Olive (company)
| Privately held | |
| Industry | Healthcare technology, Artificial intelligence |
| Founded | 2012 |
| Founder | Sean Lane |
| Headquarters | Columbus, Ohio |
Area served | United States |
Number of employees | 500+ (2020) |
| Website | https://oliveai.com/ |
Olive is an enterprise automation company that provides artificial intelligence technology for business processes in the healthcare industry including revenue cycle, supply chain and pharmacy operations. The company is headquartered in Columbus, Ohio and introduced a distributed workforce model called The Grid in May 2020 with locations in 43 states in the United States.[1]
Olive provides automation services to 950 hospitals in over 40 states in the U.S.[2] Olive has secured $832 million in financing since March 2020, and $902 million since the company’s inception in 2012.[3]
Background
Sean Lane, the CEO of the company, was an intelligence officer in the Air Force prior to founding Battlefield Telecommunications Systems (BTS) where he developed a product used for military field intelligence.[4] Following a heightened awareness of drug abuse in his hometown, he noticed the need for connected enterprise systems that could communicate to share patient information and automate the manual tasks done by healthcare’s front-line workers. He started CrossChx in 2012, which provided a global patient identity product.[5][6] The company later rebranded as Olive when it shifted its focus to developing automation technology, which launched to healthcare customers in 2017.[7] The company’s automation products manage administrative tasks in healthcare organizations including revenue cycle, supply chain, clinical administration, information technology, and human resources.[8]
Olive deploys its technology to health system customers through an AI-as-a-Service model which provides support and intelligence to the user’s application of Olive’s technology.[9]
In October 2020, the company introduced Olive Helps, a cybernetic application that enhances the speed, quality, and impact of healthcare user’s work.[10] Since February 2021, Olive provides its technology platform - including automation, intelligence, network tools, and AI co-worker technology services - to Circulo, Inc., an insurtech startup for the Medicaid population.[11]
Funds raised
Olive raised $51 million in April 2020 followed by $106 million in financing from General Catalyst and Drive Capital along with Ascension Ventures, Oak HC/FT and SVB Capital, in September 2020.[8][12] By December 2020, the company was valued at $1.5 billion after another funding round of $225.5 million led by Tiger Global Management and new investors including Alphabet Inc.’s GV, Sequoia Capital, Dragoneer Investment Group, and Transformation Partners.[13] In July 2021, Olive raised $400 million in a funding round led by Vista Equity Partners and Base10 Advancement Initiative, bringing the company to a $4 billion valuation.[14]
Acquisitions
Olive acquired Verata Health, a provider of artificial intelligence software that helps with initiating prior authorizations and retrieving payer rules by connecting to electronic health record (EHR) databases in the U.S., in December 2020.[15][7]
In April 2021, Olive acquired Empiric Health, an AI-powered clinical analytics and services company, giving Olive access to operating room data;[16] and in August 2021, it acquired Healthcare IP, a revenue cycle management company to provide clearinghouse and claims management automation services.[17]
References
- ↑ Staff (July 27, 2021). "Olive's Flexible Work Model, The Grid, Supports Explosive Growth with Team Quadrupling Since its Spring 2020 Launch". WFMZ.com.
- ↑ Drees, Jackie (August 27, 2021). "7 recent Big Tech partnerships in healthcare: Amazon, Google & more". www.beckershospitalreview.com.
- ↑ Ghose, Carrie (July 7, 2021). "Olive AI valued at $4B after raising another $400M in VC, shattering state records". Columbus Business First.
- ↑ Babcock, Stephen (10 August 2020). "Healthcare AI company Olive picks Baltimore for first distributed office". Technical.ly.
- ↑ Dietsche, Erin (26 March 2019). "How this Ohio startup is leveraging AI to automate repetitive healthcare tasks". MedCity News.
- ↑ Muoio, Dave (31 March 2020). "Olive brings in $51M to automate healthcare administrative tasks". MobiHealthNews.
- ↑ 7.0 7.1 Horowitz, Brian (December 3, 2020). "AI startup Olive raises $225M, acquires Verata Health to address prior authorization". FierceHealthcare.
- ↑ 8.0 8.1 Landi, Heather (September 21, 2020). "Startup Olive banks another $106M to build out hospital AI 'command centers'". Fierce Healthcare.
- ↑ Landi, Heather (October 12, 2020). "On heels of $100M funding round, Olive expands healthcare AI capabilities". FierceHealthcare.
- ↑ Ahmed, Erum (October 13, 2020). "Olive rolled out a new AI-powered healthcare platform that streamlines revenue cycle management". Business Insider.
- ↑ Muoio, Dave (22 February 2021). "With $50M, Circulo will tackle Medicaid insurance using Olive's AI tech". MobiHealthNews.
- ↑ Shieber, Jonathan (April 1, 2020). "Olive, a startup developing an automation tool for healthcare administration, raises $51 million". TechCrunch.
- ↑ Muoio, Dave (December 1, 2020). "Administrative task automation unicorn Olive adds $225.5M to its impressive year of fundraising". MobiHealthNews.
- ↑ Davis, Michelle (30 June 2021). "Health-Tech Firm Olive Valued at $4 Billion After New Round". Bloomberg.
- ↑ Trentmann, Nina (13 December 2020). "Without In-Person Interactions, Companies Find Virtual Ways to Integrate After M&A". Wall Street Journal.
- ↑ Staff (Apr 13, 2021). "Olive Enters the Operating Room with Empiric Health Acquisition". Cision.
- ↑ Staff (August 10, 2021). "Olive enters the clearinghouse business and eliminates traditional transaction fees to align incentives with customers". Cision.
External links
This article "Olive (company)" is from Wikipedia. The list of its authors can be seen in its historical. Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace.