Magenta Care Continuum Joins the Olive Library to Revolutionize the Risk Adjustment Process
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.”
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