Latest news with #OmegaHealthcare
Yahoo
5 days ago
- Business
- Yahoo
A healthcare giant is using AI to sift through millions of transactions. It's saved employees 15,000 hours a month.
Omega Healthcare partnered with UiPath to automate medical billing and other administrative tasks. The revenue cycle management company has saved employees hours with its AI document-processing tool. This article is part of "CXO AI Playbook" — straight talk from business leaders on how they're testing and using AI. For "CXO AI Playbook," Business Insider takes a look at mini case studies about AI adoption across industries, company sizes, and technology DNA. We've asked each of the featured companies to tell us about the problems they're trying to solve with AI, who's making these decisions internally, and their vision for using AI in the future. Omega Healthcare Management Services is a revenue cycle management company that helps more than 350 healthcare organizations, including providers, payers, and pharmaceutical companies, manage their financial operations. This includes medical billing, insurance eligibility verification, collections, clinical documentation, and other administrative tasks. The company, which was founded in 2003, is headquartered in Boca Raton, Florida. It also has teams in India, Colombia, and the Philippines. Omega Healthcare has more than 30,000 employees who perform a high volume of administrative tasks, including medical billing and insurance claim submissions, for healthcare organizations. Every year, they process about 250 million digital transactions. These tasks have traditionally been done manually. Rajusiva Arunachalam, the company's vice president of technology, said that the administrative tasks are mundane, repetitive, and time-consuming. "We have a lot of humans working in the background for these doctors and providers who help them do their non-clinical work," he said. Arunachalam said Omega Healthcare wanted to automate billing, insurance claims, and other administrative tasks to free up employees to handle decision-making aspects, such as when to deny claims or follow up on a late payment. The goal was to improve its operations and help its clients increase collections, minimize incorrect claim submissions and denial rates, reduce receivable payment times, and enhance patient engagement. Omega Healthcare partnered with UiPath, an enterprise automation and AI software company, about five years ago to automate some of the workers' manual administrative tasks, including billing, medical coding, and correspondence with insurance companies. Arunachalam said UiPath's platform was a good fit for Omega Healthcare's strategy, which focuses on boosting automation and speeding up the completion of clients' administrative tasks. Arunachalam said Omega Healthcare created an internal team made up of developers, business analysts, and data scientists. The group focused on finding opportunities to automate repetitive tasks to save employees' time while speeding up work for clients. Omega Healthare uses UiPath Document Understanding, an AI tool that automatically pulls data from various client documents, such as accounts receivable correspondence, insurance denial letters, or electronic medical records. Arunachalam said the AI tool extracts data from these documents based on what a healthcare institution is trying to accomplish. For example, if the task is to file an insurance claim, the AI tool may pull out relevant data from electronic medical records. Or, if a claim was denied, it may identify relevant data from a denial letter or transcript of a call about the case. Arunachalam said human staff members review the data extracted by AI and use it to make decisions. For instance, they may decide that a claim was denied incorrectly due to a medical coding problem or based on information from a medical record. Staff can also use the tool to follow up with a healthcare company for more information on a billing error. Employees then send their decision to the client. "Human work is now more knowledge-based, very decision-oriented," which AI technology can't do, Arunachalam said. But humans and AI "work together in conjunction to achieve what the client needs." AI "can run 24 hours," Arunachalam said. It can also process data much faster, so fewer employees are needed for this work, which is more cost-effective for clients. Arunachalam added that Omega Healthcare has automated its administrative tasks, such as submitting insurance claims and medical billing, for about 60% to 70% of its clients. Since 2020, Omega Healthcare has processed more than 100 million transactions using UiPath automations, Arunachalam said. Omega Healthcare tracked the time it took employees to manually complete different administrative tasks and compared it to the time they spent on them after adding UiPath's tool to measure the tech's impact. Arunachalam said the company found that automation was saving employees more than 15,000 hours a month. Arunachalam said Omega Healthcare has also reduced the amount of time workers spend on documentation tasks by 40%. He added that automation has also slashed document processing turnaround time by 50% with a process accuracy of 99.5%. The company told BI that these improvements have increased efficiency and cost savings for Omega Healthcare's clients, delivering a 30% return on investment since using the AI-powered automation. Arunachalam said Omega Healthcare is working on automating more of its client work, including payment posting and patient appointment scheduling. 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Business Insider
6 days ago
- Business
- Business Insider
A healthcare giant is using AI to sift through millions of transactions. It's saved employees 15,000 hours a month.
