Healthcare AI startup Tennr has secured $37 million in a Sequence B funding spherical, simply six months after its $18 million Sequence A. Led by Lightspeed Ventures, with participation from a16z and Basis Capital, this newest spherical brings Tennr’s complete funding to over $61 million. Tennr is utilizing synthetic intelligence (AI) to revolutionize how healthcare organizations handle and course of the mountains of paperwork that move by their practices each day.
Tennr’s AI platform automates the labor-intensive duties concerned in dealing with medical documentation—whether or not it is referral varieties, insurance coverage claims, or affected person data—permitting healthcare suppliers to deal with what issues most: affected person care. By automating these crucial workflows, Tennr helps practices scale back affected person wait instances, improve throughput, and enhance business outcomes.
AI-Powered Doc Automation for Healthcare
Tennr’s expertise stands out within the healthcare sector resulting from its deal with doc parsing and workflow automation tailor-made particularly for medical practices. Not like common AI fashions that purpose to serve a number of industries, Tennr’s machine studying fashions are designed with healthcare in thoughts. These fashions learn, categorize, and reply to the advanced, typically messy paperwork that cross between healthcare suppliers. This contains all the pieces from affected person consumption varieties to insurance coverage claims, which often comprise information that’s troublesome to parse for traditional automation instruments.
A key benefit of Tennr’s platform is its potential to deal with healthcare-specific doc challenges, corresponding to multi-patient data or varieties with checkboxes, the place current applied sciences typically fall quick. For example, Tennr’s “Multi-Affected person” mannequin identifies which elements of prolonged paperwork correspond to particular sufferers, lowering the time wanted to course of varieties and growing accuracy. Moreover, the platform integrates a custom-built checkbox reader, developed from one of many largest datasets of labeled checkboxes, addressing a significant hole in current AI options.
Tennr’s CEO, Trey Holterman, highlighted the need of this focus, stating, “I believe checkboxes are a great instance of a state of affairs the place nothing in the marketplace, paid or open-source, was even near hitting the accuracy necessities we wanted. The varieties you fill out at a clinic are principally checkboxes and so we addressed that by constructing a checkbox reader. We utilized novel imaginative and prescient strategies we’d realized about in 2022, with what needed to be the world’s largest dataset of labeled checkboxes”
Vital Positive factors for Healthcare Suppliers
Tennr’s platform has already delivered substantial worth to healthcare suppliers throughout the US. By automating doc workflows, practices can drastically minimize down on administrative overhead. The place processing a affected person’s documentation might need taken days or even weeks, Tennr’s platform reduces this to mere hours, permitting suppliers to see extra sufferers quicker and with fewer delays. Practices additionally profit from fewer insurance coverage declare denials, which helps them seize extra income in an setting the place healthcare reimbursements are beneath stress.
Darius Reid, Head of Operations at Complete Medical Provide, famous the platform’s transformative affect: “Utterly transformative to our workflow. We’re now processing new sufferers in a fraction of the time it used to take, which has been a game-changer.”
Along with reducing down processing instances, Tennr’s platform helps healthcare suppliers forestall pricey errors. With its AI-powered doc overview, Tennr flags lacking info or incorrect documentation earlier than it reaches insurance coverage suppliers, lowering declare denials and serving to practices keep away from time-consuming rework. This degree of automation ensures that fewer workers are wanted to handle administrative duties, easing the burden on healthcare employees and stopping burnout.
Increasing Tennr’s Attain and Capabilities
With the brand new Sequence B funding, Tennr plans to develop its analysis and engineering groups, additional refining its expertise and increasing its market presence. The corporate goals to increase its companies to extra healthcare specialties that also depend on handbook processes for doc administration. Over the subsequent yr, Tennr expects its platform to facilitate the motion of greater than 10% of all sufferers referred all through the U.S. healthcare system.
Tennr’s product isn’t nearly doc administration; it is about bettering the complete affected person expertise. This contains streamlining the complete pre-visit course of in healthcare—from the second a doc is acquired to the purpose a affected person is cleared with insurance coverage and prepared for scheduling.
Constructing for the Way forward for Healthcare
Based by a workforce of consultants in AI and healthcare, Tennr combines cutting-edge machine studying with deep trade data. The corporate’s platform automates the important, but tedious, administrative duties that usually lavatory down healthcare suppliers. By processing and categorizing each doc that comes by a healthcare follow, Tennr automates duties corresponding to scheduling, affected person qualification, insurance coverage verification, and extra.
For instance, Tennr ensures that healthcare practices have the proper documentation readily available for insurance coverage claims. Its system cross-checks paperwork in opposition to complete rule units and flags any lacking or incorrect info. This helps practices keep away from pricey declare denials and audits. The platform even manages communications with sufferers and suppliers, making certain that everybody concerned in a affected person’s care is up-to-date on the newest developments.
A Strategic Partnership with Lightspeed Ventures
Lightspeed Ventures, which led this newest spherical of funding, sees huge potential in Tennr’s strategy. Alex Kayyal, accomplice at Lightspeed, commented on the funding: “It is clear that Tennr’s product is assembly a big market want throughout the healthcare trade. Their workflow automation platform drives vital ROI for patrons whereas bettering the affected person expertise dramatically. We have been deeply impressed with the workforce’s imaginative and prescient and execution, and are excited to accomplice with Tennr as they bring about extra AI native capabilities to healthcare organizations.”
Conclusion
Tennr is on the forefront of a crucial transformation in healthcare. By automating the doc workflows that lavatory down medical practices, Tennr helps suppliers see extra sufferers, scale back wait instances, and keep away from pricey errors in insurance coverage claims. As healthcare continues to evolve, Tennr is positioning itself as a key participant in streamlining operations for suppliers throughout the U.S. With contemporary funding in hand and a rising buyer base, Tennr’s AI-powered platform is ready to turn out to be a vital software for healthcare organizations seeking to enhance each affected person care and enterprise efficiency.
