Olive Quarterly / Q2|2021

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Olive Quarterly Q 2 | 2 0 2 1

L E A R N

Olive’s Interoperability 8

E N G A G E

Perpetual Impact and the Story of Pi 32

E X P E R I E N C E

Apertures: Olive on Full Display 46

Creating the Internet of Healthcare Sound ambitious? It is, and it’s very real. Learn how Olive is using shared intelligence to improve healthcare in profound new ways.


Connecting systems. Changing the world.


Olive Quarterly Q2|2021

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46

Learn Letter from the CEO 2

The Olive Story + Mission/Vision

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Experience

Engage

Apertures: Olive on Full Display 46

CONTENTS

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Olive Products AI as a Service

Case Study: A Massive AI Workforce

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6

50

Olive Works Olive’s Interoperability

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8

Olive Helps

Olive Ventures 52

22

Olivian Culture

Go1 10

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Olive Shares 24

Case Study: The Missing Partner

Olive Assures

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26

Case Study: Improving Quality in the Upper Midwest 58

Product Catalog

Olivology

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60

Perpetual Impact and the Story of Pi 32

Case Study: Olive’s AI-powered Solution Transforms Prior Authorization 44

Q2 2021 | 1


LETTER FROM THE CEO

Healthcare is an industry whose impact means the difference between life or death. The health and well being of the human race is at stake and globally we spend almost $10 trillion a year to endeavor towards a better system. In the U.S. alone, we spend 18% of GDP on healthcare. Yet, for decades the same tired story has echoed the halls of conferences, media outlets and meeting rooms. We’ve complained about outdated systems, hand-me-down tech, lack of interoperability, antiquated billing systems and bureaucratic malaise. When I entered healthcare a decade ago, it felt like a broken record of grumbling in panels and fireside chats. I constantly heard healthcare executives were luddites and not ready to change. But when I met with hundreds of executives, I found exactly the opposite. The problem is not the executives in healthcare. The problem is not the 16 million dedicated healthcare workers. The problem is healthcare 2 | Olive Quarterly

technology companies. We had built some pretty mediocre products. However, when I looked around for the builders, the engineers or the R&D budgets that could withstand bold new technology, I found a shocking reality. It was virtually a ghost town. As an industry, we weren’t putting our resources to work to solve the hard technology problems in the same way every other industry had done. None of the “big players” in healthcare were investing nearly enough R&D into transformative technologies. Startup companies with half a shot to make a difference were acquired before they could fulfill their vision. Capital sources were focused on incremental improvements of status quo, or worse, the arbitrage of


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a disconnected patchwork system. Value investors kept true innovation at bay. That era ... is over. It’s time for a new class of companies whose ambitions are to grow and not to sell. Companies who are more interested in a billion dollar R&D budget than a billion dollar valuation. Companies that will be in it for the longhaul. Investing incredible amounts of time and money into solving humankind’s most important technology problems. We want Olive to be one of these companies and we are extending our platform to others looking to build one of these companies as well — or at least something important for our industry. If you come along with us on this journey as a customer, partner, employee, fan or even critic, I can promise you these things: – – – – – – – – – – – – – – – – – 1. We will never stop creating and offering new products at a high velocity – – – – – – – – – – – – – – – – – 2. We will always challenge the legacy system and the assumptions upon which it was built – – – – – – – – – – – – – – – – – 3. It won’t always be easy: There will be rough spots and challenging times, but the results will be worth it

Olive Quarterly will show you in detail how we plan to do that. We’re pretty transparent. There are a few secret projects I can’t tell you about — yet — but most of our plans will be found in the following pages. There are a number of exciting new technologies and products, but remember … we’re just getting started.

technology. Together we will be the pioneers. We will provide the examples that others will model themselves after. “Ten years behind healthcare” will be the new broken record. Onward,

Sean Lane, CEO of Olive

From this point forward, healthcare will lead other industries in innovation and technology rather than lag. Other industries will borrow our

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L E A R N

THE OLIVE STORY

Healthcare is so important, yet chances are you know firsthand just how disconnected the healthcare experience has become — long wait times, overcrowded emergency rooms, soaring costs, rushed appointments, impossible claims processes and reimbursement, being handed the clipboard time and time again, even the inability to get the care we need. Many of these challenges are symptoms of healthcare’s larger, more systemic problem: the industry is built on fragmented, outdated technology.

OLIVE IS CONNECTING THESE LEGACY SYSTEMS AND DEPLOYING AN AI WORKFORCE TO DELIVER INNOVATION THAT IS LONG OVERDUE TO HEALTHCARE. The result will be the Internet of Healthcare (IoH), and it will revolutionize how healthcare information is shared, applied and optimized.

4 | Olive Quarterly

At Olive, we believe technology should enhance human connection, not detract from it. That’s why we built an AI workforce designed specifically for healthcare’s dynamic environment — one that seamlessly connects the broken silos of the industry to enable better, more efficient care. We’re fundamentally changing how hospitals and health systems manage healthcare operations, freeing up our human workers to focus on what matters most — delivering quality patient experiences. To date, we’ve launched AI workforces at more than 700 hospitals across the U.S., automating high-volume tasks to make healthcare more efficient, affordable and effective. Olive positively impacted more than 60 million patients last year and drove over $100 million perpetual impact savings, revenue increases and efficiencies for the industry. The best part? We’re building data exchange between every Olive we deploy, effectively building a network of Olives that share new insights and outcomes with one another — and their human counterparts.


M I S S I O N

Unleash a trillion dollars by connecting healthcare

V I S I O N

The Internet of Healthcare revealing life-changing outcomes

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THE AI AS A SERVICE ADVANTAGE 6 | Olive Quarterly


L E A R N

AI as a Service is a concept that we pioneered and is one of the main reasons Olive has been hired by so many healthcare organizations around the country. With AI as a Service, health systems get a proven, scalable approach to healthcare AI — one that includes scoping, implementation, support and ongoing optimization through Olive’s growing wisdom across healthcare.

No consultants. No extra integrators. No surprise costs. Just a single partner to help meet your changing needs and ensure you deliver exceptional results. We created AI as a Service because we think the current purchasing model for AI is broken. If an organization wants to build automated workflows, they have to worry about licensing fees, software purchases, consultants, multiple integrators, implementation costs and so much more. And if the software they’re automating changes, if business rules change or if something breaks, the customer is on the hook to pay more money to consultants and integrators to get everything working again. It

makes it hard to predict the true cost of implementing intelligent processes, and it puts too much of the “sausage making” in the hands of the customer. We wanted to be different. We want customers to think of Olive as their newest AI-powered employee; she has a job to do, and it’s our job to make sure she shows up for work and gets it done every day. Simple as that. AI as a Service means you buy the service — it always works, and if something changes, we’ll change with you. You shouldn’t have to consider the cost of redesigning your AI workflows if you want to buy a new revenue cycle tool or add another step in the process of denial handling. AI as a Service allows health systems to focus on their core business initiative — the patient experience — not becoming experts in artificial intelligence. It’s on us to make sure Olive’s performing and delivering results without straining your resources. Because your AI workforce should work for you; you shouldn’t work for it.

