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Olive Introduces A New Revenue Cycle Management Automation Solution
The autonomous revenue cycle reduces administrative burden, speeds up claims processing, and ensures correctness.
Fremont, CA: Significant changes are occurring in the revenue cycle. While some of these recent developments, the bulk has been on the rise for some time. A lot or little might happen in the near future for the healthcare sector, which is now in a state of ambiguity. We hear rumors from politicians and business leaders, making it challenging to go through everything.
Olive, the Internet of Healthcare automation firm, launched its Autonomous Revenue Cycle (ARC), the company's flagship Revenue Cycle Management (RCM) portfolio of products. Olive's ARC redefines RCM by reducing manual chores through intelligent automation, allowing healthcare businesses to focus mostly on patient care and reducing employee stress.
Olive's ARC drives solutions by:
- 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 a patient's likelihood to pay, and flagging potential opportunities for patients who would be eligible for federal assistance.
- Reimbursement Management
Ensures that claims are accurately submitted to payers for first-pass adjudication, lowering the risk of rejections and underpayment. Claim status checks are automated, allowing billing teams to prioritize the claims that require the most attention. Olive also takes remedial action on rejections, such as missing medical record attachments, to eliminate manual and labor-intensive denial-related workflows and increase reimbursement possibilities.
Health systems and their finance teams are under pressure to deploy resources as effectively as possible while ensuring they are paid on time for their services. Yet, at the same time, the growing number of patients - and their data - combined with continual changes in payer regulations and rules, as well as antiquated, fragmented systems, make RCM administrative chores hard, expensive, and unsafe.
Olive has produced numerous additional revenue cycle automation recently, assisting top health systems by automating and streamlining cumbersome human operations.
Olive's ARC manages time-consuming administrative procedures in the revenue cycle, allowing healthcare institutions to be reimbursed faster while lowering the risk of uncompensated treatment. In addition, olive's ARC interacts with existing EHR and practice management systems, allowing an organization's datasets and claims data to be helpful to become more intelligent and effective over time. Olive's ARC was founded on the Olive Clearinghouse solution.