Olive this week announced the launch of Autonomous Revenue Cycle, billed as its new flagship Revenue Cycle Management suite.
ARC applies automation technology to help reduce manual tasks, the company says – helping alleviate employee burnout. It’s designed to handle time-consuming administrative tasks in the revenue cycle, allowing healthcare organizations to get paid quicker while reducing the risk of uncompensated care – all while freeing up more time to spend with patients.
Its patient access feature helps automating the financial clearance process – verifying insurance eligibility, detecting insurance coverage, identifying benefits and more – while also flagging potential opportunities for financial assistance for certain eligible patients.
And its reimbursement management tools help ensure claims are submitted correctly to payers for first-pass adjudication, reducing denials and underpayment risk, according to Olive. The automated platform enables providers to prioritize claim status checks and take corrective action on denials – missing medical records attachments, for instance – to reduce manual and labor-intensive denial-related workflows to yield higher reimbursement potential.
ARC, which is built on the foundation of Olive’s Clearinghouse solution, integrates with electronic health record and practice management systems – and the company says its machine learning models build on medical and claims data to become more efficient over time.
THE LARGER TREND
Olive has been in growth mode recently, including a $400 million investment round this past July that boosted its valuation to $4 billion. (Even as some recent reports, however, have alleged that the company exaggerates cost savings.)
In 2021, we showed how Cincinnati-based TriHealth partnered with Olive to open a command center aimed at increasing automation across the health system, starting in its revenue cycle department.
“With our partnership, we have visions to expand the use of AI and automation into as many areas of healthcare as possible, including the clinical side, all with the goal of delivering an even better healthcare product to our patients,” said Emily Seitz Pawlak, vice president of TriHealth’s revenue cycle, of the Olive deal.
ON THE RECORD
“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, Olive’s senior director of product management, about the new RCM tools. “They wanted to know what was needed to implement our most complex automations, so we realized we needed to think about our products differently.”
“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,” added Olive Chief Product Officer Rohan D’Souza.
Twitter: @MikeMiliardHITN
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