Olio Raises $2.5 Million to Grow Healthcare Collaboration Technology
CARMEL, Ind., March 12, 2019 /PRNewswire/ -- Olio, the only collaboration platform that digitally connects hospital and physician teams with post-acute providers around the patient's healthcare episode type, announced today that it has raised $2.5 million in seed funding. The oversubscribed round was concentrated in strategic seed investors who explicitly understand the complexity of the healthcare environment, the challenges ahead within the industry, and the challenge that Olio addresses.
Olio's secure platform enables greater collaboration between acute and post-acute healthcare providers, so patients receive more coordinated care. The platform gives hospitals, physicians, and their teams clear and immediate insights into their patients' conditions across the post-acute environment (skilled nursing facilities, home health agencies, and outpatient physical therapy) to improve clinical outcomes and lower costs. The company intends to use the round of funding to further scale the technology, expand nationally, innovate with its clients, and grow its engineering, marketing, and customer success teams. Olio is on pace to add approximately 80 jobs in Central Indiana by 2020. Olio is a recipient of the Indiana Venture Capital Investment Tax Credit by the State's Economic Development Corp, designed to support fast-growing Indiana companies.
"With Olio, health systems are able to improve clinical outcomes for their patients, and improve financial performance in value-based healthcare," said Ben Forrest, founder and CEO of Olio. "With this funding, we'll further advance our technology that is enabling health systems and physicians to provide the highest quality of care as patients transition to care facilities outside of the hospital's walls."
"Olio is helping solve the communication gap that exists between physicians, hospitals, and post-acute healthcare providers," said P. Jamieson Kay, MD, Orthopedic Surgeon and President, Central Indiana Orthopedics. "Olio enables Central Indiana Orthopedics to collaborate more effectively with caregivers across the patient's entire episode of care. As a result, our patients receive the highest-level of coordinated care and Central Indiana Orthopedics can efficiently manage our patient population, their experience, and the overall cost of care."
"The most successful startups combine industry expertise with an exceptional digital experience," said Mike Reynolds, CEO of Innovatemap Ventures, Olio investor and advisor. "Olio's timing is ideal to seize this market opportunity and fill a critical need by connecting a fragmented industry. I'm excited to see what successes are in store for them in 2019."
Olio has partnered with progressive Midwest healthcare providers, who are engaged in value-based arrangements including Medicare Advantage, Managed Medicaid, BCPI-A, ACOs, and other risk-bearing healthcare reimbursement models. Olio is in the process of implementation with additional health systems, physicians, and post-acute providers committed to technology-enabled solutions to improve patient care and experience across the care continuum.
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