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O L I V E ’S

INTEROPERABILITY

Stop using humans as routers, start using software that works together Healthcare is flooded with software. Any given hospital has an EHR, an EMR, an ERP, billing software, medical software and individual medical tools. There’s just one problem: none of the software works together. Instead, healthcare has used humans as routers, forcing

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workers to toggle between disparate systems — they copy, they paste, they endlessly switch between software interfaces, they become data entry, data transfer and data interpretation robots. Doctors spend almost six hours on data entry during a typical

workday. Patients are expected to constantly “log in” by filling out forms, regurgitating medical histories, showing paper cards, faxing claims and scheduling appointments over the phone with long wait times. Healthcare is essentially operating on dialup, and it’s negatively affecting all parties involved. THE SOLUTION IS THE INTERNET OF HEALTHCARE

Similar to the Internet of Things, our vision for the near future is to create the Internet of Healthcare (IoH). In the literal sense, the IoH means connecting networks — connecting health systems,


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connecting payers, connecting patient information and giving healthcare a memory. Essentially, we’re transforming healthcare from a series of antiquated “fax machines” and manual human touches to an advanced, secure internet connected by artificial intelligence as the router. The result? Instead of humans powering the healthcare system, our interoperability platform — and the intelligence that connects and powers it all — will enable humans to refocus on patients and care. “When I was at my hometown hospital, one thing became abundantly clear: healthcare didn’t have the internet,” said Sean Lane, CEO of Olive. “Patient experiences I’ve witnessed for myself and my family opened my eyes to how many processes could be done better in healthcare, and there was one true solution: build the Internet of Healthcare. Connect all of healthcare’s disparate technology to fix a broken system. That’s the idea that started Olive and is core to our vision of revealing life-changing outcomes.” This is the holy grail of healthcare — complete interoperability between all systems, information shared between each of the silos that make up a hospital — effortlessly.

This is the holy grail of healthcare — complete interoperability between all systems. THE POSSIBILITIES OF INTEROPERABILITY

The picture of interoperability most people imagine is one where AI talks to all their software systems … but what if the AI talked to each other instead? What if the AI shared information with each other to come up with bigger and better solutions? What if all the AI in a hospital system could share data? They could track outbreaks of diseases or tell administrators when one operating room is understaffed and another is overstaffed. Now, imagine AI talking to each other — not just in a hospital or hospital system — but all the AI talking to all the other AI around the globe. It’s this big data that opens up truly thrilling possibilities. Here are just a few scenarios that AI could help make a reality: Imagine patients having their full medical chart and data with them wherever they go. People could travel all over the country and still access reliable medical care. For people who don’t do much traveling, this isn’t a big deal; but to the millions of people who live on the road (snowbirds, musicians

and professional athletes, for starters), it could be lifechanging. Imagine pharmaceutical companies having unprecedented access to cohorts. They could not only recruit people with x syndrome, or y syndrome, but people with x syndrome and not y syndrome who had A, B and C complications in the last year. This could change how we treat some of the most troublesome medical complications. Imagine health systems having greater access to big data statistical analysis. This analysis could be used for any number of things, such as tracking and following outbreaks of the flu, finding commonalities between outbreaks of rare diseases, analyzing disorders that have an unknown cause, such as fibromyalgia and autism, and uncovering commonalities in their origin. The Internet of Healthcare is the next big innovation the industry desperately needs and could raise the bar for people’s health — forever. And with the power of AI, the future of interoperability is closer than we think.

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Go1 Go1 Go1

Taking healthcare AI further and farther than ever before

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L E A R N

At first glance, this 45-foot motor coach may look like any other found on the highways across the U.S. — albeit a slightly more extravagantly purple one. But Go1, Olive’s new mobile experiential command center, is so much more! It’s a getaway vehicle designed to help healthcare escape the tyranny of repetitive, timeconsuming tasks that bring care to a grinding halt. It’s a beacon of hope, shining a light forward through the dark days of the pandemic. Go1 is a physical manifestation of Olive’s drive to change and proof we can accomplish a lot in a little time. Because to fix our broken health system, it needs to change and it needs to evolve now. It’s time to Go! In the face of constantly changing federal regulations

and unprecedented industry disruption, forward-thinking healthcare leaders need to move quickly to stay competitive and meet patients’ growing expectations. Go1 is our commitment to move with you and rapidly accelerate your digital transformation. Go1 features a fully-functioning AlphaWall — our cuttingedge, floor-to-ceiling data visualization tool that allows you to see the value Olive’s AI workforce delivers in real time. Want to try our new Olive Helps platform? Go1 also comes with three engineering stations that will make it happen. And since tackling strategic, enterprisewide challenges can make you thirsty, Go1 also offers a hospitality station complete with beer taps and couches. Cheers to better care!

THE NEED TO PROVIDE QUALITY CARE HAS NEVER BEEN GREATER

Health workers across the country are taking on immense risk and pressure to ensure our communities get the care they deserve. Since Go1 hit the road for the first time in February 2021, it’s also been on a mission to give back and support those frontline workers — handing out meals and inspiring delightful moments with a touch of surprise at every destination we visit. If you’re interested in following Go1’s impact on communities and health systems across the country, or if you’re interested in getting some time on board, head over to GoOliveGo.com or search social for #Go1.

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CASE STUDY: OLIVE IN ACTION

The Missing Partner This health system is a collaborative, nonprofit network of hospitals with primary, specialty and ancillary care centers serving Southern California.

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The healthcare market in California is highly competitive, with managed care making margins increasingly thin. This health system’s innovation investment fund was already investigating opportunities to cut costs when they began exploring Olive’s capabilities. Olive’s ability to automate time-intensive tasks was the perfect prescription. “When we embarked on this journey two years ago, it started with our need to focus on cost reduction. We have 12 automations that are live and another 90-plus identified areas of opportunity,” explains this customer’s CFO. “This is so different from a typical IT implementation because you’re never done and always looking for the next opportunity. I have clinicians knocking on my door; folks are lining up wanting to get on board.”

“I have clinicians knocking on my door; folks are lining up wanting to get on board.” — CUSTOMER’S CHIEF FINANCIAL OFFICER

Prioritizing candidate process for automation (CPAs) is so complex, Olive needed an entirely new means of critically comparing them. Now known as “SHAPE methodology,” more than 1,300 CPAs help individual customers quickly gauge which processes will create the most impact in the shortest time. Traction often comes down to “quick wins,” so knowing instead of guessing where to start makes Olive’s value immediately apparent. Working side-by-side with Olive engineers, the system discovered the partner they never knew they were missing. Unlike the typical vendor

relationship, it’s a commitment and investment both expect to measure in decades instead of software iteration cycles. That’s because Olive is adaptive by design. Early efforts may target quick cost reductions, but they also open the door to new possibilities. The next challenge may be reimagining supply chains or exploring clinical opportunities. Olive’s insights have become the impetus for new ideas, new products and new capabilities. The scope of discovery becomes endless.

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Olive’s Products Olive’s key capabilities work together to securely connect healthcare, automate burdensome workflows, improve care delivery and much more. Plus, she gets smarter every day. Humans should do human things. Olive truly believes that! As she performs her daily tasks, she Works, Helps, Shares and Assures to assist your team. Her capabilities empower human workforces, so they can focus on the tasks they do best.

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E N G A G E

Olive is purpose-built for healthcare. Leveraging the wisdom of her unparalleled industry-wide intelligence, she offers enterprise-wide capabilities to overcome healthcare’s biggest challenges.

When Olive Works, she streamlines costly and burdensome workflows

When Olive Helps, she offers useful tips and surfaces timely information for human workers

When Olive Shares, she connects patients, providers and payers to elevate the standard of care

When Olive Assures, she provides payment for care delivery, alleviating the complex and timeconsuming billing and collections process

Working in concert, Olive’s capabilities provide support and address inefficiencies enterprise-wide. With processes that are consistent, repeatable and scalable, Olive leaves less room for error and delivers meaningful results.

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“There are so many different workflows Olive can automate. She starts in revenue cycle, which is encumbered by lots of burdensome workflows and administrative processes. She then looks to support supply chain, inventory management and pharmacy, as well as operations in HR, IT, finance and accounting. Across the board — for anything in the enterprise — Olive becomes an AI workforce.” — SEAN LANE CEO OF OLIVE

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RPA

NLP

Robotic process automation

Natural language processing

OLIVE’S AI TECHNOLOGIES

CV

ML

Computer vision

Machine learning

Olive’s AI technologies Olive leverages different technologies to ensure your organization gets the most out of your AI investment.

