AI workforce for healthcare company Olive raises $106 million
Columbus-based Olive announced it has raised a $106 million financing round led by General Catalyst and Drive Capital, with participation from Ascension Ventures, Oak HC/FT and SVB Capital. This latest round of funding brings its total funding to $230 million.
Established in 2012, Olive’s AI workforce automates healthcare’s most repetitive, high-volume administrative processes, across departments such as Revenue Cycle, Information Technology, Supply Chain, Clinical Administration, Human Resources and more, to deliver improved efficiency, reduced costs, and increased employee capacity. The solution has been adopted by over 600 hospitals, including 22% of the top 100 health systems in the country.
“The AI workforce is the biggest impact to health systems in our lifetime. Olive has become a piece of critical infrastructure for hospitals and a trusted, reliable product that expands human capacity at a time when resources are more precious than ever. The AI workforce has become the ‘new normal’. And while we are excited about this latest investment, we’re just getting started.” – Sean Lane, CEO of Olive.
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Verata's AI technology automatically initiates prior authorizations, retrieves payer rules, and helps identify and submit clinical documentation from the electronic health record (EHR). When payers leverage its AI platform, Verata enables point-of-care authorizations for providers and patients, dramatically accelerating access to care.