Omega Healthcare has introduced its Omega Digital Platform (ODP), which leverages cutting-edge technology to alleviate administrative burdens and improve the financial performance of healthcare organizations. ODP employs a range of advanced tools, including artificial intelligence, robotic process automation, machine learning, bots, and natural language processing, to enhance the efficiency and accuracy of revenue cycle functions.
Key achievements of ODP include:
- Over 95 Percent Accuracy in Coding: ODP significantly reduces coding costs while maintaining an accuracy rate exceeding 95 percent. This is crucial for ensuring that healthcare services are properly documented and billed.
- 30 Percent Decrease in Accounts Receivable Days: ODP has successfully reduced the number of days it takes to collect payments by 30 percent. This quicker collection of revenue enhances the financial stability of healthcare organizations.
- 10-20 Percent Improvement in Collections: By streamlining revenue cycle operations, ODP has led to a substantial improvement in collections, increasing the amount of revenue collected from services provided.
- Reduction in Denial Rates: ODP has played a significant role in reducing denial rates, which can be a major financial challenge for healthcare organizations.
The ODP features the PREDICT workflow engine, which is powered by AI-driven solutions, advanced proprietary algorithms, and comprehensive datasets. This tool enables healthcare organizations to proactively address potential issues, prevent challenges, and prioritize tasks intelligently.
Robotic Process Automation (RPA) is another crucial component of ODP, which automates repetitive tasks, improving efficiency and freeing up staff to focus on more strategic responsibilities and direct patient engagement.
The Omega Digital Platform offers comprehensive Revenue Cycle Management Solutions, covering Patient Access, Mid-Revenue Cycle, and Business Office functions. This holistic approach helps healthcare organizations mitigate revenue leakage and navigate the challenges posed by denials and compliance regulations.
Omega Healthcare unveiled this significant development at the American Health Information Management Association (AHIMA) 2023 Annual Conference. They are actively participating in the conference and presenting their successful utilization of technology in collaboration with physicians to enhance coding compliance and financial outcomes. This demonstrates Omega Healthcare’s commitment to advancing healthcare operations and financial success.
