WILMINGTON, N.C., June 03, 2024 (GLOBE NEWSWIRE) — Live Oak Bank has announced its first embedded banking partnership with Anatomy Financial Inc., a provider of AI-powered financial automation solutions for medical, dental, digital health and healthcare billing companies.
Live Oak's novel approach marks the first time that a software company like Anatomy can offer Live Oak banking products and services directly to their customers. The result is a collaboration where customers receive best-in-class banking services conveniently embedded in the software they use most often. While these accounts are held and serviced by Live Oak Bank, the product is exclusive to customers of the Anatomy platform.
“Our in-house technology and next-generation Finxact core enable us to securely deliver scalable banking services embedded on the Anatomy platform, creating a ledger for every customer and account, meaning customer funds are not entangled in a generic omnibus account structure,” said James S. (Chip) Mahan II, chairman and CEO of Live Oak. “Anatomy marks an exciting start to our embedded banking journey to serve clients across a range of industries.”
Anatomy provides a modern healthcare lockbox that uses AI to convert paper documents into electronic data and link banking, billing, and accounting data to provide real-time financial analysis and automated reconciliations. In an industry where a quarter of revenue is still generated through paper checks and wire transfers, Anatomy can reduce post-processing work on the average claim by seven minutes.
This gives healthcare providers a comprehensive financial operating system that solves common pain points by bringing data together and automating financial reconciliations.
“This enables new, impactful customer experiences,” says Stephanie Mann, Live Oak's chief strategy officer. “In Anatomy's case, we're introducing operational accounts where deposited checks are automatically reconciled with records provided by the practice's insurance payer, eliminating cumbersome manual processes that can reduce the efficiency of a practice's operations.”
Callum and Sasha King are co-founders and co-CEOs of San Francisco-based Anatomy. “Healthcare presents unique financial challenges, such as insurance payments sometimes being made weeks after a patient encounter, and the systems for tracking payments are siloed. Partnering with Live Oak Bank will provide unprecedented financial transparency to healthcare organizations of all sizes. We're excited to work with a group that shares our passion for customer-centricity and innovation,” said Sasha King.
Live Oak Ventures, the investment arm of Live Oak Bancshares, Inc., which seeks to invest in companies that solve tough problems for small business owners, previously announced its investment in Anatomy.
“Anatomy Financial is the only company that offers a complete financial operating system for healthcare operations,” said Jake Tupa, head of embedded banking at Live Oak. “There's a direct demand for both the reconciliation tools that Anatomy provides as well as the embedded financial solutions we bring to the industry we know best.”
About Live Oak Bank
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (NYSE: LOB), is a digitally-focused, FDIC-insured bank serving customers nationwide. Live Oak's technology- and innovation-focused approach delivers efficiency and excellence in banking without branches. For more information, visit www.liveoakbank.com.
contact:
Claire Parker
Managing Director of Corporate Communications, Live Oak Bank
910.597.1592
ClaireParker@liveoak.bank
