Olive acquires AI company focused on prior authorizations: 5 details

Two days after closing on a $225.5 million financing round, Olive acquired an artificial intelligence company focused on streamlining the revenue cycle for healthcare providers.

Five details:

1. Olive acquired Verata Health on Dec. 3. Verata Health is an AI company that automatically initiates prior authorizations based on payer rules and can identify and submit clinical documentation from the EHR. The platform enables point-of-care authorizations for care so patients and providers don't have to wait for insurance company permission from participating payers.

2. Olive will combine Verata's platform under its name, and more than 60 employees will join Olive.

3. Verata CEO Jeremy Friese, MD, will join Olive as president of the payer market, and Verata CMO YiDing Yu, MD, will take on the same role at Olive. Olive Chief Revenue Officer Lori Jones added the role of president, provider market to her title.

4. The combined platform will have touchless submission of prior authorization requests and can also automate denied claims appeals.

5. Terms of the deal were not disclosed.


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