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Healthcare automation firm Olive is promoting its AI-enabled utilization administration instrument for payers to well being info community Availity.
The deal marks one other product divestiture for Olive. Axios first reported final fall the corporate was promoting its inhabitants well being and 340B administration instruments to healthcare AI firm Rotera.
These gross sales got here a number of months after Olive announced it was shedding about 450 employees. On the time, CEO Sean Lane stated “fast-paced progress and lack of focus” had strained the corporate’s sources and prevented it from performing rapidly on key initiatives.
In a press release, Olive stated the settlement to promote its utilization administration product, which automates prior authorization approvals for payers, completes its pivot to give attention to well being programs.
“The utilization administration product we created at Olive is a strong demonstration of the facility of synthetic intelligence to remodel healthcare. As Olive continues its strategic realignment towards automated income cycle options for well being programs, we’ll proceed delivering game-changing options by means of our AI-powered automation and intelligence merchandise,” Lane stated in a press release.
“The divestiture of the utilization administration product to Availity will present that product and the wonderful group that helps it the laser focus wanted to develop and flourish. We’re excited to see how it will positively affect the healthcare ecosystem.”
Availity will tackle the business contracts with Olive’s present clients and rent “key associates” with the enterprise. The businesses did not disclose monetary particulars of the deal, nevertheless it’s anticipated to shut within the coming weeks.
“This know-how completely aligns with Availity’s imaginative and prescient of delivering omni-channel, multi-payer options to a fragmented healthcare information ecosystem. This game-changing resolution will assist our supplier and well being plan clients overcome the frequent limitations to making sure well timed care supply, useful resource allocation and affected person satisfaction,” Russ Thomas, CEO of Availity, stated in a press release.
THE LARGER TREND
Based in 2012 as CrossChx, Olive changed its offerings a number of occasions earlier than touchdown on healthcare automation and workflow tools to chop down on the time employees must spend on routine duties.
The corporate raised multiple rounds in 2020. In 2021, Olive scooped up $400 million in investor {dollars}.
The acquisition of Olive’s belongings is the second current acquisition for Availity. Final 12 months, it purchased Diameter Health, which develops know-how for medical information high quality and interoperability.
Tina Manoharan will supply extra element within the HIMSS23 session “AI and Knowledge Interoperability: A Symbiotic Relationship for Healthcare.” It’s scheduled for Tuesday, April 18 at 4:15 p.m. – 5:15 p.m. CT at South Constructing, Degree 4, room S401.
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