Gentem Health startup closes $10m Series A financing to streamline and accelerate insurance reimbursements
Gentem Health, a Silicon Valley-startup focused on helping private practices thrive financially, raised a $10 million Series A financing round, bringing total investment to $13.7 million.
Fisayo Ositelu, M.D., a Stanford-educated physician and Emmanuel Akintayo, a former Facebook software engineer, founded the company in 2019 to address a growing crisis in healthcare, the increasing difficulty of doctors to run financially-viable medical practices due to administrative costs and poor cash flow.
Gentem transforms the reimbursement experience by not only handling the end-to-end billing and revenue cycle processes, but also reimbursing physicians upfront. Leveraging automation, data science, and the latest financial technologies, Gentem is able to increase cash flow while drastically reducing account receivable days and uncovering opportunities to increase revenue.
In the midst of the pandemic, Gentem went live in 2020 and helped various private practices - ranging from surgical specialties and pain management to behavioral health and telemedicine providers - weather the storm and increase their reimbursements.
Khaled Bowarshi MD and Founder, Florida TMS Clinic: "Gentem did a great job relieving our billing headaches. My office manager said it was "night and day" compared to how our billing used to be managed. Gentem reduced our accounts receivable from an average of 90 days down to 20 as well as dramatically increased our revenue."
The round was led by Vulcan Capital, the multi-billion-dollar investment firm founded by Microsoft co-founder Paul G. Allen. Other Investors include Rocketship VC and returning investor Susa Ventures, who led their seed round, as well as CoFound Partners, 500 Startups and Social Starts.
Yongbai Choi, Investor, Vulcan Capital: "Gentem fits directly into our strategy of backing core technology innovation to transform the healthcare reimbursement experience. This was a great opportunity for us to step up from our initial investment and to deepen our partnership with a fantastic team that is building infrastructure to help medical practices be more resilient and independent."
Leo Polovets, General Partner, Susa Ventures: "Doctors are being crushed by administrative work and unpredictable cash flows, and Gentem removes these burdens so that doctors can focus on treating patients. By applying artificial intelligence to insurance claim processing and combining that with instant payments for doctors, Gentem is bringing much-needed innovation and streamlining to a sleepy industry."
This new round of funding will grow sales, product and engineering teams to meet demand from healthcare providers.
Fisayo Ositelu, CEO, Gentem Health: "Our team is committed to helping healthcare providers overcome the increasing financial challenges they face, which have been worsened by the COVID-19 pandemic. We are doing our part at Gentem by building technology and services to reimburse providers upfront for their insurance claims and reduce their administrative headaches so they can focus on being doctors."