Parallel Path client partner Olive, a Columbus, Ohio-based startup creating the “AI workforce for healthcare,” has secured $51 million in a new investment round. The infusion comes from investors including Drive Capital, Oak HC/FT, and Ascension Ventures. The effort was led by General Catalyst, whose portfolio includes Airbnb, ClassPass, Stripe, and Warby Parker.
The Olive software toolkit automates administrative repetitive, high-volume tasks like revenue cycle, supply chain management, clinical administration, and human resources, and demand for the company’s technology continues to grow: in 2019, Olive’s presence grew to over 500 hospitals in the United States, including 25 of the country’s largest health systems. Per the company’s recent press release, “the funding will enable Olive to accelerate its growth and further its mission of automating healthcare’s administrative processes so hospital employees can focus on delivering high-quality, cost-effective care.”
A large contributor to the company’s wild success lies in the fact that Olive doesn’t simply automate; it improves processes for hospitals by identifying problem areas that could lead to lost revenue. For example, the software can identify where mistakes in previous claims were made since it has access to pre-existing health claim status data. Simply through accurate coding, Olive software can help a hospital increase its revenue.
Ron Paulus, the former president and chief executive of Mission Health, will join the board of directors. In a statement, he said: “As a recent health system CEO, I appreciate the duress our hospitals are under as they focus on delivering the best patient care possible under challenging circumstances all while needing to keep the lights on. Olive’s reliable automation of essential back-office processes saves time, reduces errors and allows staff to focus on higher-order work. I am excited to be working closely with Olive’s management team to maximize the outsized positive impact we can have in healthcare on both the administrative and clinical fronts.”
“Olive is really at the forefront of innovation in the healthcare industry and has developed a very effective system to help their customers operate more efficiently and gain unique insights. As Olive’s strategic marketing agency partner we enjoy helping them build a strong connection with their current and prospective customers so that they can realize all of the amazing benefits that Olive has to offer,” said John Kadlic, Chief Executive Officer at Parallel Path.
To learn more about Olive and its work to help healthcare organizations increase efficiencies and revenue, visit the company’s website.