New solution bridges care gaps by granting access to comprehensive medical records to payers and providers
U.S.A., May 19, 2022 /PRNewswire/ -- Olive, the automation company creating the Internet of Healthcare, today announced its partnership with Magenta Care Continuum, a HIPAA-compliant health records vault that includes care gap analytics. Through the Olive Library, payers and providers can access Magenta's solutions to help close care gaps, improve billing and claims occurrence and ensure compliance and revenue integrity for value-based population management.
Inaccurate coding practices among Medicare Advantage plans can significantly contribute to spending disparities and care gaps among plan beneficiaries. Poorly documented patient information translates to less reliable risk score calculations and misrepresentation of their members' health needs. Yet, data assurance can be a tedious process, requiring staff to manually parse through and update patient records.
"At Olive, we believe automation and its liberation of human capacity will be one of the most transformative change agents in healthcare," said Sean Lane, CEO of Olive. "Together with Magenta, we're bringing automation to the risk adjustment process to reduce administrative burdens put on healthcare workers and optimize patient outcomes by pinpointing care gaps to deliver the right resources to the right patients at the right time."
Magenta transforms the health information management and risk adjustment processes through a combination of analytics and blockchain-based permissioning. Magenta automates manual authentication processes for record requests to ensure efficiency and accuracy throughout the care continuum and analyzes the resulting connected records for care gaps and potentially missed diagnoses. Magenta was built through Olive Ventures, a strategic in-house studio focused on creating revolutionary companies and specialized products for the healthcare industry.
"Correct medical coding is imperative for proper risk adjustments, which are critical for getting Medicare Advantage beneficiaries comprehensive care," said Rick Adam, CEO of Magenta Care Continuum. "Teaming up with Olive to securely and accurately integrate multiple EHR and claims data sources into single, consolidated records will help patients get the right care when and how they need it most."
About Olive
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 increased capacity. 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 Magenta Care Continuum
Magenta supports both providers and payers in managing the complex clinical data and analytics required to prosper in the Alternate Payment Model (APM) world. We have introduced advanced analytics to comprehensively assess and identify care gaps in a population. We improve efficiency in verifying clinical documentation that supports increased payments for populations with greater needs.
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SOURCE Olive