For "CXO AI Playbook," Business Insider takes a look at mini case studies about AI adoption across industries, company sizes, and technology DNA. We've asked each of the featured companies to tell us about the problems they're trying to solve with AI, who's making these decisions internally, and their vision for using AI in the future. Omega Healthcare Management Services is a revenue cycle management company that helps more than 350 healthcare organizations, including providers, payers, and pharmaceutical companies, manage their financial operations. This includes medical billing, insurance eligibility verification, collections, clinical documentation, and other administrative tasks. The company, which was founded in 2003, is headquartered in Boca Raton, Florida. It also has teams in India, Colombia, and the Philippines. Situation analysis: What problem was the company trying to solve? Omega Healthcare has more than 30,000 employees who perform a high volume of administrative tasks, including medical billing and insurance claim submissions, for healthcare organizations. Every year, they process about 250 million digital transactions. These tasks have traditionally been done manually. Rajusiva Arunachalam, the company's vice president of technology, said that the administrative tasks are mundane, repetitive, and time-consuming. "We have a lot of humans working in the background for these doctors and providers who help them do their non-clinical work," he said. Arunachalam said Omega Healthcare wanted to automate billing, insurance claims, and other administrative tasks to free up employees to handle decision-making aspects, such as when to deny claims or follow up on a late payment. The goal was to improve its operations and help its clients increase collections, minimize incorrect claim submissions and denial rates, reduce receivable payment times, and enhance patient engagement. Key staff and partners Omega Healthcare partnered with UiPath, an enterprise automation and AI software company, about five years ago to automate some of the workers' manual administrative tasks, including billing, medical coding, and correspondence with insurance companies. Arunachalam said UiPath's platform was a good fit for Omega Healthcare's strategy, which focuses on boosting automation and speeding up the completion of clients' administrative tasks. Arunachalam said Omega Healthcare created an internal team made up of developers, business analysts, and data scientists. The group focused on finding opportunities to automate repetitive tasks to save employees' time while speeding up work for clients. AI in action Omega Healthare uses UiPath Document Understanding, an AI tool that automatically pulls data from various client documents, such as accounts receivable correspondence, insurance denial letters, or electronic medical records. Arunachalam said the AI tool extracts data from these documents based on what a healthcare institution is trying to accomplish. For example, if the task is to file an insurance claim, the AI tool may pull out relevant data from electronic medical records. Or, if a claim was denied, it may identify relevant data from a denial letter or transcript of a call about the case. Arunachalam said human staff members review the data extracted by AI and use it to make decisions. For instance, they may decide that a claim was denied incorrectly due to a medical coding problem or based on information from a medical record. Staff can also use the tool to follow up with a healthcare company for more information on a billing error. Employees then send their decision to the client. "Human work is now more knowledge-based, very decision-oriented," which AI technology can't do, Arunachalam said. But humans and AI "work together in conjunction to achieve what the client needs." AI "can run 24 hours," Arunachalam said. It can also process data much faster, so fewer employees are needed for this work, which is more cost-effective for clients. Arunachalam added that Omega Healthcare has automated its administrative tasks, such as submitting insurance claims and medical billing, for about 60% to 70% of its clients. Did it work, and how did leaders know? Since 2020, Omega Healthcare has processed more than 100 million transactions using UiPath automations, Arunachalam said. Omega Healthcare tracked the time it took employees to manually complete different administrative tasks and compared it to the time they spent on them after adding UiPath's tool to measure the tech's impact. Arunachalam said the company found that automation was saving employees more than 15,000 hours a month. Arunachalam said Omega Healthcare has also reduced the amount of time workers spend on documentation tasks by 40%. He added that automation has also slashed document processing turnaround time by 50% with a process accuracy of 99.5%. The company told BI that these improvements have increased efficiency and cost savings for Omega Healthcare's clients, delivering a 30% return on investment since using the AI-powered automation. Arunachalam said Omega Healthcare is working on automating more of its client work, including payment posting and patient appointment scheduling.
