Olive Completes $400M Funding Round For AI-Based Health Tech

Healthcare automation company Olive has closed a funding round for $400 million, a press release said Thursday (July 1).

Olive’s services bridges patients, providers and payers. Per the release, this can help automate workflows and support staff.

With the new funding, Olive plans to spend on new product development and reaching more healthcare providers.

The release noted that Olive has now secured $832 million in funding since March 2020 and $902 million since the company’s founding in 2012.

“Olive is the leading force for rapid product development to better empower the humans in healthcare,” said Sean Lane, CEO of Olive. Olive is being utilized “at health systems and insurance companies across the country at lightning speed.”

Lane added, “Olive’s widespread adoption as mission-critical tech makes it clear that now is the time for the healthcare industry to pull into the lead position for enterprise AI [artificial intelligence] adoption.”

The release also quoted a McKinsey study called “The State of AI.” The study found that healthcare was the top industry adopting AI solutions.

Vista Equity Partners (“Vista”), a leading global investment firm focused on enterprise software, data, and technology-enabled businesses, led the round. Base10 Partners Advancement Initiative also contributed. Olive, as a part of the Base10 Partners Advancement Initiative portfolio, will contribute to America’s Historically Black Colleges and Universities by way of  scholarships and financial aid awards. This contribution will be called The Olive Scholarship.

Dr. YiDing Yu, chief medical officer of Olive, told PYMNTS recently that AI could be an asset for healthcare companies, with the ability to cut down on waste and engender more timely and efficient flows of information.

Yu noted the issue and said that prior authorizations were a costly expense for the system, and that tasks being done via phone calls and faxes could make the process take around two weeks.

Yu said prior authorizations, with the manual constraints, made up for around 92 percent of patient delays.