Robotic process automation (RPA) performs repetitive, high-volume tasks like eligibility checks, claims statusing and more. Think of RPA as Olive’s hands. Computer vision (CV) enables Olive to “see” and interact with a user interface the same way a human would, only faster and more accurately. Think of CV as Olive’s eyes.

Natural language processing (NLP) allows AI workforce interactions, conversations and context. Think of NLP as Olive’s ears and mouth. Machine learning (ML) allows Olive to find patterns in data to make contextual decisions about and within processes. It gives her the ability to learn and improve from each task. Think of ML as Olive’s brain.

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“Healthcare is evolving at an incredible pace, and demands for lower costs and enhanced efficiency are essential for future success. Olive allows our system to rapidly shift operations for the benefit of patients and our staff.” — JERRY OETZEL, CHIEF FINANCIAL OFFICER AT GUNDERSEN HEALTH SYSTEM

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and exceptional patient care — making healthcare more efficient, more affordable and more effective.

Making healthcare more efficient, affordable and effective

An explosion of administrative duties, throngs of healthcare workers drowning in paperwork and an increasingly siloed industry over the past decade have all led to calls for a new Industrial Revolution for our time — an AI revolution. Olive is leading the charge with the first AI-powered workforce solution built specifically for healthcare. Without shared knowledge, health systems are essentially working in the dark. Olive’s AI workforce shines a light on the broken processes that stand between providers, payers

Olive Works hand-in-hand with the nation’s leading health systems to uncover and solve the most persistent problems facing healthcare. Olive’s workflow efficiencies positively impacted more than 60 million patients in 2020 and drove over $100 million in repeatable, ongoing savings for the industry. She wins employee of the month every time! THE POWER OF AN AI WORKFORCE

When you hire Olive, you’re hiring an entire AI workforce invested in the same outcomes as you are: increasing efficiencies, improving capacity and delivering value to your stakeholders across the ecosystem. Unlike other solutions that only tackle bits and pieces of the complex problems facing healthcare systems, Olive is a big-picture thinker. She delivers a powerful comprehensive solution — employing an AI

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workforce that identifies, builds, supports and optimizes your most important administrative workflows. Working alongside healthcare employees, Olive is trained to think cognitively and make complex decisions with accuracy and speed. And every Olive learns collectively — like a connected network of intelligence — so that she can address challenges healthcare organizations face without having to solve the same problem twice. Olive automates healthcarespecific tasks with ease and agility because she can interact with EHRs, insurance portals and other applications the same way a human would — only faster and more efficiently. From benefit and verification discovery to claims status to inventory management — Olive figures out where she can make an impact, onboards quickly and gets smarter over time.

The best part? We’re building data exchange and transport firmware into every Olive to create the Internet of Healthcare with every AI solution we deploy. Are you ready for Olive to bring healthcare out of disconnected darkness and into the light? OLIVE’S HEALTHCARE-ONLY APPROACH

Unlike other AI solutions on the market, Olive is all-in on healthcare. She uses her industry-specific skills to address common bottlenecks when it comes to timeconsuming, error-prone workflows. Most importantly, she does it with unrivaled security measures built for healthcare’s changing environment and patient integrity, working with your organization’s processes and technology.

“We went through a formal selection process and found that Olive not only brought the revenue cycle expertise, but more importantly, they brought innovation and talent with an enthusiastic team that blended very well with our culture. This was very important to introduce change and deliver a successful outcome.” — SUSAN WHITECOTTON, VP OF PATIENT FINANCIAL SERVICES AT MEDSTAR HEALTH

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Built for unparalleled security Olive is designed for regulatory compliance, so your team can focus more on quality improvement initiatives — like delivering an exceptional patient experience.

System agnostic Olive automates a variety of healthcare tasks with speed and ease because she’s designed to log into and interact with EHRs, insurance portals and other healthcare applications.

Optimized healthcare workflows Olive automates workflows like insurance verification without adding to your IT infrastructure. Instead, she helps you run the tools and technologies you already have more efficiently.


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“Olive’s AI workforce operates behind the scenes to manage data and information processing, so our clinical team can be as agile as possible as they continue to deliver worldclass patient care.” — CHIEF FINANCIAL OFFICER, BOSTON-BASED MEDICAL CENTER

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IT’S A BIRD! IT’S A PLANE! It’s healthcare’s new superhuman sidekick — rescuing health workers from the tedious, repetitive tasks that create bottlenecks in delivering efficient care.

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Olive Helps is faster than a speeding bullet when it comes to giving human workers the information they need — right when they need it. By working hand-in-hand with healthcare workers, Olive Helps make their jobs easier, more efficient and more effective — minimizing the time it takes to carry out critical activities, like patient verifications, billing and more. Through a lightweight desktop application, Olive surfaces key information to healthcare workers and drives them directly to the taskspecific solution they need. She seamlessly supports users, constantly learning from the work they do, delivering helpful information at just the right time. By surfacing real-time intelligence support, Olive Helps minimize the time it takes a user to carry out critical activities, such as prior authorizations, patient verifications, billing, procurement and more. This information is made available through fully-compliant programs, called Loops, operating on the Olive platform. Olive, health systems and other technology partners design Loops specifically for healthcare needs — think of them like apps in an app store.

Work smarter, not harder

This platform works hand-in-hand with human workers to provide real-time intelligence while they’re handling their most critical tasks. We know that Olive Helps increase efficiency, reduce errors and, ultimately, increase the ROI of our human workforce with AI.

— SEAN LANE, CEO OF OLIVE

Reduce human errors Olive Helps deliver real-time intelligence to minimize human error, mitigate risk and enhance patient safety.

Improve efficiency Olive Helps power healthcare workers’ day-to-day tasks, improving the speed, quality and impact of their work.

Increase human ROI Olive Helps works hand-inhand with healthcare workers to supercharge human capacity and impact.

Improve decision-making Olive Helps is an AI-powered sidekick that surfaces realtime information to inform the decisions and actions of human workers.

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Healthcare’s most critical information shared across payers, providers and patients with speed, flexibility and intelligence like never before. Prior authorization. It’s the $31 billion anchor around the neck of healthcare that’s responsible for 92% of patient care delays, resulting in patient leakage and abandonment, physician burnout and revenue loss. And the shocking truth is, it doesn’t have to be.

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With Olive Shares, we’ve created healthcare’s only end-to-end prior authorization experience that connects knowledge and data across providers, patients and payers to improve outcomes, drive transparency and foster collaboration in profoundly new ways. When left to manual processing, prior authorization management is one of the most laborintensive functions for both providers and payers. Olive, on the other hand, directly connects with payers and delivers seamless bidirectional interoperability with EHRs. That means she can retrieve medical necessity guidelines from 40,000 national, regional and state health plans. Olive Shares is creating the Internet of Healthcare that provides access to critical information and medical records that is second to none. POINT-OF-CARE AUTHORIZATIONS ARE NO LONGER A PIPE DREAM

Most prior authorization solutions on the market leave your staff with 80% of the process burdens to tackle. Not Olive. She relieves you from

manual prior authorization tasks. She automatically initiates prior auths from your EHR, determines if an authorization is required, helps you submit prior authorization requests, automatically retrieves auth statuses and gives your health system an unfettered view of your authorization performance. This means patients not only get the care they need faster but also eliminates confusing bills they might otherwise receive post-service if their claims were initially denied. By leveraging Olive’s payer partnerships, Olive Shares is a revolutionary, one-of-a-kind solution that even enables authorizations for providers at point-of-care — dramatically improving timely access to needed services and delivering revenue earlier than expected. With every Olive Shares connection that is made across the network, more and more friction is alleviated between payers and providers, and most importantly, care is accelerated for patients in need like never before. See, dreams do come true.

