Welcoming Olive to the Oak HC/FT Family!

Welcoming Olive to the Oak HC/FT Family!

Originally published on Oak HC/FT

Today, we led the Series D financing in Olive (formerly known as CrossChx), the leading healthcare provider of robotic process automation (“RPA”) tools. Through its eponymous platform, the company streamlines repetitive, high-volume tasks by leveraging the systems and tools that its customers already have in place without complex integrations. Leveraging AI, Olive helps hospitals and health systems reduce costs, eliminate clerical error, boost efficiency, and improve satisfaction.

Our investment in Olive is the result of our thematic pursuit for solutions that help drive efficiency and lower costs using automation technology. While Olive is not unique in providing RPA solutions, we have yet to come across another company with as much proven expertise in solving challenges unique to healthcare. Sean Lane, the CEO and founder of Olive, and his team have developed a platform that delivers an immense amount of value without needing to fundamentally change the way its customers do business.

We spoke with many of Olive’s customers all of whom confirmed how integral the technology has become to their day-to-day operations. Many users referred to Olive as another member of their team, describing the work “she” did, stating they couldn’t imagine their workflow without “her.” This is the sort of thing that really underscores how Olive goes far beyond a typical software solution.

The use cases for Olive within the healthcare ecosystem are seemingly endless and we see them as only continuing to grow as the company expands with next-generation technology like Pupil, the company’s process mining solution. We look forward to partnering with the company to support growth strategies and scale the business. Alongside Ascension Ventures, Drive Capital, SVB Capital, and the other existing investors participating in this round, we at Oak HC/FT could not be more excited to partner with Sean and his team on their journey.

Olive (f/k/a CrossChx) Closes $32.8 Million Series D Financing

Olive (f/k/a CrossChx) Closes $32.8 Million Series D Financing

Funding led by Oak HC/FT and Ascension Ventures to enable company to accelerate product development and scale its technology to healthcare organizations nationwide

CrossChx rebrands itself as Olive to reflect commitment to building meaningful AI-enabled robotic process automation solutions for healthcare

COLUMBUS OH, July 30, 2018—Olive, the premier healthcare-focused robotic process automation and artificial intelligence company, announced today that it has raised a $32.8 million Series D round from Oak HC/FT and Ascension Ventures with participation from existing investors. The round will help the company scale its eponymous AI solution, Olive, throughout healthcare organizations nationwide and invest in new capabilities such as Pupil, its process mining tool, that will be launched at alpha sites this summer.

“Hospital operations have grown unsustainably complex as providers must adopt new technologies, workflows, and regulations with increasing frequency in order to provide best-practice care,” added John Kuelper, Investment Director at Ascension Ventures. “Olive’s cutting-edge process mining and automation technologies are enabling our firm’s health system partners to continually optimize clinical and administrative operations so caregivers can spend more of their time on patient care.”

“Olive arrives at a time when healthcare organizations are burdened with improving efficiency, reducing costs, and enhancing the patient experience,” said Sean Lane, Founder and CEO of Olive. “Olive handles repetitive, high-volume tasks, which allows employees to get back to patient care and presents healthcare organizations with value that could not otherwise be realized.”

“As the first healthcare automation solution on the market using AI to streamline repetitive tasks and workflows by working with existing systems, Olive is uniquely positioned to counteract the ever-increasing cost of healthcare and humanize the cumbersome process,” said Billy Deitch, Principal at Oak HC/FT. “We are excited to partner with Olive to deploy its innovative technology at scale.”

Billy Deitch, Principal at Oak HC/FT and John Kuelper, Investment Director at Ascension Ventures, will join the company’s board of directors.

Earlier this year, Olive divested its legacy Connect platform and related products including Connect biometrics, Queue registration kiosk, and the CrossChx Connect mobile app to DHS Group.

ABOUT OLIVE
Olive is a healthcare-specific artificial intelligence and process automation company that empowers healthcare organizations to improve efficiency and patient care while reducing costly administrative errors. Its eponymous AI solution, Olive, acts as the intelligent router between systems and data by automating repetitive, high-volume tasks and workflows, providing true interoperability. Olive has helped healthcare organizations reduce data and billing errors, eliminate denials for no coverage, improve cash collections by reducing days in A/R, and more. To learn more and receive updates, visit www.oliveai.com.

ABOUT OAK HC/FT
Founded in 2014, Oak HC/FT (http://oakhcft.com) is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). With $1.1 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn and Medium.

