Olive Raises $51 Million to Accelerate Its AI Workforce for Healthcare
Olive, the company creating the AI workforce for healthcare, announced the close of its $51 million funding round led by General Catalyst. 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. Ron Paulus, former president and CEO of Mission Health, a $2 billion integrated health system, will join the Board of Directors at Olive. Existing investors include Drive Capital, Oak HC/FT, Ascension Ventures and others.
Olive’s AI workforce automates healthcare’s most repetitive, high-volume administrative processes, across departments such as Revenue Cycle, Information Technology, Supply Chain, Clinical Administration, Human Resources and more, to deliver improved efficiency, reduced costs, and increased employee capacity. Driving efficiency in non-clinical work enables hospitals and healthcare leaders to focus more resources on the actions and activities that improve care.
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The announcement comes on the heels of record growth for the company, with Olive’s presence growing in 2019 to over 500 U.S. hospitals across 41 states, including 25 of the nation’s largest health systems.
“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,” said Dr. Ronald A. Paulus. “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.”
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Recent data reported by Olive found that nearly two-thirds of healthcare leaders plan to adopt automation technologies in the next two years, a significant uptick from the report issued less than 12 months ago.
“The AI workforce is here, and the days of disconnected bots that don’t learn from each other are over,” said Sean Lane, CEO of Olive. “The time is now and this investment enables us to accelerate our vision of the internet of healthcare – where when one Olive learns, all Olives learn. We’re on a mission to radically change the way healthcare leverages and views an AI workforce.”
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