Why We Invested in Treso
Treso is building one connected platform for physician practices to run their financial operations.
A pediatric practice can purchase $500,000 or more of vaccines per year. A midsize oral surgery practice procures $2.5 million of dental implants annually. Retina practices carry $5 million or more in exposure from injectable drug purchases. These are just a few examples of major expenses that can make or break healthcare practices, but are currently managed through personal credit cards, bank portals, and Excel spreadsheets.
Providers run incredibly complex financial organizations but lack technology that helps them see and manage the basics of how money moves: what they spend, who is buying what, how prices vary, what their services cost, and when payment will arrive.
That is the problem Ryan Greenhaw and Zvika Badalov are solving with Treso, an intelligent financial operating system that gives practices one connected place to run their operations. The platform is purpose-built for the healthcare industry, with its specific needs and workflows at the forefront.
This approach is why Redesign Health is thrilled to support Treso’s launch, leading a $3.75 million pre-seed round alongside Locke Health and KCRise Fund.
The founders
From our first interactions with Ryan and Zvika, it was clear they bring deeply complementary healthcare and fintech expertise. That combination defines Treso itself: a healthcare technology company first, built on best-in-class financial infrastructure, and shaped by years of working directly with the customers it serves.
Ryan Greenhaw (Co-founder and CEO) has spent 15 years building healthcare technology companies, working directly with physicians, practice administrators, and finance leaders to understand how they buy, how they budget, and how they get paid. He joined Datafile as employee No. 5 and helped grow the company to well over 200 employees, leading sales, marketing, and partnerships. An award-winning tenure at athenahealth gave him a deep grounding in how practices operate, from clinical workflows to revenue cycle management, and informed his return to early-stage healthcare ventures. He went on to help drive significant commercial growth at both Stanson Health and Recondo ahead of their acquisitions by Premier Inc. and Waystar, respectively. Most recently, he was Chief Revenue Officer at Outbound AI, a voice AI company for payer-provider communications.
Zvika Badalov (Co-founder and CTO) has spent the same 15 years on the other side of the problem, building financial infrastructure from scratch for markets the big fintech platforms overlooked. He co-founded Vikar Technologies, an ABA-endorsed core banking platform for community banks that is still in use today. He went on to scale engineering at payments platform Fluz and at the capital-markets analytics company PeerIQ, which was acquired by Cross River Bank. At Cross River, which powers payment, card, and lending products for hundreds of fintech businesses, he led engineering and the data platform behind the bank’s first securitization offering, whose senior tranche earned an AAA rating from S&P. Most recently, as CTO of the fintech company Finally, he built an AI-native corporate card and spend management platform for small businesses.
Why Treso
Treso is free to providers and brings banking, cards, accounting, procurement, and business intelligence into one connected platform. Every component shares the same data, so each makes the others smarter. AI analyzes the connected financial and operational data to help practices reduce costs, increase revenue, and improve cash flow.
Treso is built with everyone who runs the practice in mind: the physicians and owners who want a comprehensive view of what they spend and earn; the administrators who want to cut manual purchasing, payment, and expense management workflows; and the finance teams who need a clear view of the P&L across service lines and locations.
During our diligence, we spoke with more than 20 clinicians, office managers, operations directors, and CFOs. Five pain points came up again and again. Below is each one, along with the vision for how Treso addresses it.
1. Long reimbursement cycles that don’t align with when the bills are due
A practice sees patients today and is paid weeks later, while supply purchases, rent, and payroll don’t wait. For specialties such as dermatology and ophthalmology that buy and administer high-cost drugs, the cash flow gap can be even wider.
How Treso helps: Treso connects a practice’s bank accounts directly to its EHR and practice management systems, putting both accounts receivable and accounts payable cycles in one view. This lets practices plan around when payment will actually arrive, instead of discovering a gap at the end of the quarter.
2. Traditional credit limits and banking services don’t incorporate how practices earn
Practice owners frequently resort to opening multiple personal credit cards simply to fund their operations, as traditional banking relationships do not serve the unique financial dynamics of healthcare practices. One former physician-group CFO told us he had to pay off balances roughly three times a month to stay under approved spending limits. Even though the practice had never missed a payment, the bank would not raise its cap.
How Treso helps: Because Treso understands and can project cash flows at the practice level, it can tailor and offer financial services specifically for healthcare. The Treso card is designed to give practices the flexibility to cover the costs of running the business, so personal cards and personal guarantees no longer limit growth.
3. Decentralized procurement misses potential cost savings
Supply purchasing is heavily fragmented. Each location (and even each individual) buys from different vendors, at different prices, on different terms. A home health organization told us its nurses would regularly stop at the local CVS to buy supplies while out on the road. A pediatric practice mentioned different offices were paying $11 versus $80 for the same lidocaine. A PE-backed multi-specialty group with 85 locations had no centralized purchasing function.
How Treso helps: Treso’s marketplace and procurement tools help practices discover vendors, compare options, and consolidate purchasing. Virtual cards can be issued to pay specific vendors within set limits, bringing spend controls to every order. Price differences for the same item across locations can be flagged before they repeat.
4. Financial operations is the responsibility of clinicians and office managers with little time to spare
At smaller independent physician practices, reconciling the books often falls to clinicians who are also expected to see 20 or more patients a day. Larger organizations face the same problem in a different form: growth multiplies the number of entities, locations, and systems to unify. One national surgery center operator described each individual center as an entirely siloed business, with no easy way to drill down into financial performance by site or geography.
How Treso helps: Across every connected location, transactions and financial records come together in one place, powering simpler month-end close without hours of manual reconciliation. Every expense is automatically classified, giving a clear picture of major spend buckets and making it easy to spot out-of-policy expenses.
5. Limited visibility into visit and procedure-level profitability
While revenue cycle management tools support an understanding of expected revenue, mapping costs to individual visits or procedures remains a blind spot. This leads to an outsized focus on the top line, with important strategic decisions being made based on just one side of the income statement. A physician we interviewed only recently realized that the surgical cases he presumed to be the most profitable actually cost far more in labor and supplies than they received in reimbursement.
How Treso helps: By unifying claims data, staffing costs, and non-labor expenses in one platform, Treso’s business intelligence tools help a practice optimize its service mix and understand where to focus efforts during supplier and payer contract negotiations.
What comes next
Treso will use this round for developing its product, growing the team, and launching with its first design partners. Treso has also established prominent banking partnerships to fund its card program and supplementary financial services offerings, with additional details to come later.
We’re proud to back Ryan Greenhaw and Zvika Badalov as they launch Treso. A founding team with 15 years on each side of the problem, building with both healthcare and fintech best practices in mind, brings exactly the domain expertise required to succeed in this space.
If these problems sound familiar to your healthcare practice, the Treso team would love to hear from you. Learn more at treso.com or contact them at info@treso.com.