OUR END-TO-END SOLUTION TO YOUR NEVER-ENDING PRIOR AUTHORIZATION PROBLEMS

35%

Lower write-offs Write-offs cost health systems millions every year. By eliminating errors in prior authorizations, Olive dramatically reduces write-offs.

80%

Faster decisions Olive retrieves real-time medical necessity criteria so you can get approvals on the first try, eliminate care bottlenecks, reduce revenue leakage and get patients the care they need, faster.

4x

Return on investment Improve operational efficiency, increase patient throughput and maximize capacity so you’re not left with empty scanners, idle ORs and canceled appointments.

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More revenue. Less cycle management. Our nation’s healthcare providers do an amazing job of delivering care for us every day. And they do this despite being saddled with the burden of owning complex revenue cycle management (RCM) and collection activities that are not core to their business. For decades, this has resulted in healthcare providers spending billions of dollars every year on time-consuming RCM processes, tracking ever-changing rules across dozens of payers and, ultimately, wasting money by paying vendors to deal with the hassle of being reimbursed for providing care. Olive Assures you there’s a better way to operate. 26 | Olive Quarterly


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How? Olive Assures revolutionizes how payments are collected for clinical services by creating an easier path to revenue cycle management. That means you can finally get out of the expensive, time-consuming business of billing and collections and get back to focusing on patient care.

DON’T OUTSOURCE RCM. REPLACE IT.

BRING FINANCIAL PERFORMANCE INTO CLEARER FOCUS

Olive Assures transforms today’s highly inefficient billing and collections processes by combining automation and predictive algorithms. Using these technologies, she alleviates the administrative burdens of RCM and pays for healthcare services in real time!

Imagine having the financial certainty and clarity to proactively address issues and guide care. With Olive Assures, providers can instantly compare revenue capture to accounts receivable. Olive Assures offers detailed dashboards depicting current value calculations and financial insights. You can measure both top-line value added and increased cash acceleration — right as it happens.

No reimbursement delays. No collections issues. Manual claims management — gone! OIive Assures you get paid at the point of care, and she manages the rest of the process in a way that is completely seamless and transparent to providers. That means you achieve increased financial certainty and reduce cost to collect, as well as improve clinical decisions and access to care.

ASSURE INSTANT REVENUE WITH OLIVE

Eliminate the cycle Remove the administrative burdens that cost health systems millions in revenue.

Reduce revenue delays Eliminate the uncertainty and delays in receiving payments from patients and payers.

Sharpen your financial insights Proactively address issues and guide care with real-time value calculations that detail top-line growth and financial insight.

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Going from vision to real-time reality How it Works

The path toward health assurance Through the Internet of Healthcare that Olive’s intelligence network is creating, we are able to help health systems achieve new levels of assurance.

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Intelligent automation used to process hundreds of thousands of billing and collections transactions.

1

Billing and collections transaction data stored and analyzed.

2

Value Assurance

Revenue Assurance

Assuring cost savings and revenue increase through AI and automation.

Assuring claims. Payment on a widening mix of claims.


Predictive models applied to identify which payments from payers can be assured.

Provider receives payment for care on assured services and incurs no cost to collect from either payer or patient.

Dashboards provide real-time data visualization of revenue captured and reduced accounts receivable.

Predictive models applied to determine which payments from patients can be assured.

3

Payment Assurance

4

Quality Assurance

5

Assuring patient payments. Payment on expanding cohorts of patients and payments.

Assuring the right care is delivered by developing a new ontology for quality using AI.

Assuring health through proactive and continuous engagement and management.

Health Assurance

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Product Catalog

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32

Perpetual Impact and the Story of Pi

39

On the Horizon

34

Pi Exchange Rates and Packages

35

Financial Clearance

37

Denials Resolution

42

Olive Labs

38

Population Health

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Perpetual Impact and the Story of Pi Real, Calculable and Ongoing Value Olive is centered around value creation for our customers through our advanced suite of products. Unlike a consulting engagement or a momentary change in behavior, the impact of our products is perpetual. They create value day in, day out. They’re steadfast parts of a new infrastructure that will change the cost structures and economic models of healthcare forever. The impacts are real and calculable. They’re observed and measured in reduced costs, increased revenue, gained efficiency,

32 | Olive Product Catalog

gained productivity and reduced errors. They’re felt in better treatments, better experiences and better health outcomes. They result in a better system to deliver better healthcare. Perpetual impact (Pi) is our currency at Olive. It’s how we create a long relationship of value with our customers. It’s how we price our tried-and-true products, and it’s how we arrive at a price for our cuttingedge solutions. When an organization purchases Pi, it can be spent on any product in Olive’s

evolving catalog. We’re constantly innovating to deliver scalable solutions that address healthcare’s most pressing unmet needs. We take this responsibility very seriously and have mobilized our teams to listen and understand, while advancing our products and capabilities in partnership with you, our customer. Our work is never done in our quest to unleash a trillion dollars of hidden potential for healthcare. As our products and the healthcare market evolve, we want to remain flexible — we never want our customers to regret an allocation of Pi.


A Guide to Understanding Our Product Catalog You’ll notice two types of prices. One is a straightforward Pi value based on the size of your organization. The listed Pi value is informed by an average of value creation across many customers with a target return on investment from three to six times your investment. We list prices once we have experience delivering a product and confidence in the price point. We’re also able to implement it more quickly since we’ve done it many times before, and we can skip the price-scoping phase. The second price method is for our “Labs” offerings. These are products we’re building just for you using our platform or products we’ve only delivered a few times. We determine the Pi value during a scoping process. We calculate the cost reduction and revenue increase we think the product will generate on an annual basis and present our findings to you for approval. This gives us flexibility to accommodate your unique

needs, and you use your Pi to pay for it. You can also earn Pi in Olive’s marketplaces. For instance, if you have a unique method for improving workflow efficiency and intelligence, we can make that method available to others in The Collective. If other customers use your method — you guessed it — you’ll get paid in Pi.

When an organization purchases Pi, it can be spent on any product in Olive’s product catalog.

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The Olive Product Catalog Pi Exchange Rates and Packages SINGLE YEAR, ANNUAL SUBSCRIPTION

USD

Pi

Exchange Rate

$500,000

π 1,500,000

3:1

$2,000,000

π 10,000,000

5:1

$5,000,000

π 30,000,000

6:1

Join us as members of the Centurion Club to partner in achieving more than π 100,000,000 for your organization over three years.

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

We trust that Olive’s impact and our relationship will stand the test of time and grow every year, while we work with you to improve workforce performance, intelligence and impact across key functions and processes.

Olive Works out of sight to complete critical administrative processes across the enterprise, improving the efficiency, accuracy and impact of healthcare’s most costly and burdensome workflows.

Olive’s offerings draw from a network of knowledge and skills that know no boundaries — enabling you to drive outcomes with greater efficiency, intelligence and connectivity. We leverage the following capabilities across our core solutions:

Olive Helps healthcare’s human workers get the right information at the right time, working alongside them to make their jobs easier, more efficient and more effective.

34 | Olive Product Catalog

Olive Shares healthcare’s most critical information across payers, providers and patients with speed, flexibility and intelligence like never before.


All packages and corresponding Pi values are listed in annual terms. Pi reflects the value for a $1 billion organization and scales based on your organiztion’s size.

Financial Clearance Olive Shares End-to-End Prior Authorization SxPA001 π 1,400,000 per $1Bn NPR | 5-6 months Help patients to get the care they need when they need it — all while reducing the care-to-cash cycle, minimizing write-offs and maximizing operating capacity. Olive accelerates the prior authorization process and empowers your staff with powerful medical necessity rules and requirements guidance for more than 40,000 payers.

