Olive AI winds down after offloading remaining assets

Healthcare automation company Olive AI announced Tuesday that it has sold its core business units and is winding down the remainder of its operations. The company, once valued at $4 billion, has offloaded its clearinghouse and patient access units to Waystar and its prior authorisation unit to Humata Health. In a statement, Olive said it believes "this decision will provide important stability and a bright future for these customers."
 
The news comes shortly after Olive sold its business intelligence platform to BurstIQ in June for an undisclosed sum, and its utilisation management solution and business unit to Availity in April. 
 
Olive provides artificial intelligence-powered software to automate hospital administrative tasks. Since its founding in 2013, the company has raised a total of $848 million in venture capital, including $400 million in 2021. 

Follows layoff rounds
 
However, trouble started brewing last year when Olive laid off 450 employees and pared down its product lines to core billing automation software. The company conducted another round of job cuts in February, trimming 35% of its workforce due to "economic conditions affecting tech companies" along with anticipated "continued financial strain among healthcare providers." 

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