Tendo is a company that is on a mission to become a trusted connection between patients, clinicians, and caregivers by creating software that provides seamless, intelligent, and user-friendly experiences throughout the care journey. Pulse 2.0 interviewed Tendo CEO Dan Goldsmith to learn more about the company.
Dan Goldsmith’s Background
What is Dan Goldsmith’s background? Goldsmith said:
“I’m currently the CEO of Tendo, and I have over 25 years of experience in software and management consulting. I’ve specialized in building businesses from startup to scale in purpose-driven industries; healthcare, life sciences, and education. My main areas of focus have included cloud software, global expansion, and verticalization. I’ve had the pleasure of operating as CEO or a C-Level executive at Tendo, Instructure, and Veeva. In addition to my operating experience, I have had the honor of working with some incredible organizations as a Board Director, Advisor, and Investor. When I’m not working, I enjoy time with my family and I’m a huge pinball fan.”
Formation Of Tendo
How did the idea for the company come together? Goldsmith shared:
“Fueled by a passion for making an impact and the pattern recognition for success over the past two decades, in March 2020, my sister Jen Goldsmith and I embarked on an ambitious mission to reimagine the healthcare experience. We kicked off a listening tour, eager to engage with patients, clinicians, and caregivers, laying the groundwork for what would become Tendo.”
“As the tour gained momentum, we swiftly assembled a founding team operating in stealth mode while honing our vision and studying the problem we wanted to solve. We began forging pivotal partnerships with leading health organizations, setting the stage for ongoing collaboration. By August 2020, our listening tour had reached over 50 health systems, underscoring the resonance of our mission.”
“Through a combination of bootstrapped funding and the support of General Catalyst, we secured seed funding in September 2020, marking a pivotal moment in our journey. As Tendo, we proudly welcomed our first foundational customer in October 2020. We’ve continued accelerating our product development, partnership collaboration, and hiring an exceptional team; our mission and vision have remained the driving force behind it all.”
Favorite Memory
What has been Goldsmith’s favorite memory working for the company so far? Goldsmith reflected:
“The best part of building a company is assembling a team of passionate individuals who bring unique experiences to the table. The Tendo team brings a unique combination of ’Silicon Valley DNA,’ with deep healthcare expertise. This combination allows us to tackle the really big challenges in healthcare head-on in a collaborative and scaled way.”
Core Products
What are the company’s core products and features? Goldsmith explained:
”Tendo delivers a scalable tech platform and applications for streamlined care journeys, boosting health, improving the quality of care, and driving financial and operational outcomes. Focused on patient care initially, our product empowers patients to seek care by giving them the ability to easily seek, schedule, engage, and follow up with care, placing the patient at the center of healthcare experiences.”
”Tendo has continued to expand with unique expertise in data and analytics, utilizing proprietary machine learning and AI algorithms to deliver actionable insights to enhance care quality, reputation, and rankings, as well as financial outcomes. The recent acquisition of MDsave adds a shoppable marketplace, offering pre-contracted bundles with transparent pricing, and access to a robust provider network. Tendo’s solutions are vital for top-tier healthcare providers, benefitting hundreds of thousands of patients and numerous self-insured employer plans. The unique combination of platform, applications, analytics, and a marketplace for transacting care set the stage for patients to navigate healthcare similar to how they engage as consumers in other industries.”
Challenges Faced
What challenges has Goldsmith faced while building the company? Goldsmith acknowledged:
“Healthcare is facing paramount financial pressures, with over half of U.S. hospitals operating at a loss. Many health systems have made it a priority to focus on developing both short and long-term strategies that are innovative and targeted toward improving revenue. This includes implementing initiatives that are centered on the patient.”
”We’ve taken this challenge head-on and are partnering with leading health systems to help them quickly identify areas where technology, access, and advanced analytics can have an immediate impact. However, it is difficult for providers to innovate when margins are thin. This dynamic has sharpened our focus and resolve to make sure what Tendo does has a measurable and direct impact on quality, cost, and outcomes of care.”
Evolution Of Tendo’s Technology
How has the company’s technology evolved since launching? Goldsmith noted:
”We started with a platform approach, knowing that we needed to help reduce the fragmentation of point solutions in healthcare. This is an approach that is familiar to the Tendo team from work we have done building companies in the past. As our platform has evolved, we have been able to speed development and deliver new capabilities and applications to our customers faster and at a lower cost. We have also incorporated data into our strategy and product development.”
