AI-Powered Startup Tennr Secures $101M to Revolutionize Patient Referral Process

Health tech startup Tennr has raised $101 million in a Series C funding round, propelling its valuation to $605 million. The New York City-based company, founded in 2021, has developed an artificial intelligence model aimed at streamlining the patient referral process in healthcare.

AI Solution Addresses "Black Hole" in Patient Referrals

Tennr's proprietary AI model, RaeLM, is designed to automate workflows and parse through medical documents, addressing what industry professionals refer to as the "black hole problem" in patient referrals. This issue often results in patients falling out of the system due to lack of visibility in their healthcare journey.

RaeLM, trained on 100 million anonymized healthcare documents and 2.3 billion distinct data fields, can interpret unstructured medical records against complex payer criteria. The AI model automates the intake of documentation, reducing error rates and processing times in the referral process.

Expansion of Services and Launch of Tennr Network

With the new funding, Tennr plans to expand its product offerings and grow its business with more providers. The company has already broadened its capabilities beyond patient intake and documentation review, developing products for eligibility benefits, qualifications billing, and communication coordination.

Tennr has also announced the launch of Tennr Network, a platform connecting referring providers, receiving providers, and patients. This network aims to provide real-time visibility into referral status, potentially increasing patient adherence and satisfaction.

Industry Impact and Future Growth

Tennr currently processes 10 million documents a month and works with hundreds of healthcare organizations. The company has seen rapid growth, more than tripling its revenue since its $37 million Series B round just two quarters ago.

Ty Barnett, CIO at durable medical equipment supplier Norco Inc., praised Tennr's impact, stating that it has "revolutionized" their fax-to-intake workflow, "eliminating hundreds of hours of manual effort each day, removing human errors, and accelerating the creation of patient intakes."

As Tennr continues to expand its services and client base, it stands poised to significantly impact the efficiency and effectiveness of patient referrals in the U.S. healthcare system.