Olive Unveils New Solution to Automate the Revenue Cycle Management Process
Olive, the automation company creating the Internet of Healthcare, launched its Autonomous Revenue Cycle (ARC), the company’s flagship Revenue Cycle Management (RCM) suite of solutions. Olive’s ARC redefines RCM by applying intelligent automation to reduce manual tasks, enabling healthcare organizations to focus more on patient care and alleviating employee burnout.
Health systems and their financial teams are under pressure to deploy their resources as efficiently as possible while also trying to ensure they are compensated for their services on time. At the same time, the increasing volume of patients – and their data – paired with ongoing changes to payer requirements and policies and outdated, fragmented systems make the administrative tasks associated with RCM complex, costly and risky.
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Over the last few years, Olive has released many complementary revenue cycle automations which have helped leading health systems by automating and improving burdensome manual processes.
“We kept hearing from our customers that they wanted to go bigger with us, to help them reimagine how they could transform their revenue cycle,” said Barbi Elmore, Senior Director of Product Management, Olive. “They wanted to know what was needed to implement our most complex automations, so we realized we needed to think about our products differently.”
Olive’s ARC is designed to handle tedious, time-consuming administrative tasks in the revenue cycle, allowing healthcare organizations to get paid quicker while reducing the risk of uncompensated care. Olive’s ARC integrates with existing electronic health record (EHR) and practice management systems to leverage an organization’s data sources and claims data to become more intelligent and efficient over time. Olive’s ARC was built on the foundation of Olive’s Clearinghouse solution.
Olive’s ARC powers solutions in:
- Patient Access: Improves the patient’s financial experience and reduces the burden on healthcare organizations by automating the financial clearance process, including verifying insurance eligibility, detecting insurance coverage, identifying benefits, determining the likelihood of a patient to pay, and flagging potential opportunities for patients who may be eligible for financial assistance.
- Reimbursement Management: Ensures claims are submitted correctly to payers for first-pass adjudication, reducing denials and underpayment risk. Claim status checks are automated so billing teams prioritize claims needing the most attention. Olive also takes corrective action on denials, such as missing medical records attachments, to reduce manual and labor-intensive denial-related workflows to yield higher reimbursement potential.
“Capturing accurate patient information for billing and medical records is critical to ensuring patients can receive the care they need when they need it, ” said Rohan D’Souza, Chief Product Officer, Olive. “With ARC, Olive is transforming what it means to be a clearinghouse by marrying our intelligent automation and machine learning capabilities to transform healthcare organizations’ workflows to become smarter, more efficient, drive more revenue capture and improve patient care. Olive’s ARC aims to take the work away so organizations can deliver quality care.”
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