Olive has launched a clearinghouse for clients nationwide through its acquisition of revenue cycle management vendor Healthcare IP.
Five details:
- Olive released a full-service clearinghouse to deliver transformative claims management through automation, which eliminates the need for transaction fees that are standard in healthcare, according to an Aug. 11 news release. It also uses automation to minimize administrative expenses.
- About 1 in 7 insurance claims by health systems are rejected in the United States, according to the news release. Some clearinghouses have struggled to keep pace with the volume of transactions, the news release said.
- Olive's clearinghouse uses automation to deliver quick and efficient transactions to hospitals and payers. It will also be able to pay providers for care in real time.
- "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."
- In July, Olive closed a $400 million funding round, raising the healthcare AI company's total valuation to $4 billion. In April, Olive said it was acquiring Salt Lake City-based Intermountain healthcare's Empiric Health. Intermountain's spinoff will introduce new offerings for supply chain and clinical analysis for surgeries.