Olive acquires Verata Health
Ohio-based provider of AI to healthcare providers Olive announced the acquisition of Verata Health to solve prior authorizations for providers and payers via artificial intelligence as a combined solution under the Olive name.
Verata’s AI technology automatically initiates prior authorizations, retrieves payer rules, and helps identify and submit clinical documentation from the electronic health record (EHR). When payers leverage its AI platform, Verata enables point-of-care authorizations for providers and patients, accelerating access to care.
By integrating Verata’s solution, Olive is able to provide customers with an end-to-end prior authorization solution. The solution starts with determining if an authorization is required, includes touchless submission of the prior authorization request, ends with automating denied claim appeals and grants hospitals a 360 degree view of their authorization performance.
Olive and Verata’s combined prior authorization solution streamlines the process for providers, patients and payers by reducing write-offs by over 40% and cutting turnaround time for prior authorizations by up to 80%. “Caring for patients at Mayo Clinic was life-changing. We started Verata to have an impact on patients and providers across the country. Combining our AI solution with Olive’s creates the leading platform to solve prior authorization on ‘both ends of the fax machine’ at providers and payers to drive impact for millions of patients.” – Dr. Jeremy Friese, CEO of Verata and former Mayo physician executive.
“A broken healthcare system is one of the biggest challenges humanity faces today and prior authorization issues in particular are costing our nation billions of dollars. After partnering with Verata earlier this year, we saw incredible potential for Verata’s technology to reduce the amount of time and money spent on prior authorizations, and to eliminate delays in patient care. This acquisition allows Olive to accelerate innovation in areas where we can drive the biggest impact, and further expands our solutions to providers and payers seeking to transform healthcare.” -Sean Lane, CEO of Olive.
More than 60 Verata employees will join the Olive team following the acquisition, bringing Olive’s total employee count to approximately 500.