Yahoo
19-05-2025
- Business
- Yahoo
Jim Cramer On Omega Healthcare (OHI) Investors: 'You're Right To Be Worried'
We recently published a list of . In this article, we are going to take a look at where Omega Healthcare Investors, Inc. (NYSE:OHI) stands against other stocks that Jim Cramer discussed recently. On Wednesday's episode of Mad Money, Jim Cramer reviewed the recent developments affecting drug distribution companies and laid out why he is turning cautious on the group. He pointed out that stocks of major drug distributors have retreated from their all-time highs. 'Most of the time, that's because of vague, amorphous concerns that some type of regulatory crackdown will force them out of business or, at the very least, make them a lot less profitable.' READ ALSO Jim Cramer Put These 8 Stocks Under a Microscope Recently and Jim Cramer Commented on These 6 Natural Gas Players Cramer referenced the executive order signed by the President last week aimed at lowering drug prices, which triggered a sell-off across the drug distribution sector. He explained that the order would effectively require pharmaceutical companies to offer the U.S. government drug prices that match the lowest rates charged in other advanced economies. Cramer said the market's fear is straightforward: if drugmakers are forced to cut prices for their government customers, then drug distributors could see their margins shrink. 'The bottom line: No matter how well the drug distributors have been doing, I do not want to stick my neck out for an industry that now seems to be hated by both the Democrats and the Republicans. It seems like the only thing they agree on, doesn't it? There are so many potential winners in this market, I say, why take the risk?' For this article, we compiled a list of 8 stocks that were discussed by Jim Cramer during the episodes of Mad Money aired on May 14. We listed the stocks in the order that Cramer mentioned them. We also provided hedge fund sentiment for each stock as of the fourth quarter of 2024, which was taken from Insider Monkey's database of over 1,000 hedge funds. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). A modern REIT investment portfolio board and its financial documents with a bold headline. Number of Hedge Fund Holders: 21 Expressing concerns about the safety of its dividend due to potential cuts to Medicaid, a caller inquired about Omega Healthcare Investors, Inc. (NYSE:OHI). In response, Cramer said: 'I think you're right to be worried. I think you're right to be worried. Why? Because of exactly what you said. That's why I've always liked Ventas because I think that Deb Cafaro can navigate through anything, but the yield is much lower. I don't want to reach for yield.' Omega Healthcare Investors (NYSE:OHI) is a real estate investment trust (REIT) that offers capital and financing to the long-term care sector. It focuses mainly on skilled nursing facilities in the United States and the United Kingdom. The company recently reported its results for the first quarter of 2025. Omega Healthcare Investors (NYSE:OHI) reported net income of $112 million, $0.33 per share, which was an increase from the same period in 2024, when net income totaled $69 million, or $0.27 per share. Year-to-date, the company completed $423 million in new investments through April. Overall, OHI ranks 7th on our list of stocks that Jim Cramer discussed recently. While we acknowledge the potential of OHI as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than OHI but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at . Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-05-2025
- Business
- Yahoo
Jim Cramer On Omega Healthcare (OHI) Investors: 'You're Right To Be Worried'
We recently published a list of . In this article, we are going to take a look at where Omega Healthcare Investors, Inc. (NYSE:OHI) stands against other stocks that Jim Cramer discussed recently. On Wednesday's episode of Mad Money, Jim Cramer reviewed the recent developments affecting drug distribution companies and laid out why he is turning cautious on the group. He pointed out that stocks of major drug distributors have retreated from their all-time highs. 'Most of the time, that's because of vague, amorphous concerns that some type of regulatory crackdown will force them out of business or, at the very least, make them a lot less profitable.' READ ALSO Jim Cramer Put These 8 Stocks Under a Microscope Recently and Jim Cramer Commented on These 6 Natural Gas Players Cramer referenced the executive order signed by the President last week aimed at lowering drug prices, which triggered a sell-off across the drug distribution sector. He explained that the order would effectively require pharmaceutical companies to offer the U.S. government drug prices that match the lowest rates charged in other advanced economies. Cramer said the market's fear is straightforward: if drugmakers are forced to cut prices for their government customers, then drug distributors could see their margins shrink. 