Comprehensive, real-time EHR integration Checks if prior authorization is needed, retrieves medical necessity rules and requirements, helps assemble clinical documents and automatically retrieves statuses from portals Deploy Olive in your highest-volume service lines: Imaging and Orthopedic Surgery

UPGRADE OPTIONS Supported Portal SxPA001.1

Include an additional portal for determination and statusing where Olive has an active connection

π 25,000 per $1Bn NPR

New Portal SxPA001.2

Include an additional portal for determination and statusing that Olive builds for you

π 50,000 per $1Bn NPR

Service Line Extension SxPA001.3

Include an additional service line

π 100,000-200,000 per $1Bn

2 weeks

6-8 weeks

NPR | 2-3 months

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Olive Shares Authorization Status

Olive Shares Notice of Admission

SxPA002 π 250,000 per $1Bn NPR | 5-6 months

SxPA003 π 200,000 per $1Bn NPR | 8 weeks

Check payer portals for the status of prior authorizations multiple times a day, and integrate approval information directly back into your EHR.

Protect your revenue by providing timely and accurate payer notifications for inpatient services, which often represent the most expensive care provided to hospitalized patients. CONTINUED

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FINANCIAL CLEARANCE (CONTINUED)

Olive Works Insurance Verification WxIV001 π 475,000 per $1Bn NPR | 4-6 weeks Improve collection rate and reduce write-offs by confirming that coverage is active, in the right filing order and billable, while providing staff and patients with up-to-date benefits information.

Check primary, secondary and tertiary coverage with resilient, real-time connections across a network of more than 800 payers and 7,000 plans Return eligibility status via EDI 271 interface Return benefits information including copay, deductible, coinsurance, out of pocket, limitations, inpatient days, benefit period days and Medicare supplement plan benefits

OLIVE WORKS UPGRADE OPTIONS

Coverage Maintenance WxIV001.1

Add/remove coverages and update filing order

π 250,000 per $1Bn NPR

Additional Coverage

WxIV001.2 Check for active secondary coverage

π 150,000 per $1Bn NPR

WxIV001.3 Check for active tertiary coverage

π 50,000 per $1Bn NPR

4-12 weeks based on complexity assessment

No added implementation time

No added implementation time

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Olive Works Coverage Discovery WxCD001 π 975,000 per $1Bn NPR | 4-6 weeks Reduce bad debt write-offs by identifying and correcting coverages that were not collected from the patient or were collected unsuccessfully. Access more than 800 payers and 7,000 plans with resilient, real-time API connections

Check for service-mapped, billable insurance using an algorithm that pinpoints the payers with the highest likelihood of carrying coverage for each individual patient Leverage patient lock functionality to ensure accurate patient demographics in coverage search, thereby preventing insurance phishing Support uninsured patients, Medicaid-only patients and Medicare-only patients Distribute found coverages via secure flat-file transfer

UPGRADE OPTIONS WxCD001.1 Coverage maintenance including add/remove coverages and updating filing order

π 250,000 per $1Bn NPR

WxCD001.2 Remove human intervention by integrating found coverages into the EHR by 271 message

π 85,000 per $1Bn NPR

36 | Olive Product Catalog

4-12 weeks based on complexity assessment

4 weeks


Denials Resolution Olive Works Claims Status Check claim statuses in order to spend staff hours only on accounts that actually need work — accelerating cash flow and reducing the risk of untimely follow-up.

PACKAGES BY PAYER COVERAGE Foundation ~50% claims volume

Advanced ~75% claims volume

Extended ~85% claims volume

X

X

X

X

X

X

X

X

Check status every three days

Direct connection with four national payers UHC, Humana, Cigna, Aetna

Direct connection with up to four regional payers

Up to three payer website connections

X

WxCS001.1

π 350,000 per $1Bn NPR 4 weeks

WxCS001.2

π 425,000 per $1Bn NPR 8 weeks

WxCS001.3

π 500,000 per $1Bn NPR 12 weeks

UPGRADE OPTIONS WxCS001.4 Medicare

Check status for Hospital, Medical, Professional, Part A or Part B

π 100,000 per $1Bn NPR 4-6 weeks

CONTINUED

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DENIALS RESOLUTION (CONTINUED)

Olive Works AR Prioritization WxAR001 π 750,000 per $1Bn NPR | 6-8 weeks

Olive Works Underpayment Prioritization (C) WxUP001 π 500,000 per $1Bn NPR | 12-14 weeks

Prioritize outstanding insurance balances by those that have the highest return for time invested — so you can reduce write-offs and improve the efficiency of your collections process.

Recoup revenue faster with greater ease and confidence using payment variance analysis to prioritize work queues with the highest likelihood of financial return.

Olive Works Medical Records Denials Actioning Attach required documentation and resubmit claims to reduce manual follow-up and allow staff to focus on more complex appeals.

(C) This solution is a part of The Collective, Olive’s marketplace of solutions pioneered by leading healthcare organizations, who in turn earn Pi by developing and marketing their innovation with us.

OLIVE WORKS MEDICAL RECORDS DENIALS ACTIONING — UPGRADE OPTIONS WxDA001.1 Up to 6 national payers

π 400,000 per $1Bn NPR 6-8 weeks

WxDA001.2 Up to 3 additional eFax or Web Portal payers

π 200,000 per $1Bn NPR 8 weeks

WxDA001.3 Each additional eFax or Web Portal payer

π 50,000 per $1Bn NPR 4 weeks

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Population Health Olive Works Testing and Vaccine Pre-Registration WxPR001 π 475,000 per 500 daily registrations 4-6 weeks

Improve the patient experience, while expanding capacity and throughput for core services by automating pre-registration.

UPGRADE OPTIONS WxPR001.1 Integrate a patient engagement platform to enable messaging and outreach to your patient population

π 125,000 per 500 daily registrations

WxPR001.2 Cancel/reschedule based on patient responses

π 125,000 per 500 daily registrations

38 | Olive Product Catalog

4 weeks

4 weeks


Products on the Horizon are designed to help you stay ahead. Work with our team to get custom Pi estimates for our exclusive and expanding set of cutting-edge solutions. In doing so, you join a select set of our customers who are using these solutions to help shape the future of healthcare for patients, providers and payers — and, in many cases — inspire new trends in the industry.

Q2 2021 | 39

ON THE HORIZON

In the fast-paced and rapidly changing healthcare industry, we know our customers need to address today’s challenges while thinking about ways they can take even greater strides to improve efficiency, intelligence and connectivity for tomorrow.


P R O D U C T S

O N

PATIENT ACCESS

Olive Helps Scheduling Management HxSM001 Supercharge call center employees by surfacing accurate and timely information, reducing their dependency on complex and large spreadsheets that result in delays and errors.

T H E

H O R I Z O N

Auto refresh mapping to source data and serve up the latest information “Click-to-copy” functionality makes porting information over simple and fast Omnibar, triggered by easy keyboard shortcuts, makes searching for relevant information effortless and efficient

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

POPUL ATION HEALTH

Olive Works Empanelment WxE001 Optimize panel size and assignments so physicians give patients the attention and care they deserve, improving retention, outcomes and reimbursement.

Algorithms for pediatric immunization and specific conditions to enable optimal panel mix and management Seamless integration with existing patient engagement systems like SMS and MyChart Automated panel clean-up and maintenance using proven population-specific algorithms

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

VALUE ANALYSIS

Olive Works Supply Spend Categorization and Analysis WxSS001 Minimize total supply chain expense by proactively identifying product opportunities for consolidation, conversion or pricing renegotiation. Olive identifies these opportunities on a recurring basis by pairing price benchmarking with clinical insights from your own health system’s procedure

40 | Olive Product Catalog

data. When approved, Olive implements them to all associated tech platforms. Product recommendations based on cost and clinical quality using comparison of similar products and your own health system’s EHR insights Real-time updates to ERP and all downstream systems when changes are implemented Tracking and management of product change recommendations


P R O D U C T S

O N

WxPC001 Standardize physicians’ preference cards to remove variability while improving availability and cost. Olive identifies common supplies and recommends the ideal card to clinicians and nurses, drawing from like products and procedures to suggest the optimal mix.

