Olive Secures $51M to accelerate its Growth

Olive Secures $51M to accelerate its Growth

Olive's AI workforce automates healthcare's incessant administrative processes, across departments such as Revenue Cycle, Information Technology, Human Resources, Supply Chain, Clinical Administration, and more, to deliver high-end efficiency, reduced costs, and higher employee capacity

Fremont, CA: Olive, the company develops artificial intelligence and RPA solutions that empower healthcare organizations has raised $51 million in venture round of financing. General Catalyst led the round. Olive will use the proceeds of the aforementioned financing round to foster its growth, and further its core 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, as part of the deal.

Olive's AI workforce automates healthcare's incessant administrative processes, across departments such as Revenue Cycle, Information Technology, Human Resources, Supply Chain, Clinical Administration, and more, to deliver high-end efficiency, reduced costs, and higher 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.

The funding announcement came 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 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."

Recent data published by Olive points out that nearly two-thirds of healthcare leaders plan to adopt automation technologies in the upcoming two years span, a significant upswing from the report issued less than a year 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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