Prior authorizations are costly and time-consuming transactions for both providers and payers, and are among the top reasons patient care is delayed. To improve patient access and solve this $31 billion issue, Olive announced the acquisition of Verata Health to offer healthcare’s only end-to-end prior authorization solution and deliver massive cost-savings to payers and providers.
The Problem with Prior Authorization
Prior authorization processes are rife with inefficiency and errors, feeding revenue leakage and burning through limited resources. As hospitals struggle to balance patient, provider and payer needs, the demand for AI to increase efficiency and improve the patient experience has become critical.
- Prior Authorization is a growing $31B problem1
- 92% of care delays can be traced back to prior authorization issues2
- 90% of authorization-related denials are preventable3
- Costly changing requirements by payers — 8% of rules change each month
Olive’s End-to-End Solution
We’re listening to customer needs, with 50% of those we recently surveyed saying they plan to use AI to improve prior authorization in the next 12 months. As we plan our product roadmap for the coming years, this acquisition allows us to drive innovation in areas which will provide the biggest impact.
- Combined solution will offer hospitals over $3.5 million in savings
- Cut turnaround time for prior auths by up to 80%
- Reduce write-offs by over 40%
- Hospitals get a 360 degree view of their authorization performance
Olive Acquires Verata Health
“A broken healthcare system is one of the biggest challenges humanity faces today and prior authorization issues are costing our nation billions of dollars. 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.”
– Sean Lane, CEO of Olive