Waystar has acquired Denver-based Recondo Technology, a pioneer of innovative revenue cycle automation solutions powered by advanced robotic process automation and other artificial intelligence technology that is intended to allow providers to be paid more, faster and at lower cost.
Waystar's cloud-based technology is intended to simplify and unify the revenue cycle so that providers can redirect their resources to patient and community care.
Merging Recondo and Waystar's data is expected to drive heightened accuracy and speed for all solutions, such as increasing the rate at which providers can determine if a patient has insurance coverage or send a prior authorization to a payer.
"Recondo shares Waystar's commitment to helping healthcare organizations take the estimated $350 billion of administrative waste out of the revenue cycle," Waystar CEO Matt Hawkins said in a statement. "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."
Founded in 2007, Recondo now processes nearly $4 billion in accurate patient estimates and 33 million prior authorizations annually as part of its patient access solution set. Waystar will unify the nearly 500,000 administrative transactions processed by Recondo into the end-to-end Waystar platform, which is expected to drive unprecedented insights and prevent issues before they occur.
Recondo CEO Jay Deady added: "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. With Waystar's powerful technology stack, talented team and client base, our technology can be more impactful than ever before."