Waystar Acquires Recondo Technology to Enhance AI-Driven Healthcare Financial Workflow Efficiency

VCBeat (WeChat ID: vcbeat) has learned that on December 4, 2019, healthcare management company Waystar announced the acquisition of Recondo Technology. Financial terms of the transaction were not disclosed. Following the acquisition, Waystar will consolidate nearly one billion administrative transactions processed by Recondo onto its platform, a move expected to transform the patient experience and healthcare financial operations.

Waystar, founded in 2000 and headquartered in Louisville, Kentucky, is dedicated to simplifying and unifying the healthcare revenue cycle through innovative technology. This enables healthcare organizations to collect payments with lower costs and less administrative burden, allowing them to devote more time and energy to focusing on their patients.

Waystar’s platform leverages next-generation cloud technology to eliminate friction in the payment process, streamline workflows, and improve the financial performance of healthcare providers across care settings. The Waystar platform supports more than 450,000 healthcare providers, 750 health systems and hospitals, 5,000 other customers, and health plans. Since 2012, it has consistently ranked first in multiple categories in Black Book surveys.

Recondo, founded in 2007, is a pioneer in innovative revenue cycle automation solutions. It processes nearly $4 billion in accurate patient cost estimates and 33 million prior authorizations annually, supporting over 900 hospitals to ensure revenue cycle efficiency throughout the care continuum.

Recondo’s AI-powered software-as-a-service (SaaS) platform helps healthcare providers achieve sustainable financial performance while enhancing the patient experience. By leveraging AI technologies such as robotic process automation, machine learning, and natural language processing, Recondo delivers automated services and clear, accurate, actionable financial insights within the healthcare revenue cycle management sector.

Recondo adds more artificial intelligence and machine learning capabilities to Waystar’s solution portfolio. These capabilities include patient access technologies, which address inefficiencies surrounding price transparency, eligibility, and prior authorization processes, as well as business office technologies that automate the status checks of pending claims, thereby reducing manual work. Integrating Recondo and Waystar data will enhance the accuracy and speed of all solutions, such as accelerating healthcare providers’ ability to determine patient insurance coverage or submit prior authorizations to payers.

Matt Hawkins, CEO of Waystar, stated, “Like Waystar, Recondo is committed to helping healthcare organizations reduce approximately $350 billion in administrative waste within the revenue cycle. Our combined entity will be better positioned to develop and leverage AI-driven products, delivering greater value to our customers and an improved experience for patients. We are deeply impressed by the Recondo team and leadership; their expertise and professionalism will provide significant strength to Waystar.”

Recondo CEO Jay Deady stated, “We are seeking a partner whose vision and capabilities will drive our goal of simplifying the revenue cycle, and Waystar fits this requirement perfectly. With Waystar’s robust technology platform, highly skilled team, and extensive customer base, our technology will be more impactful than ever before.”

Furthermore, Waystar acquired the predictive analytics solution Connance in 2018 and obtained monitoring capabilities from UPMC’s Ovation. These companies and technologies were integrated into the Waystar platform, streamlining reimbursement processes for payers and patients while providing transformative solutions for healthcare providers.

(Compiled by Jiang Ying)