By JESSICA DaMASSA, WTF HEALTH
What could be better than being the CEO of a revolutionary healthcare technology company that raised $ 450 million to build the “Internet of healthcare”? How about becoming the CEO of a second company – a new managed Medicaid health plans company – which will be built on your first company’s machine learning platform, which is packed with hospital data, and learn how to to automate the expertise of health administrators? The same goes for Sean Lane, CEO of Olive and now also CEO of Circulo.
What does a Medicaid plan designed from the ground up and driven by technology look like? Sean talks about the strategy behind the new health insurance company, which aims to use Olive’s technology to automate all aspects of a payer’s operation with the goal of 1) eliminating administrative costs from the health plan and 2 ) create an unprecedented situation. relationship between patient, payer and provider. On this last point, it’s the new approach to pay-supplier relationships that really seems to excite Sean. With Olive already integrated with hundreds of healthcare systems and conveniently located on the desktops of these vendors, Sean says Circulo will be poised to leverage the data and distribution of this network to forever change the model of. payment for health care. Submitting complaints disappears. The denials disappear. Costs are going down. Care is improving.
Backed by $ 50 million from Olive investors (Drive Capital and General Catalyst led Circulo Series A with participation from Oak HC / FT and SVB Capital), the new plan is currently underway. to strengthen the team and technology and aims to “cover a life, create one.” supplier and earn a dollar in revenue by the end of the year. We’re at the start, but we dive into the details of the strategy and also explore how it fits into the ‘health insurance thesis’ behind General Catalyst’s latest investments, especially those led by Hemant. Taneja, who literally co-wrote the book on the subject with Steve Klasko of Jefferson Health, and is the CEO of the Health Assurance Acquisition Corporation ($ HAACU) SPAC which is just waiting to take on a public health technology company. .