Olio Health has raised $13 million in a Series A investment round to grow its workflow and collaboration platform for the post-acute care (PAC) ecosystem.
The platform is meant to improve upon the current communication and discharge process, which is manual, prone to error, not scalable and fails to give health systems insight into their patient’s conditions after discharge, Philip Lewis, partner at Fulcrum Equity Partners, which participated in the investment, said in a Monday (Aug. 29) press release.
“When the entire care management team has real-time patient status throughout the post-acute footprint, providers can drive performance in value-based care arrangements,” Lewis said in the release.
The Olio workflow and collaboration platform facilitates engagement between health systems, payers and PAC providers as patients transition through various sites of care, which in turn improves the quality of care, decreases readmission rates and shortens the length of stay, per the release.
With the new funding, Olio will accelerate its development of the product and hire key talent across multiple departments. The company will also benefit from the healthcare technology expertise of Fulcrum and another investor, Mutual Capital Partners (MCP), Olio CEO Ben Forrest said in the release.
MCP Partner Bill Trainor said in the release: “The heightened demand for value-based care solutions and the need for data and analytics to drive cost savings is a driver for accelerated adoption of healthcare technologies, such as Olio.”
Healthcare, insurance and financial services are among the largest verticals in the United States, and moving those industries into the digital age requires a mix of technology, automating manual processes and examining back-office functions, Corcentric CEO Matt Clark told PYMNTS in a March interview.
Describing the complexities, Clark said, “The healthcare space spills into the insurance world, and you have elements of B2B and elements of B2C.”