U.S.A., Aug. 10, 2021 /PRNewswire/ -- Olive, the automation company creating the Internet of Healthcare, today added a full service clearinghouse to its offerings through its acquisition of Healthcare IP, a leader in revenue cycle management with one of the highest customer satisfaction ratings in the industry. Through this acquisition, Olive will deliver transformative clearinghouse and claims management automation through its value-focused model, eliminating the usual transaction fees that are standard in the industry to provide the most competitive offering in the market today.
Clearinghouses have traditionally served a role in the proper exchange of insurance claims and vital health and benefits information between providers and payers. However, existing claims processes can place a high burden on health systems, with an estimated one in seven insurance claims rejected in the U.S., forcing rework and delays in reimbursement.1 Clearinghouses have not innovated to keep pace with the volume, velocity, and variety of transactions demanded by providers today, especially as the amount of healthcare data skyrockets, with 463 exabytes of data expected to be created each day by 2025.2
By connecting the healthcare ecosystem, Olive shares knowledge and data across providers, patients, and payers to unleash administrative spend and improve patient care. Olive's new clearinghouse solution will leverage automation to deliver powerful intelligence and efficient transactions to providers and payers — fostering greater collaboration, generating immediate value and minimizing administrative expenses. The scale and depth of intelligence delivered with Olive's clearinghouse solution will further power Olive's ability to pay providers for care in real time via Olive Assures, and unlock new capabilities and insights for providers and payers alike. With a business model focused on value and business intelligence, hospitals and health systems can say goodbye to costly transaction fees and focus on what matters most: patient care.
"We see this acquisition as a critical next step toward delivering the transformation healthcare desperately needs. Clearinghouses are foundational to the proper networking of the entire industry, but they haven't been innovated in years," said Sean Lane, CEO of Olive. "We want to change how clearinghouses work with provider organizations, so we developed a new model. We won't get paid unless the providers get paid. This puts customers first. Providers deserve low-cost, high-value claims functionality and we're excited for Olive to be that partner."
Healthcare IP is a clearinghouse that has been streamlining payment management since 2013. The company has partnered with the top hospitals and health systems across the United States to help manage their insurance processing.
"For years, we've focused on delivering the best experience for our customers and their claims management processing, a healthcare function ridden with errors, wasted time and frustration," said Brent Grimes, President of Healthcare IP. "We are beyond thrilled to be joining forces with Olive to broaden our horizons in a shared mission to revolutionize healthcare."
Olive's clearinghouse solution is now available for customers nationwide.
Olive is the automation company creating the Internet of Healthcare. The company is addressing healthcare's most burdensome issues through automation — delivering hospitals, health systems and payers increased revenue, reduced costs and improved efficiency. People feel lost in the system today and healthcare employees are essentially working in the dark due to outdated technology that creates a lack of shared knowledge and siloed data. Olive is driving connections to shine new light on healthcare processes, improving operations today so everyone can benefit from a healthier industry tomorrow. To learn more about Olive, visit oliveai.com.
About Healthcare IP
Healthcare IP is an integrated partner of healthcare provider and payer organizations, advocating data transparency and user experience in the revenue cycle. Our flexible SCALE platform reduces touchpoints through workflow automation and organizes data to make sense. Regardless of shape, size or specialty, we welcome collaborative partnerships and believe better is possible together.
1. Johnson M, Albizri A, Harfouche A. Responsible artificial intelligence in healthcare: Predicting and preventing insurance claim denials for economic and social wellbeing. Inf Syst Front. 2021. doi.org/10.1007/s10796-021-10137-5.
2. "Health Data Volumes Skyrocket, Legacy Data Archives On the Rise." Harmony Healthcare IT, 4 Aug. 2020, www.harmonyhit.com/health-data-volumes-skyrocket-legacy-data-archives-rise-hie/.