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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Live Oak Bank Announces First Embedded Banking Partnership with Anatomy Financial, Inc.

WILMINGTON, N.C., June 03, 2024 (GLOBE NEWSWIRE) -- Live Oak Bank has announced its first embedded banking partnership with Anatomy Financial Inc., an AI-powered financial automation solution for medical, dental, digital health, and healthcare billing companies.

Live Oak’s novel approach is the first of its kind, enabling software companies such as Anatomy to directly deliver Live Oak banking products and services to customers. The result is a collaboration where customers will receive best-in-class banking services conveniently embedded in the software they use the most. While these accounts are held at and serviced by Live Oak Bank, the product is exclusively available for customers on the Anatomy platform.

“Our in-house technology and a next-generation Finxact core allow us to securely offer scalable banking services embedded within the Anatomy platform and to ledger every customer and account. This means their money is not tangled in typical omnibus account structures,” Live Oak Chairman and CEO James S. (Chip) Mahan II. “Anatomy is an exciting start to our embedded banking journey to serve customers across our verticals.”

Anatomy offers a modern healthcare lockbox that uses AI to convert paper documents to electronic data, and link 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 can eliminate seven minutes of post-processing work for the average claim.

This gives healthcare providers a holistic financial operating system that solves common pain points by bringing data together for automated financial reconciliation.

“This unlocks new, impactful customer experiences,” said Stephanie Mann, Live Oak’s Chief Strategy Officer. “In the case of Anatomy, we are introducing an operating account where deposited checks are reconciled automatically with the records provided by the practice’s insurance payers. This removes frustrating manual processes that can bog down the efficiency of running a practice.”

Callum and Sasha King are the cofounders and co-CEOs of Anatomy, based in San Francisco. “Healthcare has unique financial challenges, with insurance revenue arriving weeks after a patient is seen and siloed systems to track what has been paid. By partnering with Live Oak Bank, we can offer unprecedented financial clarity to healthcare organizations of all sizes. We are thrilled 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., previously announced an investment in Anatomy, as it aims to invest in companies that solve hard problems for small business owners.

“Anatomy Financial is the only company providing a complete financial operating system for healthcare businesses,” said Live Oak’s Head of Embedded Banking Jake Tupa. “There is a direct need for both the reconciliation tools Anatomy provides and the embedded financial solutions we provide to the verticals 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 across the country. Live Oak brings efficiency and excellence to the banking process, without branches, by using a focused approach to technology and innovation. To learn more, visit www.liveoakbank.com.

Contact:
Claire Parker
Live Oak Bank, Managing Director, Corporate Communications
910.597.1592
claire.parker@liveoak.bank


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