Live Oak Ventures Participates in Financing of Anatomy Financial
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Insights
The strategic investment by Live Oak Ventures into Anatomy Financial signifies a forward-looking approach to enhancing the financial operations within the healthcare sector. From a financial perspective, the integration of AI into healthcare financial services is poised to streamline operations, potentially improving the profitability margins for medical and dental practices by reducing the time and resources spent on back-office tasks. The automation of bank account reconciliation and the digitization of paper remittances are key value propositions that could lead to cost savings and increased efficiency for healthcare providers.
Moreover, the investment could signal Live Oak Bancshares, Inc.'s broader commitment to innovation and growth within the fintech space, possibly impacting its future revenue streams and market position. As healthcare providers continue to seek out operational efficiencies, the demand for Anatomy Financial's services could see an uptick, benefiting Live Oak's investment in the long-term.
The healthcare industry has historically lagged in digitization, particularly in financial operations. Anatomy Financial's AI-powered solution addresses a critical pain point by automating the reconciliation process and digitizing paper-based transactions. This innovation not only aligns with the broader industry trend towards digital health but also offers a tangible improvement in operational efficiency for healthcare providers.
By reducing the average post-processing time per claim, Anatomy Financial's technology could substantially decrease the administrative burden on healthcare practitioners, allowing them to allocate more time and resources to patient care. This could improve patient outcomes and satisfaction, which are increasingly important metrics for healthcare providers in a competitive market.
With the healthcare industry's steady increase in revenue through digital channels, the investment in Anatomy Financial by Live Oak Ventures is indicative of a strategic move to capitalize on this growth area. The fact that a quarter of healthcare revenue still comes by paper check suggests a significant market opportunity for Anatomy's solution. The trend towards automation and real-time financial insights is accelerating and companies that provide such solutions are well-positioned to capture market share.
Furthermore, the collaboration between a specialized fintech solution like Anatomy Financial and a bank with a deep understanding of healthcare financial challenges could foster innovation that resonates with healthcare providers' specific needs. This partnership might set a precedent for similar collaborations between financial institutions and technology providers, potentially reshaping the fintech landscape within the healthcare sector.
WILMINGTON, N.C., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Live Oak Ventures, the investment arm of Live Oak Bancshares, Inc., has announced an investment in Anatomy Financial, an AI-powered financial automation solution for medical, dental, digital health, and healthcare billing companies.
“Live Oak is excited to invest in companies such as Anatomy Financial that solve hard problems for small business owners,” said Stephanie Mann, Live Oak Bank Chief Strategy Officer. “As a bank that understands the difficulty and importance of bank account reconciliation, we see the extraordinary value Anatomy is providing healthcare companies by streamlining their operational efficiency and providing meaningful financial insights to customers.”
Anatomy uses AI to automate the healthcare back-office by linking bank, claims, and accounting data to provide real-time financial insights and automated reconciliation. In an industry that still receives a quarter of revenue by paper check and remits, Anatomy has a built-in solution that works alongside existing practice management systems to digitize paper remittances and checks, eliminating the 7 minutes of post-processing work for the average claim.
Callum and Sasha King are the cofounders and co-CEOs of Anatomy, based in San Francisco. "Healthcare organizations have unique financial operations that require dedicated, purpose-built solutions. At Anatomy, we're excited to bring modern fintech and AI to automate financial workflows and allow providers to focus on quality patient care," said Callum King. "Live Oak has an excellent track record of supporting healthcare businesses across the country and deeply understands their needs. We’re thrilled to work with such a customer centric team,” added Sasha King.
About Live Oak Ventures
Live Oak Ventures, a wholly owned subsidiary of Live Oak Bancshares (NYSE: LOB), is a fintech-focused investor that aims to bring innovation and performance excellence to the forefront of the banking industry. By investing in companies that accelerate the delivery of open digital solutions to the market, Live Oak Ventures intends to change the landscape of financial services and small business banking.
About Anatomy Financial
Anatomy is on a mission to automate financial workflows for healthcare. Today, healthcare providers receive a quarter of payments and remittances on paper, and siloed banking and practice management systems make it difficult to get clarity into insurance revenue that is paid versus needs follow-up. Anatomy automates these financial workflows using AI to convert EOBs to ERAs, modern lockbox solutions to digitize payments and mail, and seamless integrations to automate bank reconciliation and posting.
Contact:
Claire Parker
Live Oak Bank, SVP Corporate Communications
910.597.1592
claire.parker@liveoak.bank
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