'The bottom line: No matter how well the drug distributors have been doing, I do not want to stick my neck out for an industry that now seems to be hated by both the Democrats and the Republicans. It seems like the only thing they agree on, doesn't it? There are so many potential winners in this market, I say, why take the risk?' For this article, we compiled a list of 8 stocks that were discussed by Jim Cramer during the episodes of Mad Money aired on May 14. We listed the stocks in the order that Cramer mentioned them. We also provided hedge fund sentiment for each stock as of the fourth quarter of 2024, which was taken from Insider Monkey's database of over 1,000 hedge funds. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). A modern REIT investment portfolio board and its financial documents with a bold headline. Number of Hedge Fund Holders: 21 Expressing concerns about the safety of its dividend due to potential cuts to Medicaid, a caller inquired about Omega Healthcare Investors, Inc. (NYSE:OHI). In response, Cramer said: 'I think you're right to be worried. I think you're right to be worried. Why? Because of exactly what you said. That's why I've always liked Ventas because I think that Deb Cafaro can navigate through anything, but the yield is much lower. I don't want to reach for yield.' Omega Healthcare Investors (NYSE:OHI) is a real estate investment trust (REIT) that offers capital and financing to the long-term care sector. It focuses mainly on skilled nursing facilities in the United States and the United Kingdom. The company recently reported its results for the first quarter of 2025. Omega Healthcare Investors (NYSE:OHI) reported net income of $112 million, $0.33 per share, which was an increase from the same period in 2024, when net income totaled $69 million, or $0.27 per share. Year-to-date, the company completed $423 million in new investments through April. Overall, OHI ranks 7th on our list of stocks that Jim Cramer discussed recently. While we acknowledge the potential of OHI as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than OHI but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at .
Yahoo
11-02-2025
- Business
- Yahoo
Omega Healthcare Debuts with a 96.7 Overall Performance Score in the Best in KLAS 2025 Ambulatory RCM Services (EHR Agnostic) Category
Achieves a Market Leader Position for Outsourced CodingRated for the First Time in the Extended Business Office: Large (>200 Beds) Category BOCA RATON, Fla., Feb. 11, 2025 /PRNewswire/ -- Omega Healthcare, a leading provider of technology-enabled healthcare solutions, today announced it was rated across three categories in the 2025 Best in KLAS: Software and Services report. Notably, Omega Healthcare achieved an overall performance score of 96.7 in its first time participating in the Ambulatory RCM (EHR Agnostic) category. Additionally, Omega Healthcare was named a Market Leader for Outsourced Coding, (ranked second with a score of 89.2); and debuted in the Extended Business Office: Large (>200 Beds) category, with a score of 88. "We are very proud of the high scores we achieved across all three categories we participated in, especially A+ grades for Value and Loyalty, the ONLY A+ ratings received in the category, and straight As for Operations, Relationship and Services, in the Ambulatory RCM Services (EHR Agnostic) category," said Anurag Mehta, Co-Founder & CEO, Omega Healthcare. "We are even more proud that this feedback comes directly from our customers which is a testament to the partnerships we have built and the quantifiable outcomes and value our teams have consistently delivered together. We cannot thank our clients enough for bringing us in as an integral part of their teams." Omega Healthcare is focused on empowering healthcare organizations to address a plethora of RCM market challenges – from eroding profit margins and staffing shortages, to maximizing the full potential of AI/GenAI/Agentic AI and automation technologies – to deliver exceptional care while enhancing financial performance. Leveraging the Omega Digital Platform®, which provides technology-enabled services through a blend of proprietary solutions and technology partnerships, customers benefit from the strategic investments Omega Healthcare makes in its portfolio of solutions, so they do not have to take on risky technology implementations themselves. "Congratulations to the 2025 winners of the Best in KLAS awards! In the ever-evolving healthcare landscape, achieving excellence is no small feat. Winning a Best in KLAS award signifies a commitment to delivering outstanding value and innovation to