Prior authorizations were the most costly and time-consuming transactions for providers in 2019 and are among the top reasons patient care is delayed. As cash-strapped hospitals and health systems strive to meet patient, payer and provider needs, the demand for AI technologies to increase efficiency and improve the patient experience has become critical.
To help improve patient access to care and remedy the $31 billion prior authorization challenge, 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 is a leading healthcare AI company, enabling Frictionless Prior Authorization® for providers and payers. Seamlessly connected to the nation’s top electronic health record (EHR) systems, Verata’s AI technology automatically initiates prior authorizations, retrieves payer rules, and helps identify and submit clinical documentation from the EHR. When payers leverage its AI platform, Verata enables point-of-care authorizations for providers and patients, dramatically accelerating access to care.
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%.
By integrating Verata’s solution, Olive is able to provide customers with a true 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. This means patients not only get the care they need faster, but also eliminates confusing bills patients receive post-service stating their claim has been denied by their insurance.
The acquisition follows Olive’s recent $225.5 million financing round to bolster the company’s R&D war chest and drive the growth of Olive’s AI workforce for providers and payers. Recently, Olive also announced Olive Helps: a new AI platform that delivers targeted information to healthcare workers to enable better, faster results while reducing the time spent on administrative tasks. With Olive’s recent momentum, Verata’s suite of AI tools will deepen Olive’s impact as it automates the $31 billion problem of prior authorizations in healthcare.