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Healthcare's Hottest No. 1: Recondo Technology

By Modern Healthcare
Posted: September 28, 2013 - 12:01 am ET

What it does: Recondo provides cloud-based revenue-cycle management software and services to healthcare providers to improve likelihood of timely and accurate payments.

How it grew to become one of healthcare's hottest: Recondo Technology's monthly services typically cost a healthcare provider from $5,000 on the low end to $30,000 on the high end. But Rick Adam, Recondo's CEO, says clients find return on their investment because they are “almost always recovering much more money than they're paying us.”

Recondo's solutions include guidance on payment and benefit rules, as well as software that interacts with providers' existing systems to ensure patient classifications and payment calculations are correct on the front end. It's not uncommon to lose 10% of potential revenue from payers kicking back claims, Adam says. “For a medium-sized medical center with net patient revenue of $400 million, that means losing $40 million,” he says.

Given the importance of submitting clean claims, Adam says the company should continue to expand. “We serve roughly 600 hospitals,” he says, and because there are roughly 5,000 acute-care hospitals, he sees plenty of opportunity to continue the company's strong growth.

1. Recondo Technology

Location: Greenwood Village, Colo.

Top executive: Rick Adam, CEO

Number of employees: 251

Annual revenue (2012): $30.4 million

Compounded revenue growth (2007-12): 246.3%

Website: www.recondotech.com





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