H O R I Z O N

ON THE HORIZON

VALUE ANALYSIS

Olive Works Preference Card Standardization

T H E

Analysis of preference cards by procedure, physician and facility, before categorizing them using a patented system developed through hundreds of hours collaborating with physicians Optimized recommendations for ideal preference cards for clinicians and nurses based on the specific needs of the health system for that case and physician Reduction of excess inventory to save cost and supply chain complexity

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UTILIZATION MANAGEMENT

Olive Shares Point-of-Service Authorizations SxPOS001 When partnered with a payer for pointof-care authorizations, Olive accelerates utilization management, enabling faster decisions at the point of care and providing patients with immediate access to health services.

Leverages your specific medical necessity criteria and the member’s EHR documentation to perform an AI-powered clinical review at the point of care With support for 278, 275 and API transactions, Olive becomes your prior authorization payer API, obsoleting the fax machine and connecting providers and payers with unparalleled data Electronic transmissions and rich clinical data coming directly from major EHRs provide unparalleled access to clinical information that intelligently transforms utilization management

Q2 2021 | 41


Olive Labs Custom Pi Estimate Lx001 Looking for a solution outside of our core offerings? Olive Labs is your first stop. The value and potential of Olive’s AI platform is unbounded, and our Labs offerings enable us to work with you to identify and implement new applications leveraging Olive’s capabilities.

Co-develop solutions with healthcare and technology experts Draw from a rich set of AI capabilities, including machine learning, natural language processing, computer vision, optical character recognition, robotic process automation and more Harness the power of networked intelligence across the healthcare industry


Our Labs team will work with you to understand your needs, recommend a solution and technology design, and assess Pi based on revenue acceleration, efficiency gains and cost reduction. We’ll work together to develop the solutions you need, giving you the flexibility to take Olive across your organization and spark new ideas for where she can have an impact.

Q2 2021 | 43


CASE STUDY: OLIVE IN ACTION

Olive’s AI-powered Solution Transforms Prior Authorization Prior authorization is one of the most labor-intensive functions for both providers and payers.

44 | Olive Quarterly


Staffing shortages and a backlog of prior authorizations left a full-service hospital and Level 3 trauma center with frustrated patients and empty clinics. With turnaround times to complete some prior authorizations nearing 15 business days, patients were left in limbo for weeks. Any last-minute cancellations were impossible to fill, leaving provider schedules empty and revenue on the table. Leveraging Olive’s end-to-end prior authorization solution — the hospital saw more streamlined workflows and dramatic improvements with their authorization backlog. Olive cut turnaround times by 60%, and she completely eliminated nurse overtime for prior authorizations, providing a savings of nearly $21,000 per year per RN. Fewer missed prior authorizations and coding errors also resulted in a 32% yearover-year reduction in write-offs across every department.

“Olive cut turnaround times by 60%, and she completely eliminated nurse overtime for prior authorizations.” The most impressive result? Patient throughput skyrocketed. Provider schedules were consistently filled, and one procedural department saw a 45% year-over-year growth in injections and other procedures. Greater patient throughput and reduced patient leakage translated to more than $3 million in increased annual revenue. Olive shines a light on critical tasks, like prior authorization, that are too often disconnected and inefficient. Her unparalleled network of intelligence facilitates point-of-care authorizations between network providers and payers — ensuring patients get the right care, at the right time.

45% year-over-year growth in procedures

3M

$

in increased annual revenue

21,000

$

savings per year per RN

Q2 2021 | 45


APERTURES: OLIVE ON FULL DISPLAY Apertures give everyone unmatched visibility into the key performance and value metrics of your AI workforce.

Apertures are Olive reporting in, sharing everything she’s working on for you. It’s how you can see her activity, performance and value generation.

46 | Olive Quarterly


E X P E R I E N C E

This is the language of Olive. She can’t wait to show you what she’s been up to.

Understanding the performance and value of your AI investment — and turning it into actionable insights — is always a priority. But making sense of all that data? That’s where Olive Apertures come in. APERTURES ARE REAL-TIME VISUALIZATION TOOLS THAT GIVE YOU VISIBILITY INTO THE VALUE OF OLIVE’S AUTOMATIONS

By distilling the millions of decisions Olive makes into clear and concise images, Apertures bring revenue and ROI into laser-sharp focus. Use them to track Olive’s value when and where you need it — in your office, throughout your healthcare organization or at your fingertips. 24/7 tracking of your key metrics Unparalleled visibility into the progress of automations Customized views of critical data you care about most

Easily digestible data reporting Browsable Apertures Gallery Just as Olive continuously learns and improves, Apertures are designed to help healthcare organizations continuously improve. By showing clearly and simply only the custom information your organization needs, you’re given the tools to scale AI across your hospital and increase Olive’s value and impact. Apertures bring us one step closer to the AI-powered organization of the future.

AN ENTIRELY NEW WAY TO VIEW DATA

Apertures aren’t a collection of crude gauges cluttering a conventional dashboard. They’re a series of data visualizations that focus attention on the metrics that matter most to your organization — so you can track Olive’s performance, discover opportunities and learn more about Olive’s presence. Choose from more than 30 Apertures in multiple categories, including: Pi Aperture: Understand the ongoing growth of Olive’s value Candidate Process for Automation (CPA) Aperture: Identify, evaluate and implement your automation opportunities Onboarding Aperture: Track the progress of approved automations Daily Performance Aperture: Stay on top of Olive’s activity 24/7

Q2 2021 | 47


“We wanted an AI platform that could be all-encompassing. The more we learn about Olive and the things she can do, the more it provides us with opportunity.” — IT DIRECTOR, SOUTHERN HOSPITAL SYSTEM

AlphaSite Map Aperture: See the growth of Olive’s presence

speed, agility and impact to drive enterprise-wide transformation.

Browse the entire Aperture Gallery to stay up-to-date with Olive’s growing value by visiting oliveai.com/apertures/gallery

AlphaSites range in size from 1,000 to 5,000 square feet with a combination of workstations and Aperture Panels to visualize Olive at work. With 20 proprietary AlphaSites across the U.S., they offer a physical manifestation of Olive in action.

BRINGING APERTURES ONSITE FOR HEALTH SYSTEMS

Apertures are critical windows into Olive’s operations, and Aperture Panels bring Olive’s accomplishments to life in the real world. To work more closely with Olive, hospital systems across the U.S. have begun installing large Aperture Panels onsite in command centers, known as AlphaSites. AlphaSites are customdesigned to give healthcare organizations a 360-degree view of enterprise-wide opportunities for automation. Having onsite Aperture Panels equips healthcare leaders with the

Apertures are the most potent way to interact with Olive. And they’re part of the total Olive AI as a Service solution for all customers. – – – – – – – – – – – – – – – – – This is Olive sharing the daily performance of your AI workforce, the current status of your ROI and so many other things she’s doing for you every hour of the day. – – – – – – – – – – – – – – – – – Viewable on multiple devices and screens, anytime, anywhere. On the wall. Via desktop. In your hands. Throughout your organization. – – – – – – – – – – – – – – – – –

48 | Olive Quarterly


E X P E R I E N C E

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Olive Customer

Olive AlphaSite: a health system’s onsite command center

Olive Headquarters: The Hub in Columbus, Ohio

Olive Substation: a regional office for 10+ local Olivians

This map represents Olive’s coverage at time of publication; ask us for the most current install view.

