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April 6, 2022 04:08 pm

$4 billion Health Tech Startup Olive Overpromises and Underdelivers

Olive is the buzzy startup whose purple "go save health care" buses dominate industry conferences. But its promises to save health systems millions of dollars with its automation software don't deliver. Axios reports: An Axios investigation finds that Olive relies on rough estimations for its calculations, inflates its capabilities and, in many cases, generates only a fraction of the savings it pledges. Erin's reporting includes interviews with 16 people, including former and current employees and health tech executives. Valued at $4 billion by firms like Tiger Global and Vista Equity Partners, Olive is the highest-profile startup in health care automation; a holy grail that promises to cut costs and direct more time toward patient care. In just 10 years, Olive's promise to reduce its clients' administrative spending by roughly 5X the cost of installing the software has garnered the attention of some of the largest health systems in the U.S. Axios' reporting, which includes interviews with 16 people -- including former and current employees, health tech executives and others -- finds Olive is failing to deliver on those promises.

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