“This enables healthcare providers to make decisions and drive initiatives with confidence that their quality and financial outcomes will be measurable and improve their operations. It also enables patients to have more agency in their care and navigate with information in hand that helps. This past year, we acquired MDsave. MDsave is the largest healthcare provider network in the US, committed to making healthcare more accessible and affordable. With 350+ hospitals and 5000+ care sites, MDsave’s network provides unparalleled depth and breadth.”
“Over the past decade, MDsave has obtained 15 patents for innovative methods in bundled care, virtual care, and marketplaces. With Tendo, MDsave becomes the only entity that enables patients to access, schedule, engage, transact, and follow up on care with complete transparency. The integration of cutting-edge technology, specialized applications, analytics, and a nationwide provider network makes MDsave the most comprehensive solution for patients’ healthcare needs.”
Significant Milestones
What have been some of the company’s most significant milestones? Goldsmith cited:
“One of the most recent and significant milestones is our acquisition of MDsave. For patients and healthcare navigators, this acquisition brings access to–and management of–care with innovative, shoppable services. For providers, it will accelerate the acquisition of new patients by supporting greater price transparency and a streamlined approach to payments for bundled procedures. This allows us to move toward the realization of our long-term vision more swiftly.”
Customer Success Stories
After asking Goldsmith about the company’s customer success stories, he highlighted:
“At Tendo, our partnerships with institutions like RUSH exemplify our commitment to driving positive change in healthcare. Collaborating closely with RUSH, we’ve spearheaded innovative patient outreach and communication strategies, yielding improved health and financial outcomes. Our work has already helped to identify patients with great need for care and engage those patients to bring them into RUSH. We are also a key player in their overall digital transformation initiative.”
“On the consumer front with MDsave, we’re humbled by the profound impact our transparent marketplace has had on individuals seeking high-quality procedures. Just hearing feedback like this recent quote from a satisfied patient: “I was so grateful to the person who told me about MDsave. For hospitals to offer that help to people is priceless,” reaffirms our mission to make healthcare accessible and empowering for all.”
Funding And Revenue
After asking Goldsmith about the company’s funding and revenue numbers, he revealed:
“While we don’t discuss our financials, I can tell you we continue to have a healthy cash position and runway, and as we add customers and revenue, we’ll add additional income to extend our runway. No financing was used in our recent acquisition of MDsave. Since the acquisition in early October, the combined companies have already seen accelerated growth and funnel expansion. We are capital-efficient and believe in the fundamentals of financial management. This level of approach positions Tendo well for long-term success.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Goldsmith assessed:
“Tendo collaborates with forward-thinking healthcare organizations to create transformative solutions for a health tech market with a potential TAM of over $30 billion. Our partners are C-level Healthcare Executives and Clinical/IT Leaders who believe in models that promote open collaboration between individuals and organizations so that technologies work seamlessly together. We’re also leveraging the MDsave provider network and marketplace platform to tap into the vast potential of the employer self-insured market, working with top healthcare navigators and provider direct-to-employer organizations.”
Differentiation From The Competition
What differentiates the company from its competition? Goldsmith affirmed:
“Our unique approach, proven leadership, and strategic partnerships give us a competitive advantage that allows us to address the challenges in healthcare that others avoid. We’re building our platform to be scalable, extensible, and configurable to best address current and future healthcare needs. By partnering with a select group of foundational customers who provide essential feedback, we can build applications with more focus and greater velocity over time. With a team that built platforms and solutions at places like Workday, Salesforce.com, Veeva, and Instructure, Tendo has the experience to deliver healthcare software that scales and delivers unparalleled consumer experiences.”
Future Company Goals
What are some of the company’s future company goals? Goldsmith concluded:
“At the heart of our mission lies a profound understanding: healthcare is fundamentally about people, transcending mere technology or systems. Since our inception, we’ve fostered deep bonds within the healthcare community, grounded in trust, credibility, and partnership. Firmly believing that true transformation stems from collective effort, we leverage the value of data and insights. Through our tech platform and adaptable applications, we have a vision where patient experiences rise, outcomes excel, and clinicians, providers, and employers find connectivity and organizational success.”