ABOUT ASCENSION VENTURES
Ascension Ventures is a strategic healthcare investment firm with four funds and more than $800 million in capital under management. The firm was launched in 2001 by Ascension, the nation’s largest Catholic and non-profit health system, and today invests on behalf of thirteen of the nation’s leading community health systems. These health system limited partners collectively operate 474 hospitals, have 578,000 employees and generate $88 billion in annual revenue. AV collaborates with these partners to identify, invest in, and support strategically aligned private companies that are transforming the healthcare industry and enhancing the experience for patients, their families, and caregivers.

Effective and Efficient Decision Making

Effective and Efficient Decision Making

As a Product Manager, you own the decisions made about your product. This doesn’t mean that you are always actually making choices, but that you are responsible for facilitating the making of decisions and are held responsible for their outcomes. While the outcome of a decision is the typical measure of success, I believe that PdMs should also focus on how quickly they can take advantage of an opportunity. In the fast-paced landscape of technology companies, especially startups, taking weeks or even days to make a decision could be long enough to render even a “perfect” decision (probably doesn’t exist) useless. All too often, to a fault, analysis is valued over execution. In this blog, we’ll explore how to leverage action to make better Product decisions.

To illustrate how overanalysis can cause a missed opportunity, consider the following scenario. You want to improve conversion on your website as a new competitor is beginning to take some of your potential users. You think you can make-up ground by improving the usability of the sign-up flow, and want to take some time to analyze the current sign-up data, do some user groups, run a few A/B tests, and optimize your site from there. While this sounds like a fine plan, PdMs need to be cognizant of the time they’re spending on optimization and planning in comparison to the magnitude of the decision. Doing user groups and inconsequential A/B tests over a matter of months may lead to a solution capable of doubling conversion rate, but at that point your competitor may have already swayed a bulk of your potential users. Also, how valuable are those acquired users in the end anyways? If you were able to make a slightly less informed decision that resulted in a slightly worse conversion rate improvement, but in half of the time, the end result would likely be a gain in users over your competitor. PdMs need to constantly evaluate the importance and impact of decisions with the amount of time and energy required to make it.

 

“This reveals something counterintuitive about decision making: your goal shouldn’t be to always make the right decision, it should be to invest the right amount of time in a making a decision relative to its importance.” – Brandon Chu, Making Good Decisions as a Product Manager

 

To make more effective product decisions, I recommend trying out the following techniques:

Keep the end goal in mind

Sometimes it’s easy to get caught up in the details of a problem, forgetting what the actual end goal is. It’s helpful to take a moment to slow down and identify what the end goal is, which is usually larger/broader than the task at hand, and make sure you’re not getting hung up on details that will only have a minor impact. To do this, try increasing the visibility of your end goal, and tracing all changes/initiatives/tests back to that goal, so that your team always has their eye on how their work relates to the bigger picture. A good Product team will call things out if they feel out of line.

Plan to learn along the way

No decision will ever be perfect. Expecting to fail and learn (in a controlled way) along the way will put you in the mindset of execution, rather than endless analysis. This comes down to managing the expectations of your manager, team, and yourself. Knowing upfront that you’re going to take some chances makes acting on those chances earlier easier. Instead of building out a plan, which includes knowing the answers or delaying a decision, break the decision up into smaller, prioritized decisions and start at the top. Working through this list will allow you to make better smaller decisions that are less risky and daunting, allowing you to learn faster. Having this expectation at the start will take the pressure out of the situation.

Doing something (within reason) is better than doing nothing

Action typically outweighs idleness when faced with a product decision. This feeds the learning mindset, pushing you to take steps towards your goal, even if they are not 100% the right steps. The key to managing this risk is to keep the steps small, and to tackle lower-risk problems with less information while spending more time on higher-risk decisions. Those small steps will compound into leaps of positive progress, and you will have made them quickly. One of our company core values at CrossChx is “excuses are for losers”, so every time I’m faced with a decision where there doesn’t seem to be a clear path forward, I remind myself that there is always something that can be done. There is typically no excuse to do nothing—there is always something that can be learned.

Being at the center of products, PdMs own the result of all decisions made. To effectively make decisions, Product teams typically employ a number of frameworks, but can get bogged down in the perfect solution. To take full advantage of opportunities, PdMs should consider the timeliness of their decision heavily against the potential impact of their decision. Making the right decision too late isn’t valuable to you or your customer.

