Greenwood Village-based Recondo Technology announced Thursday that it closed a $16 million debt and capital funding round led by Minnesota-based Lemhi Ventures, with Bridge Capital acting as a debt partner.

The funding will be used to invest in future product development.

Founded in 2007, Recondo Technology offers cloud-based revenue management services that place health care providers, patients and insurance providers on a single platform. Its technology facilitates record keeping of patient finances from start-to-finish.

More than 850 hospitals make use of Recondo’s various technological services, which work to eliminate the billing inaccuracies that cost $480 billion per year. Recondo bookings have grown 50 percent year-over-year and the company estimates similar growth for the final months of 2016.

In their last round of funding, Recondo raised $20 million in private equity from New York-based Bregal Sagemount, according to TechCrunch.

Multimedia business & healthcare reporter Chloe Aiello can be reached via email at caiello@denverite.com or twitter.com/chlobo_ilo.

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