Gentem Secures $3.7M Seed Funding to Streamline Medical Reimbursement Processes

VCBeat (WeChat ID: vcbeat) learned from foreign media that on January 15, 2020, Gentem, a medical service reimbursement company, completed a $3.7 million seed financing round. The round was led by Susa Ventures, with participation from Village Global, Vulcan Capital, Hustle Fund, 500 Fintech, Social Starts, and Great Oaks VC.

Gentem is a medical service reimbursement company headquartered in San Francisco, USA. Leveraging cutting-edge technologies in machine learning, automation, and financial technology, Gentem is dedicated to helping physicians receive immediate payment with minimal administrative costs, thereby enhancing practice efficiency. Prioritizing user experience, Gentem continuously improves service quality and reduces transaction costs.

Gentem not only manages end-to-end billing and revenue cycle processes but also prepays physicians for their services, thereby transforming the reimbursement experience. By leveraging automation, digital technologies, and financial products, Gentem enhances cash flow and significantly reduces days sales outstanding (DSO), unlocking additional revenue opportunities for physicians.

This round of financing will be used to strengthen Gentem’s infrastructure and operational team, power future medical expense reimbursement, stimulate next-generation medical and surgical practices, and improve the efficiency of current medical practices to help physicians conduct viable independent practices.

Fisayo Ositelu, CEO and co-founder of Gentem, stated, “There is significant administrative complexity and waste in the healthcare system, and physicians in private practice are not immune to these challenges. Gentem believes that more physicians will choose independent practice, as independent doctors report higher job satisfaction than their hospital-employed counterparts and can deliver patient care at a lower cost.”

Susa Ventures, founded in 2013 and headquartered in San Francisco, USA, is an early-stage venture capital firm. Its investment focus includes proprietary data, economies of scale, and network effects.

Village Global, founded in 2017 and headquartered in San Francisco, USA, is an early-stage venture capital firm backed by numerous world-class entrepreneurs.

Vulcan Capital, established in 2003 and headquartered in Washington State, USA, is the private investment arm of Vulcan Inc., founded by Microsoft co-founder Paul G. Allen. Vulcan Capital’s portfolio spans multiple industries, including media and communications, energy and natural resources, financial and information services, technology, and life sciences.

Hustle Fund, established in 2017 and headquartered in California, USA, is an early-stage venture capital fund.

(Compiled by: Chang Jia)