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Q2 2021 | 49


CASE STUDY: OLIVE IN ACTION

A Massive AI Workforce Olive’s partnership with this hospital system illustrates how Olive showcases valuable outcomes through Olive Apertures. With AI adoption, technology can improve care delivery and patient outcomes.

50 | Olive Quarterly


E X P E R I E N C E

not just reducing cost,” says the system’s CIO. “People were initially skeptical and worried. Within months, they were asking for us to have Olive do more.”

With operations in Connecticut, New York and Rhode Island, this customer has more than 26,000 employees, 2,600 beds and 2.6 million outpatient encounters. One of its hospitals is among the most recognized and renowned in the nation for teaching, research and service to the community. Olive began bringing immediate support to its operations: streamlining time-consuming tasks, reducing write-offs and accelerating cash flow. But employee wellbeing and burnout — all too common in the industry — were also crucial concerns. “Creating workforce capacity” became a critical metric, and it was difficult to measure before Olive Apertures.

Terabytes of patient data proved impossible for humans alone to process. But with the equivalent of more than 10,000 full-time AI workers among Olive’s collective customers, she sees hidden opportunities her overworked human colleagues often overlook. These outcomes, available through Olive Apertures, allowed this customer to think differently about the care they provide as a unified value proposition instead of a constant compromise.

By visualizing Olive’s performance, Olive’s expertise and commitment were immediately apparent — from initial assessment to implementation and deployment of the automated processes. In collaboration with the customer stakeholders, Olive identified more than 20 processes to automate across seven functional areas. Together, they represented more than $17 million in potential value. Each new automated process frees up human capacity to focus on other tasks. It’s a mutual investment built on shared vision as much as service levels — with the power and potential to connect healthcare, from the back office to the bedside.

“Within months of using the tool, they were asking for us to have Olive do more.” — CUSTOMER’S CHIEF INFORMATION OFFICER

“We wanted to work with a vendor who clearly had a commitment to creating value,

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OLIVE VENTURES Connecting founders and entrepreneurs with big ideas to build industry-changing healthcare companies on Olive’s technology stack.

organizations. As we benchmark our performance metrics, we hope to soon say, “$1 million is the new $5 million” for builders and innovators. WE’RE BRIDGING THE ‘VALLEY OF DEATH’

BUILDING NEW DIGITAL HEALTH SOLUTIONS FROM OLIVE’S INSIGHTS

The Olive platform is the basis for digital health innovation. With every task Olive performs, she reveals new ways to leverage her learning and data. Olive Ventures creates companies that will turn Olive’s insights into specialized products for the healthcare industry. Using Olive’s platform, companies can leverage Olive’s capabilities across Works, Helps, Shares, Assures and more. Olive

52 | Olive Quarterly

offers a secure, compliant environment designed to rapidly validate, deploy, distribute and commercialize digital health innovations. With strong ideas and funding, founders can scale rapidly and offer new capabilities directly to Olive users. The best part of Olive Ventures: We help company founders shrink the timeline from initial build to revenue generation. Quickly iterating on Olive’s tech stack expands the value of every funded dollar and provides faster benefits for healthcare

Until now, good ideas were forced to battle long sales cycles, security audits and compliance requirements before failing — without ever completing a pilot project. To make building faster and easier, Olive Ventures is charting a new path for digital health innovators by killing the traditional pilot. And if your immediate thought is, “Oh no! Not the pilot!” just know: We’ve found a better way.


E X P E R I E N C E

OLIVE VENTURES SUPPORTS THE BUILD PROCESS

Olive Ventures marries great ideas, great builders and a powerful platform. There are three pillars of the Olive Ventures organization:

1

Talent Marry world-class founders and entrepreneurs to big ideas

2

Builds Build and operationalize the founder’s vision on the Olive platform

3

Investment Provide the necessary fuel for new companies to change the industry forever

“AFTER 15 YEARS IN HEALTHCARE IT, I’M PROUD TO BUILD THE FIRST BUSINESS IN WHAT WILL BECOME AN ECOSYSTEM OF COMPANIES BUILT ON OLIVE. THROUGH OLIVE VENTURES, WE BROUGHT AN IDEA TO MARKET INSIDE A MONTH AND WILL POSITIVELY IMPACT THOUSANDS OF HEALTHCARE WORKERS IN OUR FIRST YEAR ALONE.”

We support new companies through our regimented Olive Builds studio process. With specialized development support, builders create worldclass digital health solutions. During the process, companies ideate, research and build with predetermined milestones and inspections along the way.

— ERICK MCKESSON CEO OF ROTERA, AN OLIVE VENTURES COMPANY

Digital health solutions on the Olive platform will be the fastest-to-market and strongest for revenue generation. With hundreds of healthcare organizations already using Olive, our studio process enables companies to publish once and distribute to many. Are you ready to start building?

When a product is ready for release, the Olive Ventures team expands the solution for broader investment opportunities. An influx of additional funding increases the company’s scale and the product’s speed of adoption.

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Olivian Culture

54 | Olive Quarterly


E X P E R I E N C E

IT’S A FERVENT DEDICATION TO THE GREATER GOOD

Engage with any Olivian, and you’ll understand. There’s an intensity you just can’t miss. Talk to any Olivian and you’ll feel the passionate commitment Olivians bring to work every day. Our culture is about changing the world — because we truly believe we are. The reason Olive exists is audacious, to say the least: delivering the digital transformation to healthcare it deserves and turning healthcare into an industry that is outinnovating all others rather than lagging behind. Every Olivian acknowledges the enormity of the task. We’re greeted daily by new challenges. But we’re all in. At Olive, we reward commitment by making all the perseverance and hard work worth something. Our culture is more than perks — and we’ve got some of the best. At the end of each day, we want every Olivian to know that their dedication and devotion

was worth it — that it was exchanged for something greater. That it contributed to solving one of the greatest challenges our nation currently faces: fixing a broken healthcare system. WHERE WE SEE THE FUTURE OF WORK

The people behind Olive are a passionate team of innovators, and every employee here is a game-changing part of transforming the future of healthcare. By empowering our employees, we’re gaining momentum and forging the connections we value most at Olive. Just like technology, times are changing fast and flexibility is an advantage, now more than ever. That’s why every Olivian can work from anywhere. We call it The Grid.

WELCOME TO THE GRID

Monolithic offices are dead. Olive is embracing The Grid: a distributed growth plan that eliminates traditional workplace requirements and allows Olivians to work wherever they’re most intelligent. Whether that’s at home, The Hub, an AlphaSite, a substation, or on a beach, Olivians are empowered to hop on and off The Grid at the times and locations that best enable them to drive the company mission forward. The Grid even comes with a stipend to support any incidental parking, phone, internet or office needs Olivians may have while working. Since launching The Grid, we’ve hired top talent across the U.S. who contribute to our company and culture in meaningful, tangible ways.

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A COLLABORATIVE COMMUNITY

Olive is not a team for the faint of heart — we move quickly and think actively about how to make each other better every day. Our employees are committed to our vision of fundamentally changing healthcare, and we’re eager to see our innovations implemented in the world. Despite being distributed across The Grid, we value the connections of small teams. Collaborative personalities thrive here! Our teams work together to create the best possible experiences and products for our customers. We also take the health and happiness of our employees seriously and consistently search for new ways to be an amazing place to work. It’s Olive’s goal to continue to develop a best-in-class benefits package with a focus on diversity, inclusion and gender equity for our employees and their loved ones. OLIVE CARES FOR EMPLOYEES AND THEIR FAMILIES

Taking the wellbeing of our Olivians seriously means not only supporting their professional aspirations but also their personal goals. Olive supports employees looking to start, expand and care for their families.

