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Olive, along with Healthcare IP to deliver full-service clearinghouse to transform healthcare
FREMONT, CA: Olive has added a full-service clearinghouse to its offerings through the acquisition of Healthcare IP, a leader in revenue cycle management with one of the highest customer satisfaction ratings in the industry. With this acquisition, Olive will deliver transformative clearinghouse and claims management automation through its value-focused model, eliminating the usual transaction fees standard in the industry to provide the most competitive offering in the market today.
Clearinghouses have traditionally served to adequately exchange insurance claims and vital health and benefits information between providers and payers. With an estimated one in seven insurance claims rejected in the U.S., existing claims processes can put a great burden on health systems, forcing rework and delays in reimbursement. Clearinghouses have not innovated to keep pace with the volume, velocity, and variety of transactions required by providers today, especially as the amount of healthcare data skyrockets, with 463 exabytes of data expected to be created every day by 2025.
Olive shares knowledge and data across providers, patients, and payers to unleash administrative spending and promote patient care by connecting the healthcare ecosystem. Olive's new clearinghouse solution will leverage automation to deliver powerful intelligence and effective transactions to providers and payers, encouraging greater collaboration, generating immediate value, and reducing 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. Hospitals and health systems no longer have to worry about costly transaction fees and can concentrate on patient care with a business model focused on value and business intelligence.
"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."
"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."