AI startup Tennr raised $37M to automate healthcare document processing

The doc intelligence-focused healthcare startup Tennr Inc. as we speak introduced it has closed on a $37 million Collection B funding spherical.

The funding was led by Lightspeed Ventures and noticed participation from a16z and Basis Capital. It brings Tennr’s whole quantity raised to greater than $61 million, coming simply six months after it raised $18 million in a Collection A spherical of funding.

Tennr is utilizing synthetic intelligence doc evaluation instruments to help healthcare organizations in managing the 1000’s of paper paperwork they should work with every day. Its software program helps to automate the tedious and labor-intensive duties related to medical paperwork, together with referral types, affected person information, insurance coverage claims and so forth.

By taking over this burden, Tennr says healthcare organizations have extra time to deal with truly offering care to their sufferers, to allow them to cut back ready occasions, deal with extra sufferers and enhance outcomes.

Tennr’s software options AI-powered doc parsing and workflow automation capabilities which have been custom-made for the medical business. Whereas most giant language fashions are extra normal function, designed for use in each sort of business, Tenner’s LLMs have been educated particularly on the sorts of paperwork discovered inside the healthcare business. For example, it’s in a position to learn, perceive and categorize paperwork like affected person consumption types that usually include scrawled, handwritten notes which are tough for normal automation instruments to parse.

One other benefit Tennr offers is that it could possibly deal with healthcare-specific challenges, corresponding to types with checkboxes and multi-patient information. The startup says current AI fashions typically fall quick when making an attempt to carry out a few of these duties. Not so with Tennr, which has created a “multi-patient” mannequin that’s in a position to establish which elements of prolonged paperwork pertain to particular sufferers, in order to scale back the time required to course of types, whereas enhancing accuracy.

Tennr has additionally developed a custom-built checkbox reader mannequin, which was educated on one of many world’s largest datasets of labeled checkboxes.

In addition to lowering doc processing occasions, Tennr says it additionally helps to remove potential errors within the course of. For instance, its AI-powered insurance coverage software overview device is ready to flag lacking information or incorrect entries in paperwork earlier than they’re despatched to the insurance coverage supplier. This helps to scale back the frequency of declare denials, it mentioned.

As a result of it automates a big chunk of the paperwork that healthcare suppliers should do, Tennr says organizations will want fewer administrative employees, so staff may be assigned to larger worth duties.

Whole Medical Provide LLC, a supplier of diabetic medical provides, believes Tennr’s platform helps it to drive higher outcomes for sufferers. Darius Reid, who’s head of operations at Whole Medical Provide, mentioned the platform has change into “transformative” to the corporate’s workflow. “We’re now processing new sufferers in a fraction of the time it used to take,” he defined.

With the cash from as we speak’s spherical, Tennr desires to develop its engineering and analysis and growth groups so as to refine its AI fashions and increase its market presence. The startup believes it could possibly faucet into an enormous goal market, because the overwhelming majority of healthcare organizations nonetheless use guide processes for doc administration. By the top of subsequent 12 months, Tennr thinks it is going to be ready to facilitate doc administration for as much as 10% of all sufferers within the U.S. healthcare system.

“We see an actual alternative to step on the fuel and to be as aggressive as attainable,” mentioned Tennr co-founder and Chief Govt Trey Holterman. “Tennr is planning to double its worker numbers over the following six to eight months and has launched into new initiatives to enhance its expertise in areas corresponding to processing healthcare codes.”

The startup has attracted the curiosity of two of Silicon Valley’s most famed enterprise capital companies in Lightspeed Ventures and a16z, they usually each see monumental potential in what the startup is doing.

“Tennr’s product is assembly a major market want throughout the healthcare business,” mentioned Lightspeed’s Alex Kayyal. “Its workflow automation platform drives vital ROI for purchasers whereas enhancing the affected person expertise dramatically.”

Picture: Tennr