Health reimbursement platform Gentem Health raises $10 million
San Francisco-based Gentem Health has raised $10 million in a Series A round for its revenue cycle management, reimbursements and payments platform for healthcare providers. The round was led by Vulcan Capital, with Rocketship VC, Susa Ventures, CoFound Partners, 500 Startups and Social Starts as participants. Since its inception, the company raised $13.7 million.
Established in 2019 and led by cofounder and CEO Fisayo Ositelu and cofounder and CTO Emmanuel (Manny) Akintayo, Gentem Health (a team of ~16) handles the end-to-end billing and revenue cycle processes and pays physicians upfront for their services. “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.”
“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.” – Yongbai Choi, lead investor at Vulcan Capital.
“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.” – Leo Polovets, General Partner at Susa Ventures.
“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.” – Dr. Fisayo Ositelu, CEO of Gentem Health.