What You Should Know:
– Tennr, a healthcare technology company transforming the patient referral process, has secured $37M in Series B funding led by Lightspeed Ventures, with participation from existing investors Andreessen Horowitz (a16z) and Foundation Capital. This latest investment brings Tennr’s total funding to over $61M, following a Series A round just six months ago.
– Tennr has monetized their business through an automation platform that works for everyday healthcare businesses looking to automate from the moment a document is received to the time a patient is cleared with insurance and ready to be scheduled.
Addressing the Challenges of Healthcare Documentation
The referral process in healthcare is often bogged down by inefficient manual workflows and complex documentation. Tennr’s AI-powered platform tackles this challenge by automating the processing of medical documents, enabling faster referrals and reducing administrative burden for healthcare providers.
Specialized Machine Learning for Healthcare
Tennr’s success stems from its focus on developing specialized machine-learning models specifically designed for medical documentation. Unlike general-purpose AI models, Tennr’s models are trained on a vast amount of healthcare data and can accurately interpret complex medical terminology and nuanced cases.
Key Benefits for Healthcare Practices
Tennr’s platform delivers significant benefits for healthcare providers:
- Faster Referrals: Reduces pre-visit patient processing times from weeks to hours, accelerating access to care.
- Reduced Claim Denials: Improves the accuracy of documentation and billing, minimizing costly insurance claim denials.
- Increased Efficiency: Automates manual tasks and streamlines workflows, freeing up staff time for patient care.
- Improved Patient Experience: Facilitates faster access to care and reduces administrative delays for patients.
Expanding Reach and Impact
This new funding will enable Tennr to:
- Grow its Research Team: Continue to develop and refine its AI models for even greater accuracy and efficiency.
- Expand Sales and Marketing Efforts: Reach more healthcare providers and expand its impact across the U.S. healthcare system.
“I think checkboxes are a good example of a situation where nothing on the market, paid or open-source, was even close to hitting the accuracy requirements we needed. The forms you fill out at a clinic are mostly checkboxes and so we addressed that by building a checkbox reader. We applied novel vision techniques we’d learned about in 2022, with what had to be the world’s largest dataset of labeled checkboxes. Our customers, spread across the US, run tight operations and process patients with excellent service. We align ourselves with these objectives that’s helping us drive growth. In the face of fixed-fee structures on the revenue side and constant inflation on the cost side—they want to be known as the best place to send patients, but they have an insurmountable amount of admin work that they have to do to get the job done. So, whether they always know it or not, it actually really matters to them that we try to be the best in the world at reading checkboxes, and drive these models forward,” said Tennr Co-Founder and CEO Trey Holterman.