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 backend processes hospitals and healthcare providers need to keep up with is Olive, a startup out of Columbus, Ohio.
The company, which counts over 500 hospitals representing some of the largest healthcare providers in the U.S. among its customers, 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, 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,
“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.”
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