New York-based Tennr, which automates the patient referral process, has scored $101 million in Series C funding, boosting the company's valuation to $605 million.
IVP led the round, with participation from new and existing investors Andreessen Horowitz, GV, Foundation Capital, Lightspeed, ICONIQ and Frank Slootman.
WHAT IT DOES
Tennr offers a platform that utilizes large language models to analyze patient referral information, whether a doctor's office receives the referral via fax, e-portal or email.
"The secret behind Tennr is the combination of an enterprise orchestration engine and a series of specialized language models (RaeLM) trained on the nuances of processing medical documentation against strict payer criteria," the company said in a statement.
"Unlike generic large language models, RaeLM is optimized to understand the nuanced data in medical determinations across years of records. It evaluates documents against complex payer criteria to flag potential denials and denials."
Alongside the funding announcement, the company is launching Tennr Network, which provides real-time updates to referring providers, receiving providers and patients on the status of a referral.
"We're somewhat maniacal as is, but this round is about getting more aggressive in addressing the 'black hole problem' of the U.S. healthcare system," Trey Holterman, CEO and cofounder of Tennr, said in a LinkedIn post.
"It means giving more providers the tools to create a world-class experience for their referral sources and their patients. It means continuing to maximize the percentage of patients who make it to their next service while minimizing the denials and delays that too often stand in their way. It means helping providers thrive in an environment of collapsing reimbursement rates."
MARKET SNAPSHOT
Last year, Tennr raised $37 million in a Series B round in October and $18 million in a Series A round in March. In a statement, the company reports that it has more than tripled its revenue since its Series B funding round.
Another company automating the fax process is Concord Technologies, which offers an AI-powered cloud fax tool that facilitates the exchange of clinical data. The platform also extracts EHR data from transmitted documents.
