Olio, a Carmel, IN-based digital communication 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.
Founded in 2017, Olio initially started out as a consulting firm aimed at improving alignment between acute and post-acute providers. The company later pivoted to develop a solution to solve the communication puzzle in the episode of care. Designed in collaboration with hundreds of providers – Olio’s HIPAA compliant solution enables direct and real-time communication 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.
Traction to Date
The company plans to use the seed funding to further scale the technology, expand nationally, innovate with its clients, and grow its engineering, marketing, and customer success teams.To date, 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.
In addition, 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.”