Afterword: While searching to see how other PdMs feel about this topic, I stumbled across Brandon Chu’s blog Making Good Decisions as a Product Manager (quoted above). I cannot agree more with his post and recommend reading his post if you want a deeper dive on the mechanics of this sort of decision making.

Integrate with Nothing. Outegrate with Everything.

Integrate with Nothing. Outegrate with Everything.

As technologies have rapidly improved and advanced in their cognitive abilities, humans have willingly deduced themselves to manual routers of information. But wait… weren’t computers supposed to do that? I want us all to change the way we think about AI in order to build communities, not walls. AI should be used to scale human capacity rather than replace human necessity, and work side-by-side with healthcare employees of all levels and specializations.

I spoke at the “Machine Learning and AI for Healthcare” event at HIMSS a few weeks ago and because there wasn’t any video footage I wanted to at least share my thoughts on AI in this blog post.

I truly believe that it will require all of us to solve the problems that exist within healthcare by changing the way we think about AI in order to build communities instead of walls. That’s why I titled this “Integrate with Nothing, Outegrate with Everything.” I know what some of you are thinking. Outegrate isn’t even a real word. Let me tell you from personal experience, you can’t be a successful startup without having the ability to dress funny, use words like “disrupt,” “lean,” and “unicorn,” and lastly you can’t be a successful startup without having the ability to make up words once in a while.


Some of you may remember CrossChx as the startup that brought a DeLorean to HIMSS two years ago, with our “lobby of the future” concept. We were focused on solving the problems around identity and data resolution. Based on the success that came from creating a unique global patient ID, our customers requested our help to further reduce costs that are incurred by the stress points associated with manual processes that result in claim rejections, denials, no shows, and more. We knew we had an even bigger opportunity to solve massive problems in healthcare with AI. What we believe is that for AI to be truly useful, it must be indistinguishable from a human and that AI should do what machines do best — leaving the tasks that require creativity, empathy, and passion to people.

Now that you know a little bit about our story I want to set the tone for why I believe what I believe by sharing my personal story.

I was born in India to Aviraj and Sureka, and I have an older brother named David. If you’re Indian, or know someone who is, you know that there are a plethora of people in Indian families. Some that you know, and some that you will never meet, but that’s just the way it is. Until I was six years old, there were twelve of us living in four bedrooms, sharing one kitchen and one bathroom all on the bottom floor of an apartment building. When we immigrated to the United States in 1991, I met nearly a hundred more family members and we all lived within a ten mile radius of each other in the suburbs of Washington, D.C. The biggest lesson I learned throughout my childhood was that community matters. There was always a reason to celebrate…Thanksgiving and Christmas? Let’s get a hundred people together and pack them into the smallest place possible. You got a new pair of shoes? Great! Let’s celebrate that by going out to eat!

Historically, humans were centered around family and communities.

Generation after generation lived together under one roof, and when families did live separately, they never moved very far. We have since become a more individualistic culture. We walk around all day with our heads buried in our phones. We rely on ourselves. We live far away from where we were raised. Our connections with other people sometimes take place most often in the workplace.

It seems as though some of the technologies within healthcare have succumbed to the same mindset.

Now there are plenty of inventions that have helped us connect what was once disconnected. Think about electricity, the automobile, railways, mobile telephones, Facebook, and the list goes on. On the flip side we also know that there are plenty of technologies that do not help us become more connected. Healthcare, for example, has made significant investments into EHR’s, email, phone, chat, analytics, patient portals, and revenue cycle tools. Not to mention the time spent on hiring and training staff on these applications at disparate parts of an organization.

Instead of these technologies existing within a cohesive community that benefits both the patient and provider, they have built walls.

These are pervasive problems that I’m sure each of us have to deal with on a daily basis, but imagine what that must feel like for healthcare workers around the world. You could walk around most healthcare trade shows and slap vendor logos on each one of these walls. Most technologies require expensive integrations and the client is stuck paying the bill and allocating their IT staff to complete each of these projects.

“The sheer volume of healthcare data and the industry’s inability to tap its potential adds up to more than $300 billion annually in wasted value. Add to that compliance with federal privacy laws, and it’s no wonder patient care is often a mess. Multiple health data sources keep information such as clinical, financial and operational data siloed and separated, a problem that’s compounded by each data system’s unique validation rules, formats and key identifiers. With different databases and software systems holding different subsets of data, it’s difficult to get a complete picture of a patient — so accurate analysis of all that information is tough to do.”The McKinsey Global Institute.

