Olive, a startup developing an automation tool for healthcare administration, raises $51 million

Published April 1, 2020

Time is money, as the old adage goes, and this is doubly true in healthcare systems operating with thin margins now made even thinner thanks to the loss of revenue caused by a freeze on elective procedures.

Stepping in with a technology that automates much of the time-consuming back-end processes hospitals and healthcare providers need to keep up with is Olive, a startup out of Columbus, Ohio.

The company, which counts among its customers more than 500 hospitals representing some of the largest healthcare providers in the U.S., has raised a new round of $51 million as it sees significant growth for its business.

The round, raised from investors including Drive Capital, Oak HC/FT and Ascension Ventures, was led by General Catalyst, which recently closed on $2.3 billion in new capital to invest in early-stage companies.

As a result of the investment, Ron Paulus, the former president and chief executive of Mission Health, will join the board of directors, the company said in a statement.

Olive’s software toolkit automates administrative tasks like revenue cycle, supply chain management, clinical administration and human resources, the company said in a statement. And demand for the company’s technology is surging.

According to data provided by the company, roughly half of hospital administrators intend to invest in robotic process automation by 2021.

“There’s a growing, multi-billion dollar problem: healthcare doesn’t have the internet. Instead, healthcare uses humans as routers, forcing workers to toggle between disparate systems — they copy, they paste, they manipulate data – they become robots. They click and type and extract and import, all day long — and it’s one of the leading reasons that one out of every three dollars spent in the industry today is spent on administrative costs,” said Olive chief executive Sean Lane in a September statement.

Olive doesn’t just automate processes, but makes those processes better for hospitals by identifying problem areas that could lead to lost revenues for hospitals. The software has access to pre-existing health claim status data, which allows it to identify where mistakes in previous claims were made. By using accurate coding, hospitals can add additional revenue.

“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.”

Medloop secures €6M from Kamet Ventures and AXA for self-service patient app

Published January 30, 2020

Medloop, which allows patients to manage healthcare needs and providers, has secured €6 million from Kamet Ventures and AXA.

The cash will be used to enhance its product offering and continue expansion across Germany and the U.K. Medloop is also developing an evidence-based medical rule engine embedded on the Electronic Medical Record (EMR) of patients.

Medloop offers patients what it calls “intuitive” self-service features in an app that enables them to navigate their own healthcare, including online appointment bookings, electronic medical results and prescription refills, as well as chatting in-app with healthcare providers.

Founded in 2018 by Berlin-based entrepreneur Shishir Singhee, some medical practices in Germany use the Medloop doctor system to run their entire practice, using it to give an overview of their patient population.

Singhee, said: “Healthcare today has become increasingly impersonalized as ever-growing patient registers have made it challenging for doctors to treat patients in a bespoke way. Medloop strives to bridge this critical gap, by employing technology to empower patients and help doctors deliver proactive and holistic care.“

Stephane Guinet, CEO of Kamet Ventures, said: “It is no secret how overstretched doctors are in terms of the time and care they can offer each patient. Medloop’s offering is a novel solution to this challenge and we are very excited to be part of Medloop’s growth story given how critical its offering is to the U.K. market and beyond.”

Medloop achieved compatibility with EMIS last summer, enabling its entry into the U.K. market.

In Germany, its main competitors are the incumbents that were built in the early 1990s, such as Medatix and Medistar. In the U.K. it is up against patient management tools such as QMasters.

Apixio’s New Iris Platform Uses Your Doctor’s Notes To Derive Insights

Published November 19, 2015

Apixio-HCC-Profiler-Dashboard [18837613] Data science applications for healthcare are finally trying to catch up to the rest of the world, with one new effort coming from six-year-old Apixio in San Mateo, CA. This morning, the company is launching a cognitive computing platform called Iris that derives insights from clinical data and other information in the health system. More specifically, Iris uses a powerful data… Read More