Olive, a startup based in Columbus, Ohio, has secured $32.8 million in a Series D round led by Oak HC/FT and Ascension Ventures with participation from existing investors. The company will use the funds to further scale its artificial intelligence solution, Olive, which assists with process automation for healthcare.
The tool’s overall goal is to automate high-volume and repetitive tasks so that an organization’s employees have more time to focus on other tasks that need human insight.
The Olive technology gets its own usernames and passwords for the systems a healthcare organization has in place. Olive can then use that information to log in and help with certain processes.
The Ohio organization’s OliveWorks solution lets healthcare entities automate workflows in the realms of unadjudicated claims, eligibility and prior authorizations for a flat price. Its OliveLabs tool is suited to automating more complex projects that require lots of human input. It is also geared toward companies that view AI and automation as key to their overall operations.
“As the first healthcare automation solution on the market using AI to streamline repetitive tasks and workflows by working with existing systems, Olive is uniquely positioned to counteract the ever-increasing cost of healthcare and humanize the cumbersome process,” Billy Deitch, principal at Oak HC/FT, said in a statement.
Overall, the startup can lend a hand with insurance eligibility checks, scheduling, order management, post-visit follow-ups, patient engagement and payments.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
“Olive’s cutting-edge process mining and automation technologies are enabling our firm’s health system partners to continually optimize clinical and administrative operations so caregivers can spend more of their time on patient care,” said John Kuelper, investment director at Ascension Ventures, according to a news release.
The Ohio company, which was formerly known as CrossChx, also noted it will use the $32.8 million to invest in new capabilities like its process mining solution, Pupil, which will be launched at a few alpha sites soon.
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