healthcare providers and patients alike. It is a testament to their hard work, dedication, and passion--all of which are needed to drive our industry forward. It is my hope that these awards inspire the winners and other companies to reach new heights," said Adam Gale, KLAS CEO. Our Commitment to Our Customers KLAS Research teams conduct interviews with each vendor's customers as part of their process to measure feedback. Omega Healthcare's customers provided consistently positive feedback. According to one healthcare VP interviewed by KLAS in December of 2024: "I would recommend Omega Healthcare. I would rate receiving my money's worth for their services at the top of the scale. If anything, the firm should get a rating higher than the top of the scale. Omega Healthcare is one of our best partnerships, specifically if we are looking for lower-cost solutions for any function within the revenue cycle. They do a good job regarding cash collections and customer service. We use them significantly. We have expanded our partnership as we have grown, and we haven't had any area we have not expanded on. That goes to say that they have been a good partner; otherwise, we wouldn't be expanding with them." A healthcare COO interviewed by KLAS in December of 2024 stated: "Omega Healthcare is extraordinary in their executive involvement. Their leadership team is absolutely phenomenal. They have gone so far above and beyond." Another healthcare VP surveyed by KLAS in December of 2024 said: "My overall satisfaction with Omega Healthcare is at the top of the scale, and that is why we keep expanding their services. They are great about bringing data. They are great data miners. They help us find solutions based on data, not on what they think is happening. Data integrity is very important. They are a great partner, and I have recommended them to several different organizations because of the work they have done for us." "Omega Healthcare has been an awesome partner for the last few years. In fact, we have expanded with the Omega Healthcare staff to support other areas, so I think they just have a very good reputation and have done a very good job for our health system," added another healthcare director interviewed by KLAS in October of 2024. Read the complete 2025 Best in KLAS: Software & Services report here to learn more. The report is available at no cost to providers who register online with KLAS. Note: As a newly rated vendor in both Ambulatory RCM (EHR Agnostic) and Extended Business Office: Large (>200 Beds) categories, Omega Healthcare was not eligible to win or be officially ranked Best in KLAS in the 2025 report. However, the Company provided the required number of customer references to be considered fully rated in these two categories. About Omega Healthcare Founded in 2003, Omega Healthcare Management Services® (Omega Healthcare) empowers healthcare to thrive via intelligent solutions that optimize revenue cycle operations, administrative workflows, care coordination, and clinical research on a global scale. The company works with providers, payers, life science companies, medical device manufacturers, health technology firms, researchers, and industry partners to amplify teams with robust technology, specialty expertise, and operational support. Omega Healthcare serves 350+ healthcare organizations with 35,000 skilled workers in the United States, India, Colombia, and the Philippines. For more information, visit 2025 Best in KLAS definitions Best in KLAS is awarded only in those software and services market segments that have the broadest operational and clinical impact on healthcare organizations. Best in KLAS 2025 is based on information obtained from more than 23,000 evaluations. These interviews represent the opinions of healthcare professionals and clinicians from more than 6,000 healthcare organizations and measure more than 1,700 healthcare technology products and services. About KLAS KLAS is a research and insights firm on a global mission to improve healthcare. Working with thousands of healthcare professionals and clinicians, KLAS gathers data and insights on software and services to deliver timely reports and performance data that represent provider and payer voices and act as catalysts for improving vendor performance. The KLAS research team publishes reports covering the most pressing questions facing healthcare technology today, including emerging technology insights, that provide early insights on the future of healthcare technology solutions. KLAS also fosters measurement and collaboration between healthcare providers and payers and best practice adoption. Learn more at Media contacts: Marykate Reese, Marcia G. Rhodes, mrhodes@ View original content to download multimedia: SOURCE Omega Healthcare Management Services™ Sign in to access your portfolio
