Tennr, a startup seeking to simplify referrals for radiology and other care, has raised $101 million in a Series C funding round. Founded in 2021 by Trey Holterman, Diego Baugh, and Tyler Johnson, this startup automates processing for referral-based care.
Tennr notes that about one-third of Americans are referred for imaging, equipment or other specialty care. However, for radiologists on the receiving end, it can be “impossible” to deliver an ideal patient experience due to the need for manual review of email, electronic medical records, and fax requests. The startup aims to solve this problem through automation.
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The company uses an “enterprise orchestration engine” and a series of specialized language models, trained on the nuances of processing medical documentation against payer criteria.
This funding round was led by IVP, a California-based venture capital firm.
“Forcing healthcare providers to change the way they refer their patients doesn’t work. Many have tried,” IVP partner Zeya Yang said. “Tennr is the first company that works the way healthcare already does: no EMR rip-outs, no need to retrain providers, no changes to how documentation is shared. By combining deep customer empathy for specialist workflows with technical excellence, Tennr builds software that actually gets used because it works with the system, not against it.”
New investors Google Ventures and Iconiq and existing investors Andreessen Horowitz and Lightspeed also contributed to the financing, valuing the startup at $605 million. This makes Tennr one of the fastest-growing health tech startups in a vertical increasingly dominated by artificial intelligence companies.
While Tennr has built and trained its own proprietary model to help parse through patient documents and doctors’ notes, Holterman—who is Tennr’s CEO—said that he tries to avoid branding the company as yet another AI healthcare company. “I want to talk about problems and I want to talk about solutions,” he told Fortune. “I don’t want to talk about just the technology.”
Holterman had always been interested in healthcare, and had previously worked as a software engineer at the Medicare platform Health IQ and the fitness company Strava. However, his interest in tackling referrals came after hearing about the complications with it from his mother, who was working with family medicine at the time. Cofounder Baugh also experienced it personally, as a patient after a six-week delay between GI appointments sent him to the emergency room in college.
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“Patients really shouldn’t vanish into a work queue,” Holterman said. “There’s so much opportunity to build a delightful patient experience, but it’s always failed because we expect so much behavior change[s] from providers who are completely overwhelmed.”
Holterman also said that potential areas for growth for Tennr include tackling new sub-verticals within medical specialties, which is currently the company’s main customer base, as well as selling new tools within the referral workflow, like verifying insurance information. Tennr is already expanding its product to create a network feature that allows both primary care physicians and patients to have visibility into the referral and payment process.