Because of the lack of interoperability with these technologies, human employees such as clerical staff, nurses, and even doctors, have become the routers of information.

Transferring data from one system to another. Typing and clicking their way through routinizable tasks, and spending less time focused on direct-patient care. Recent studies have shown disturbing trends in physicians spending nearly 50% of their time working within the EHR and other technologies that they use. Aside from being stressful and tedious, clerical processes are naturally prone to human errors– errors which can ultimately cost organizations tens of thousands, if not hundreds of thousands of dollars each year.

So what can AI do to help scale human capacity rather than replace human necessity?

Let’s begin by helping hospitals and health systems optimize operations. AI allows healthcare organizations to automate a variety of tasks including eligibility, order management, prior authorizations, claims processing and more. AI doesn’t compromise the IT infrastructure you already have in place– it merely helps you run the tools you already have more efficiently.

Earlier I talked about the investments that healthcare organizations have made in a variety of technologies. When you hire someone, you don’t expect them to show up with their own applications to perform their duties. So why expect your AI to do the same? Instead, we should expect AI to adopt the tools that are already in place and use them to perform their duties just like any other human. Just like an employee, an AI solution can get an email address, EHR or system account, a VPN, and access to any other necessary tools that are essential to fulfilling an employees duties.

Because AI can work 24 hours a day, 7 days a week, and 365 days a year, it will empower healthcare workers to spend less time processing data and more time focused on direct-patient care.

There will be obvious benefits that will come from AI including cost reductions, increased revenue, time saved, satisfaction for staff and patients alike, but for the sake of the people on the front lines of healthcare I truly believe AI will help reduce burnout and help scale human capacity by allowing us all to focus on the things that can only be accomplished by the wonders of the human brain.

Let me give you a quick example of what is possible with AI. I recently went on a site visit to a rural hospital in Georgia that has implemented AI to handle their eligibility and order management process. This is a 50 bed hospital, that is more than likely the largest employer in the area, and they didn’t even flinch when they saw AI as an opportunity. Instead of the doom and gloom that can be associated with AI, they focused on the overall positives.

The entire leadership team there got together and decided to send their Director of Patient Access to Disneyland for the Quality Service course taught by the Disney Institute. She was able to come back and reallocate her staff to direct-patient care and customer service needs rather than focusing on the repetitive, high-volume processes that they used to handle. Now will everything be that easy? Maybe not, but it does give us a glimpse of what is possible.

Now, let’s talk about how implementing AI can help not only organizations, but actual patients. Imagine having hundreds of instances of AI live at health systems around the country. Let’s say that you are traveling across the country for a family reunion and while you’re eating at a rest stop you chip a part of your tooth. Now you don’t want to show up at this reunion with a chipped tooth so you text and AI solution and say “hey I chipped my tooth can you find me a dentist that I can fix it for me asap?” The AI solution replies back and says “there are five dentists in this area that take your insurance and since I am logged into their schedules. I can tell you that these are the available times which one would you like for me to schedule?” You text back ”2pm” and then the AI solution gathers all the information of dentists you’ve ever been to, puts it together, and inserts it into the system of the dentist that you are going to. There’s no need for forms, or eligibility checks. The necessary information and data is there. That is the type of future that we can provide to consumers and that is the type of future that I want to be a part of with AI.

Click Less, Care More.

We work in an industry that has historically been left behind in technological revolutions — so it’s incumbent on each of us to make a commitment to move our technologies and organizations forward with AI. Once we’ve delegated our data heavy tasks back to computers, we’ll empower our teams to stand back up, click less, and care more. Doctors, nurses, and even clerical staff will finally be able to give their full attention to creating communities within your health networks, without the stress of tasks that are better suited for machines. AI will work alongside of us — not instead of us — in every department, of every organization. When our human capabilities are augmented with AI, we can create communities instead of walls like we’ve always imagined. Integrations cause stress, confusion, and headaches… but outegrations can transform our facilities into innovation centers capable of transforming the way we provide healthcare.

If you would like to learn more about how CrossChx is helping hospitals and health systems around the country Outegrate with Everything by hiring Olive, our AI solution, please visit hireolive.com/outegrate