56 | Olive Quarterly

Olive the perks: FREE HEALTHCARE

GRID STIPEND

UNLIMITED PTO

FERTILITY

ON-SITE GYM

GETAWAYS BY MARIOTT BONVOY

VOLUNTEER PROGRAM

401K MATCH

WELLNESS PROGRAM

PAID PARENTAL LEAVE

We give parents three months of consecutive or nonconsecutive time to bond with their new child and adjust to the balance between family life and professional obligations. FAMILY BUILDING AND FERTILITY

Starting in 2021, Olive also partnered with Kindbody to offer family-building and fertility support services to employees and their spouses/partners. Navigating family-building can be daunting, so Kindbody offers a range of services from fertility treatments, including IVF and egg freezing, to gynecology, wellness and LGBTQ+ care. We’re not afraid of a healthy work-life balance because

we know Olivians work best when they feel supported in all aspects of life. INTRODUCING OLIVE GETAWAYS

We believe time off The Grid is just as important as time on. That’s why we encourage our employees to get away from work to relax, explore or try something new — while we foot the bill. Through the Olive Getaways program, every Olivian can receive 200,000 Marriott Bonvoy reward points annually to be redeemed for free nights at Marriott properties around the globe, airfare, gift cards, events and more. Beach vacay, here you come.


E X P E R I E N C E

OLIVIANS GIVE BACK

To extend Olive’s desire for high-value care and support beyond the healthcare industry, our team members actively engage in community service activities. Olive has partnered with Besa, an Ohio-based not-for-profit with a mission to connect more people to community service, to make serving the community easy and fun. To help members of Team Olive give back, Besa also offers a full roster of volunteer opportunities designed specifically for Olivians.

Olive + Besa Community Impact to Date: – – – – – – – – – – – – – – – – – – – – – – – – – – –

VOLUNTEER SPOTLIGHT

For Women’s History Month, Olivians collected wallets for the Columbus chapter of Dress for Success. The wallets were stuffed with small notes containing words of encouragement and affirmation before being shared with women preparing for job interviews.

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

215

76

22

40

SERVICE HOURS

ASSOCIATE ACCOUNTS

NONPROFIT PROJECTS

VOLUNTEERS

Q2 2021 | 57


CASE STUDY: OLIVE IN ACTION

Improving Quality in the Upper Midwest The road ahead for the healthcare industry is not without peril, but once again, Olive rises to the challenge.

58 | Olive Quarterly


E X P E R I E N C E

This health system operates six hospitals and more than 60 clinics across Wisconsin, Iowa and Minnesota. Its migration to Olive for collections reduces administrative errors and expedites payments — because Olive gets smarter with every transaction. The organization anticipates a $10 million return in the first year alone, following the complete implementation of Olive. “Our organization decided that if we’re to thrive, we need all hands on deck to carry out our digital strategy,” explains the CFO of this nonprofit health provider.

10

$

MILLION first-year return on investment following the complete implementation of Olive

According to a survey by PricewaterhouseCoopers, they aren’t alone. Three out of four healthcare sector CFOs echo their concerns about digital transformation. The industry is at a crossroads, but Olive’s bright light is leading the way forward. Even amid strategic delays in slated technology projects, this customer’s adoption and integration of Olive delivers the immersive intelligence needed to remain on track. Olive facilitates a necessary pivot to telemedicine by reducing overhead — savings that substantially lower costs for providers and patients in the process. With Olive’s support, digital transformation will reveal life-changing outcomes for patients.

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O ⋅ LIV⋅ OL⋅ O ⋅ GY 60 | Olive Quarterly

Your buzzword-busting guide to some of Olive’s most important (and often confusing) tech terms Phil Karlton famously said, “There are only two hard things in computer science: cache invalidation and naming.” While embarking on Olive’s charted course to create an AI workforce capable of fixing America’s broken healthcare system, we’ve ventured into a lot of unknown territory. In doing so, we’ve come across a lot of complex terms and even created a few exciting ones ourselves. However, naming is an art. It’s not often thought of as a leadership tool or a guiding force ... but it is. A product, a process, an entire company: names can help teams unite around ideas, build and fuel a culture or — as we’re doing today — create the space and momentum needed to move an entire industry out of disconnected darkness. At Olive, we think names are the hooks upon which we can hang a web of meaning and purpose. As we navigate forward building the future of healthcare, we’ve provided you with a

few analogies to help you understand some of the names and terms we believe are worth knowing.

AI as a Service (AIaaS) DEFINITION:: Subscriptionbased artificial intelligence designed to reduce upfront IT spend, enhance customer flexibility and provide access to cutting-edge technology.

IT’S NOT TOO DIFFERENT FROM A GYM MEMBERSHIP

You pay an annual membership fee for access to the best exercise equipment (Olive) without taking on the burden of owning and maintaining it — let someone else wipe that sweat off. Plus, you get the ongoing support and performance analysis of personal tech trainers. Want increased flexibility and enterprise agility? Take a few laps in the data pool and never think twice about being burdened with scrubbing and cleaning it. No pain. All gain.


E X P E R I E N C E

Cybernetics DEFINITION: The science of communications and automatic control systems in both machines and humans.

THINK OF AN OLYMPIC ROW BOAT

The coxswain (Olive), along with the other rowers (healthcare workers), have a mutually defined goal of getting to the finish line. The rowers’ job is to manually power and move the boat. The coxswain’s job is to maintain safety, speed and clear communication between the team members based on environmental feedback they encounter (both negative and positive): how the waves disrupt the boat, the direction of the wind, their location relative to other vessels, the rhythm of the strokes … and all the other things rowers don’t have access and visibility to, you know, because they’re busy rowing. The coxswain never picks up the oars and starts rowing; the role is singular compared to the rowers, who are more autonomous. But control over the boat is split between them, with neither having full mastery over the vessel. Their communication and synchronized responsivity is what allows them to stay on course and reach the finish line in the most efficient way possible.

Network of Intelligence

Internet of Healthcare (IoH)

DEFINITION: An industry-wide network that shares Olive’s workforce intelligence across the providers and payers she serves so that learnings benefit all and intelligence grows constantly. With this collected wisdom, Olive evaluates and acts upon network-wide solutions that propel the success of every Olive workforce.

DEFINITION: Radical Olive-powered connectivity that seeks to unify healthcare’s disparate systems and empower human workers by removing the burden of having them act as data routers. With this scalable interoperability, the IoH is capable of revealing life-changing outcomes.

IT’S KIND OF LIKE THE BORG QUEEN FROM STAR TREK

Olive acts as a hive mind, acquiring data from every Olive in every payer and provider system. She then assimilates that information about what she’s working on and how she’s working on it into her deep knowledge bank. And when one Olive learns, all Olives learn. All the memories, the wisdom, the experiences, the skinned knees, the small victories, all the data about any work she has ever done is used as an unparalleled data asset to evolve her entire AI workforce. As she advances her capabilities, she becomes more accurate, reliable and efficient. Sorry disconnected data and siloed systems that make intelligence difficult to access, Olive is coming and resistance is futile!

THINK OF OLIVE AS A SOPHISTICATED TRANSIT SYSTEM

Healthcare has all kinds of different vehicles traveling on an unpaved road: big SUVs (EHRs, ERPs) small compacts (RPM/ TeleMed) and brand new cars (HIEs). They’re all chugging along at their own pace; restricted to the lane they’re in. But when they need to get the attention of another traveler to let them know they have the right of way or are slowing down traffic, they can only do so with confusing honks or hand gestures. Olive turns every car into a supercharged, self-driving Tesla able to speak to every Tesla on the road — simultaneously. And that unpaved road restricting traffic and causing jams? Gone! Olive transforms it into a wide-open Autobahn where speed limits no longer exist and every car can move freely from lane to lane unhindered. All this removes a huge burden from the human drivers and allows them to relax and enjoy the ride.

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