SAN FRANCISCO, Jan. 15, 2020 /PRNewswire/ -- Gentem, has raised $3.7 million to help doctors run viable healthcare practices and remain independent. Gentem is building the infrastructure that will power the future of healthcare reimbursement and spur a new generation of medical and surgical practices while making current practices more efficient. This new round of funding will grow their engineering and operations teams to reach more healthcare providers.
Gentem transforms the reimbursement experience by not only handling the end-to-end billing and revenue cycle processes, but also paying physicians upfront for their services. Because they leverage automation, data science and access to financial products, Gentem is able to increase cash flow, drastically reduce account receivable days and uncover opportunities to increase revenue.
"The challenges physicians face often get lost in the conversations about the broken healthcare system. There are tremendous administrative complexities and waste in the health system; and doctors who run their own practices are not spared from these struggles," said Fisayo Ositelu, MD, CEO and co-founder of Gentem. "We believe that more doctors will choose to work for physician-owned practices because independent doctors have higher job satisfaction than those working for hospitals and can offer their services at a lower cost for patients."
Susa Ventures led the funding round with participation from Village Global, Vulcan Capital, Hustle Fund, 500 Fintech, Social Starts, Great Oaks VC and others.
Gentem is building the infrastructure to power the future of health services reimbursements. Complexity, friction and waste are the main features of healthcare transactions. Gentem's mission is simple -- get healthcare providers paid instantly with minimal administrative cost. This approach represents a paradigm shift that puts user-experience at the core, while elevating quality and reducing transaction costs. Gentem is based in San Francisco and leverages cutting-edge technology in machine learning, automation and fintech to help make doctor's practices run more efficiently.