Verata Health and Olive Join Forces to Solve $31B Prior Authorization Issue
MINNEAPOLIS, July 29, 2020 (GLOBE NEWSWIRE) -- Olive and Verata Health announced today their partnership to solve the complexities of the prior authorization process—one of healthcare’s most disruptive and costly challenges for payers, providers, and patients. This partnership brings together two of the fastest growing technologies in healthcare today focused on leveraging artificial intelligence to automate repetitive and time-consuming administrative tasks that stand between providers and patient care.
Prior authorization is a $31B challenge for the healthcare industry, accounting for more than 30% of all preventable write-offs for hospitals and providers, and the burden is on the rise, despite the best efforts of providers and policymakers to streamline the process. Organizations devote countless time, staff, and financial resources to obtain the necessary approval to treat their patients, and healthcare executives are looking for new technologies to solve this multimillion-dollar problem.
“Olive’s AI workforce is having a tremendous impact in helping health systems solve some of their most costly problems. Together, Olive with Verata increases the comprehensiveness of our prior authorization solution, not only helping providers recover millions in lost revenue, but also helping to deliver better care to millions of patients every year,” said Sean Lane, CEO of Olive. “At the end of the day, patients deserve better, faster care, and Olive with Verata will absolutely help with that.”
The partnership will combine Olive’s AI workforce with Verata Health’s Frictionless Prior Authorization® platform. Olive delivers enterprise-wide automation solutions within top health systems throughout the country. Olive’s AlphaSite programs are onsite, centralized hubs for AI workforce operations that equip healthcare leaders with the speed, agility, and partnership to accelerate enterprise-wide impact.
Complementing Olve’s AI workforce will be Verata Health’s Frictionless Prior Authorization® technology, an AI-powered platform currently used by thousands of providers across the United States. Verata’s platform automates the prior authorization process from end-to-end across all payers and specialties. Leveraging proprietary insight across tens of thousands of health plans, Verata automatically prepares prior authorizations for providers and health systems, accelerating decisions from payers, and improving patient access to appropriate and timely treatment. Together, these two technologies offer the industry-leading solution to the prior authorization challenge.
“Verata’s products have enabled providers and payers around the country to reduce administrative burden and help patients get the care they deserve. Olive’s reach across the top health systems combined with Verata’s groundbreaking prior authorization platform and health plan connectivity create a powerful partnership focused on solving the biggest challenge in healthcare today,” said Dr. Jeremy Friese, CEO of Verata Health. “Verata leverages deep provider expertise and broad payer support to solve both sides of the fax machine and get patients the right care, at the right time.”
Industry-leading strategic and investor partners back the Olive-Verata partnership with expansive knowledge in bringing game-changing technologies to market. Verata, a Minnesota-based company, has received investments from the Blue Venture Fund, 3M, LRVHealth, and Bessemer Venture Partners. Olive, an Ohio-based company, is backed by General Catalyst, Drive Capital, Oak HC/FT, Ascension Ventures, among other investors.
Olive is deploying the AI workforce built specifically for healthcare, delivering hospitals and health systems increased revenue, reduced costs, and increased capacity. Olive automates repetitive, high-volume tasks and workflows, monitoring their performance, identifying improvements, and finding opportunities for new work. Olive gives power back to providers through her ever-growing, unparalleled intelligence made up of shared memories, collective wisdom, and global awareness, learning like a network, so hospitals never have to solve the same problem twice. To learn more about Olive and our healthcare organization partners, visit oliveai.com.
About Verata Health
Verata Health is empowering practices, hospitals, and health systems to take control of one of the biggest and most challenging problems in healthcare -- prior authorization. A physician-led company trusted by providers, health systems, and payers 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. To learn more about Verata Health, visit www.veratahealth.com.