Olive, an AI workforce company, acquired Verata Health, a healthcare AI company, for an undisclosed amount.
Verata is a healthcare AI company, enabling prior authorization for providers and payers. Connected to the nation’s top electronic health record (EHR) systems, Verata’s AI technology automatically initiates prior authorizations, retrieves payer rules, and helps identify and submit clinical documentation from the EHR. When payers leverage its AI platform, the company enables point-of-care authorizations for providers and patients, dramatically accelerating access to care.
Olive and Verata’s combined prior authorization solution streamlines the process for providers, patients and payers by reducing write-offs and cutting turnaround time for prior authorizations.
By integrating Verata’s solution, Olive is able to provide customers with an end-to-end prior authorization solution that starts with determining if an authorization is required, includes submission of the prior authorization request, ends with automating denied claim appeals and grants hospitals a 360 degree view of their authorization performance.
Led by Dr. Jeremy Friese, CEO, the team of 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
Led by Sean Lane, CEO, Olive uses AI to reveal insights that make healthcare more efficient, affordable and effective. Recently, the company announced Olive Helps, a new AI platform that delivers targeted information to healthcare workers to enable faster results while reducing the time spent on administrative tasks.
The acquisition follows the company’s recent $225.5 million financing round.
FinSMEs
03/12/2020