibility prior to service. Combining ZPay and SurePayHealth will further increase up-front collections for Recondo. ZPay is now fully available to all Recondo customers.
About Recondo Technology
Recondo Technology delivers powerful software services connecting patients, providers, and payers across the spectrum of US healthcare. Recondo services bring efficiencies and cost savings to healthcare payment processing, which currently costs US healthcare a staggering $460 billion in annual expense. Recondo services automate the revenue cycle and payment cycle, from pre-scheduling to adjudication, with virtually no manual intervention.
Recondo/Trilogi Revenue Recovery Services provide technology-enabled services to help hospitals recover lost revenue from payer denials. Recondo/Trilogi® delivers superior revenue recovery results to hospitals across the United States.
Authorization/Denial Prevention (Auth-DP(TM)) increases cash flow by reducing a hospital's costly payer denials. Auth-DP identifies precertification requirements and authorization at the front of the revenue cycle, increasing authorization coverage and reducing denials by as much as 75 percent.
SurePayHealth®( )offers an accurate statement of patient financial responsibility at Point of Service, verifying patient identity, eligibility, and benefits, and accurately calculating the patient fee. After activating SurePayHealth, hospitals increase cash collections by tens of thousands of dollars every month.
EligibilityPlus(TM) gives hospitals the most complete view of government and commercial insurance benefits available in the industry. With a complete understanding of insurance benefits, hospitals immediately identify specific coverage, simplify patient registration workflows, reduce claim rework, and assess patient liability.
DenialManagement(TM) automates the process of retrieving the status of open claims, and allows hospital staff to segment claims conforming to the specific process adopted by each hospital, then work each claim by various priority standards. Claim Status significantly reduces the time and effort to identify, track, and process claims.
ZirMed is a leading provider of healthcare revenue cycle technology and information solutions. Serving 113,000 healthcare providers across all care settings who in turn provide services to more than 1 in every 10 Americans, ZirMed is a nationally recognized leader in understanding the flow of money and information in healthcare. ZirMed's solutions provide connectivity to virtually all healthcare and auto and workers compensation insurance companies in the country. Addressing the entire revenue cycle, ZirMed's offerings include eligibility verification, claims management, patient payment estimation, patient payment processing, online bill pay, online and offline statement delivery, innovative lockbox services, analytics, coding compliance, and more. Delivered via a SaaS model, ZirMed's solutions are compatible with any industry standard Healthcare Information or Practice Management System, and can be used directly within the ZirMed domain or embedded within partner software applications. ZirMed received a "Best in KLAS" ranking for 2011, is ranked among Inc. magazine's 500/5000 fastest growing companies and Healthcare Informatics magazine's Top 100 companies. For more information about how ZirMed leverages the power of technology to help providers not just survive but thrive, visit http://www.zirmed.com.