Ohio-Based Healthcare Company Olive Raises $51 Million Led By General Catalyst

By Amit Chowdhry ● April 3, 2020
  • Columbus, Ohio-based Olive announced it closed $51 million in funding led by General Catalyst

Olive, a Columbus, Ohio-based company known for developing an artificial intelligence-based workforce for the healthcare industry, announced it closed $51 million in funding led by General Catalyst. The company’s existing investors include Drive Capital, Oak HC/FT, and Ascension Ventures.

This round of funding will enable Olive to accelerate its growth and drive its mission of automating administrative processes so hospital employees can focus on delivering better quality and cost-effective care. Former Mission Health President and CEO Dr. Ron Paulus is also joining the board of directors at Olive.

Olive’s AI workforce automates healthcare’s most repetitive and high-volume administrative processes — across departments like Revenue Cycle, Information Technology, Supply Chain, Clinical Administration, Human Resources, etc. — to deliver improved efficiency, reduced costs, and increased employee capacity. And driving efficiency in non-clinical work enables hospitals and healthcare leaders to focus more resources on the actions and activities that improve care.

This announcement comes on the heels of a big year for the company. Olive’s presence grew in 2019 to over 500 U.S hospitals across 41 states, including 25 of the nation’s largest health systems.

According to recent data, Olive discovered that nearly two-thirds of healthcare leaders are planning to adopt automation technologies in the next two years, which is a major uptick from the report issued less than 12 months ago.

Key Quotes:

“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. 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.”

-Dr. Ron Paulus

“The AI workforce is here, and the days of disconnected bots that don’t learn from each other are over. The time is now and this investment enables us to accelerate our vision of the internet of healthcare – where when one Olive learns, all Olives learn. We’re on a mission to radically change the way healthcare leverages and views an AI workforce.”

-Olive CEO Sean Lane