Olive completes $ 400 million funding round for AI-powered health technology
Olive’s services connect patients, providers and payers. Depending on the version, this can help automate workflows and support staff.
With the new funding, Olive plans to spend on new product development and reach more healthcare providers.
The statement said Olive has now secured funding of $ 832 million since March 2020 and $ 902 million since the company was founded in 2012.
“Olive is the driving force behind rapid product development to better empower humans in healthcare,” said Sean lane, CEO of Olive. Olive is being used “in health systems and insurance companies across the country at lightning speed.”
Lane added, “The widespread adoption of Olive as a critical technology clearly shows that the time has come for the healthcare industry to take the lead in enterprise AI. [artificial intelligence] adoption.”
The statement also cited a McKinsey study titled “The State of AI”. The study found that healthcare was the first industry to adopt AI solutions.
Vista Equity Partners (“Vista”), a leading global investment firm focused on enterprise software, data and technology-based enterprises, led the round. The Base10 Partner Advancement Initiative also contributed. Olive, as part of the Base10 Partners Advancement Initiative portfolio, will contribute to historically black universities and universities in the United States through scholarships and financial aid. This contribution will be called the Olive scholarship.
Dr. Yiding yu, Olive’s chief medical officer, recently told PYMNTS that AI could be an asset for healthcare companies, with the ability to reduce waste and generate faster and more efficient information flows.
Yu noted the problem and said that pre-authorizations were a costly expense for the system, and tasks performed via phone calls and faxes could take about two weeks.
Yu said pre-authorizations, along with manual constraints, accounted for about 92% of patient delays.