Monday morning Olive, a healthcare software company that employs artificial intelligence to automate provider workflows, announced that it closed a $32.8 million Series D financing round led by Oak HC/FT and Ascension Ventures.
“Hospital operations have grown unsustainably complex as providers must adopt new technologies, workflows, and regulations with increasing frequency in order to provide best-practice care,” John Kuelper, investment director at Ascension Ventures, said in a statement. “Olive’s cutting-edge process mining and automation technologies are enabling our firm’s health system partners to continually optimize clinical and administrative operations so caregivers can spend more of their time on patient care.”
Part of the idea behind Olive is to cut down on the time humans have to spend on routine tasks. It does this by using robotic process automation technology, which can fill in files or add data points.
The platform is EHR agnostic, and so can be integrated into any existing system. It has the ability to pull patient information and check it against insurance eligibility portals, according to the webpage.
The platform also has an insights and analytics tool that lets users see how the AI is working in real time. It will also show users different trends and points out efficiencies that can be adjusted by the user.
“As the first healthcare automation solution on the market using AI to streamline repetitive tasks and workflows by working with existing systems, Olive is uniquely positioned to counteract the ever-increasing cost of healthcare and humanize the cumbersome process,” Billy Deitch, Principal at Oak HC/FT, said in a statement. “We are excited to partner with Olive to deploy its innovative technology at scale.”
The company plans to use the new money scale its AI technology and invest in new capabilities. It specifically mentions that it will be developing its process mining tool Pupil, and expects this to be launched in alpha this summer.
The Columbus, Ohio-based company was founded in 2012 and perviously called CrossChx. In 2016 it landed $15 million in funding for its tablet-based patient check-in system, called Queue. It has since moved its focus on AI and machine learning.
