Prior approvals were the most expensive and tedious exchanges for suppliers in 2019 and are among the top reasons understanding consideration is deferred. As desperate clinics and wellbeing frameworks endeavor to meet patient, payer and supplier needs, the interest for AI innovations to build productivity and improve the patient experience has gotten basic. To help improve persistent admittance to mind and cure the $31 billion prior approval challenge, Olive reported the obtaining of Verata Health to tackle prior approvals for suppliers and payers through artificial intelligence as a joined arrangement under the Olive name.
Verata is a main healthcare AI organization, empowering Frictionless Prior Authorization® for suppliers and payers. Flawlessly associated with the country's top electronic wellbeing record (EHR) frameworks, Verata's AI innovation naturally starts prior approvals, recovers payer rules, and recognizes and submit clinical documentation from the EHR. At the point when payers influence its AI stage, Verata empowers purpose of-care approvals for suppliers and patients, drastically quickening admittance to mind.
Olive and Verata's joined prior approval arrangement smoothes out the cycle for suppliers, patients and payers by diminishing benefits by throughout 40% and cutting turnaround time for prior approvals by up to 80%.
By coordinating Verata's answer, Olive can furnish clients with a genuine start to finish prior approval arrangement. The arrangement begins with deciding whether an approval is required, incorporates touchless accommodation of the prior approval demand, closes with robotizing denied guarantee requests and awards medical clinics a 360 degree perspective on their approval execution. This implies patients get the consideration they need quicker, yet in addition takes out befuddling charges patients get post-administration expressing their case has been denied by their protection.
"Caring for patients at Mayo Clinic was life-changing," said Dr. Jeremy Friese, CEO of Verata and former Mayo physician executive. "We started Verata to have an impact on patients and providers across the country. Combining our AI solution with Olive's creates the leading platform to solve prior authorization on 'both ends of the fax machine' at providers and payers to drive impact for millions of patients."
More than 60 Verata employees will join the Olive team following the acquisition, bringing Olive's total employee count to approximately 500. Olive's senior executive team will continue to grow as well:
- Lori Jones, Chief Revenue Officer, will retain her title and will also take on the role of President, Provider Market
- Dr. Jeremy Friese, Chief Executive Officer at Verata, will join Olive as President, Payer Market
- Dr. YiDing Yu, Chief Medical Officer at Verata, will become Olive's Chief Medical Officer
"A broken healthcare system is one of the biggest challenges humanity faces today and prior authorization issues in particular are costing our nation billions of dollars. After partnering with Verata earlier this year, we saw incredible potential for Verata's technology to reduce the amount of time and money spent on prior authorizations, and to eliminate delays in patient care," said Sean Lane, CEO of Olive. "This acquisition allows Olive to accelerate innovation in areas where we can drive the biggest impact, and further expands our solutions to providers and payers seeking to transform healthcare."
The procurement follows Olive's ongoing $225.5 million financing round to reinforce the organization's R&D stash and drive the development of Olive's AI labor force for suppliers and payers. As of late, Olive additionally reported Olive Helps: another AI stage that conveys focused on data to healthcare laborers to empower better, quicker outcomes while lessening the time spent on managerial errands. With Olive's ongoing energy, Verata's set-up of AI devices will extend Olive's effect as it mechanizes the $31 billion issue of prior approvals in healthcare.
About Olive
Olive's AI workforce is built to fix our broken healthcare system by addressing healthcare's most burdensome issues -- delivering hospitals and health systems and payers increased revenue, reduced costs, and increased capacity. People feel lost in the system today and healthcare employees are essentially working in the dark due to outdated technology that creates a lack of shared knowledge and siloed data. Olive is designed to drive connections, shining a new light on the broken healthcare processes that stand between providers delivering patient care and payers. She uses AI to reveal life-changing insights that make healthcare more efficient, affordable and effective. Olive's vision is to unleash a trillion dollars of hidden potential within healthcare by connecting its disconnected systems. Olive is improving healthcare operations today, so everyone can benefit from a healthier industry tomorrow.
About Verata Health
Verata Health empowers hospitals, health systems and payers to take control of one of the biggest and most challenging problems in healthcare — prior authorization. A physician-led company trusted by customers across the country, Verata's artificial intelligence platform is obsoleting the fax machine with Frictionless Prior Authorization®. Supporting both simple and clinically complex prior authorizations, Verata Health helps both providers and payers increase revenue, reduce administrative burden and accelerate patient access. Verata Health's investors include BlueCross BlueShield Venture Partners, LRVHealth, CapitalFour, 3M and Bessemer Venture Partners. TripleTree, LLC served as the exclusive financial advisor to Verata Health for this transaction.