AI workforce unleashes $100 million annually through better functioning of back-end technology, positively impacting 1 in 5 Americans; company plans to triple revenue in 2021
U.S.A., Feb. 1, 2021 — Our healthcare system is undergoing massive change. In 2020, we saw hospitals and healthcare systems striving to meet more demands than ever, with many accelerating innovation in areas like AI to overcome the limitations of outdated, inefficient back-end technology. Olive’s AI workforce became an integral part of technology infrastructure, used by over 675 hospitals in 42 U.S. states. In 2021, Olive will launch further innovation to improve interoperability at hospitals, health systems, and payers, delivering AI cybernetics and deep learning to help humans in their heroic efforts.
Building an Internet of Healthcare
Healthcare accounts for nearly 18 percent of the U.S. GDP, yet it lags far behind other industries in terms of digital transformation. Connecting disparate, siloed technology systems across the industry is not only innovative, but a critical matter of public health. CEO Sean Lane founded Olive with the vision of creating an “Internet of Healthcare,” where the plethora of disjointed back-end systems could speak to one another and create a better experience for patients and providers. Now, Olive’s AI workforce is driving over $100 million in repeatable, ongoing efficiencies for hospitals, including 20% of the top 100 U.S. health systems.
“When I was at my hometown hospital, one thing became abundantly clear: healthcare didn’t have the Internet,” said Lane. “Patient experiences I’ve witnessed for myself and my family opened my eyes to how many processes could be done better in healthcare, and to me, there was one true solution: build an Internet of Healthcare. Connect all of healthcare’s disparate technology to fix a broken system. That’s the idea that started Olive and is core to our vision of building the Internet of Healthcare, revealing life-changing outcomes.”
In 2020, 16 customers signed on for AlphaSites, command centers for AI workforce operations, with a 5X return on investment. The improved efficiencies delivered positively impact over 60 million patients each year at providers including Centura Health, WVU Medicine, MetroHealth and RWJBarnabas Health.
“We’re excited to partner with Olive to deploy their AI workforce across our health system, so our team can focus less on data entry and more on patient care,” said Paul McDowell, CFO of The Queen’s Health Systems. “By eliminating repetitive, low value tasks, Olive enables our team members to work on higher value, more rewarding assignments. Our work with Olive will enable us to streamline costs and achieve greater efficiency in a time of great challenge and uncertainty.”
Innovation, Entering New Markets in 2021
In 2020, the company announced plans for Olive Helps, an AI-powered sidekick who works alongside healthcare employees by providing real-time intelligence to improve the quality, speed and impact of their work. The product will join Olive Works, the AI workforce that automates burdensome and mission critical processes core to healthcare operations and in doing so accelerates revenue while improving productivity. Olives Works is being used across revenue cycle, supply chain, IT, human resource, finance, accounting, pharmacy operations and clinical operations. In 2021, Olive is set up for tremendous impact with the full launch of Olive Helps and Olive Assures, a new product aimed at accelerating the provider payments process.
Also in 2020, Olive entered the payer market by acquiring Verata Health. The two companies, by combining forces, are pioneering the first end-to-end, AI-powered prior authorization platform in healthcare. This platform powers medical necessity review and prior authorization submissions to all public and private health plans, and enables point-of-care approvals for providers and payers. The solution integrates with all major electronic health record systems, including Epic, Cerner, Athenahealth, and Meditech, to deliver a seamless experience and unparalleled interoperability between providers and payers. In addition to its prior authorization solutions, Olive is deploying its AI workforce to payers and partnering with select payers in 2021 to launch a combined solution under the Olive name.
The Executive Leadership Team Realizing Olive’s Vision
Olive secured $385 million in financing in 2020, for a total of $448 million since the company’s founding. These investments brought Olive’s valuation to $1.5 billion, reaching unicorn status. As part of the company’s explosive growth, Olive welcomed new executive members to its team including:
- Lori Jones was promoted to President, Provider Market and retains her CRO title
- Dr. Jeremy Friese, President, Payer Market
- Ali Byrd, Chief Financial Officer
- Shoshana Deutschkron, Chief Marketing Officer
- Dr. YiDing Yu, Chief Medical Officer
Olive has tripled employee headcount since January 2020 and currently employs approximately 550 people, also known as Olivians, with plans to nearly double this headcount in 2021. Olivians work in a fully distributed and flexible work model called “The Grid,” with employees in 40 U.S. states. Olive has an HQ in Columbus, Ohio and five SubStations, or satellite offices, across the U.S. including Chicago (opening in 2021), Denver, Baltimore, Minneapolis and Orlando. Olivians also have access to unique employee perks for remote work such as free vacation rentals and home office stipends.