Live Oak Ventures Participates in Financing of Anatomy Financial

Rhea-AI Summary

Live Oak Ventures, the investment arm of Live Oak Bancshares, Inc., has invested in Anatomy Financial, an AI-powered financial automation solution for healthcare billing companies. Anatomy uses AI to streamline healthcare back-office operations, digitize paper remittances, and eliminate post-processing work for claims. Co-CEOs Callum and Sasha King aim to modernize financial workflows in healthcare with AI technology.

Financial Analyst

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.

Healthcare Technology Expert

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.

Market Research Analyst

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

What is the name of the company Live Oak Ventures invested in?

Live Oak Ventures invested in Anatomy Financial.

What industry does Anatomy Financial cater to?

Anatomy Financial caters to medical, dental, digital health, and healthcare billing companies.

How does Anatomy Financial use AI in its operations?

Anatomy Financial uses AI to automate healthcare back-office operations, link bank, claims, and accounting data, provide real-time financial insights, and automate reconciliation.

Who are the co-CEOs of Anatomy Financial?

The co-CEOs of Anatomy Financial are Callum and Sasha King.

Where is Anatomy Financial based?

Anatomy Financial is based in San Francisco.

What problem does Anatomy Financial aim to solve for small business owners?

Anatomy Financial aims to solve hard problems for small business owners by providing streamlined operational efficiency and meaningful financial insights.

What is the impact of Anatomy Financial's solution on paper remittances and checks?

Anatomy Financial's solution digitizes paper remittances and checks, eliminating 7 minutes of post-processing work for the average claim.

Why is Live Oak Ventures excited about investing in Anatomy Financial?

Live Oak Ventures is excited to invest in Anatomy Financial as it provides extraordinary value to healthcare companies by streamlining operational efficiency and offering meaningful financial insights to customers.

How does Anatomy Financial work alongside existing practice management systems?

Anatomy Financial works alongside existing practice management systems to digitize paper remittances and checks.

What is the focus of Anatomy Financial in healthcare operations?

Anatomy Financial focuses on automating financial workflows in healthcare operations to allow providers to concentrate on quality patient care.