What You Should Know:
– CodaMetrix, a provider of artificial intelligence (AI) solutions for healthcare revenue cycle management, has announced the successful closing of its $40 million Series B funding round led by Transformation Capital with participation from existing investors SignalFire, Series A lead, and Frist Cressey Ventures.
– The Series B funding round will fuel further development of CodaMetrix’s AI-powered platform, designed to streamline medical coding, improve data quality, and ultimately transform healthcare delivery.
CodaMetrix’s AI Solution
Founded in 2019, CodaMetrix CodaMetrix addresses a critical challenge in healthcare: the inefficiency and burden associated with medical coding. CodaMetrix’s AI platform tackles these issues head-on by delivering:
- Automation: Automating key tasks frees up valuable staff time and reduces human error.
- Clinically Valuable Data: The platform generates accurate, comprehensive data sets crucial for optimal patient care.
- Reduced Costs: Streamlined coding processes lead to significant cost reductions.
CodaMetrix boasts a network of leading healthcare partners including Mass General Brigham, University of Colorado Medicine, and Mount Sinai Health System. These partnerships have yielded impressive results:
- 60% reduction in coding costs
- 70% reduction in claims denials
- 5-week acceleration in time to cash
- Improved provider satisfaction, quality, and compliance
“Medical coding is one of the most time-consuming, understaffed and inherently error-prone parts of the health system revenue cycle. Hospitals face a high demand on human and financial resources and clinicians must often work through tedious, administrative processes away from patient care,” said Hamid Tabatabaie, CodaMetrix President and CEO. “Our game changing AI platform delivers vital automation which not only addresses these pain points but, more significantly, changes claims data from notoriously unreliable to clinically valuable. We are proud to serve leading provider organizations with a comprehensive and transformative automation solution, setting the standard for coding quality as part of our vision to change healthcare through the use of AI.”
