What You Should Know:
– KODE Health, a leading provider of on-demand medical coding solutions, today announced a $27M in Series B funding round led by Noro-Moseley Partners with participation from Mercury, FCA Venture Partners, Epsilon Innovation Fund, and 111 West Capital.
– The funding will fuel the company’s mission to transform medical coding through its innovative platform that connects healthcare systems with certified coding professionals and leverages AI to optimize efficiency and accuracy.
Addressing the Burden of Healthcare Administrative Costs
Administrative costs, including medical coding expenses, represent a significant portion of healthcare spending in the United States, accounting for an estimated 15% to 30% of total expenditures. Traditional medical coding processes are often plagued by staffing shortages, inefficiencies, and bottlenecks, leading to delays in reimbursement and increased costs for healthcare providers.
KODE Health is disrupting this outdated model with its on-demand platform that connects healthcare systems with a vast network of certified medical coding professionals. This approach offers several key benefits:
- Increased Efficiency: On-demand access to coders eliminates staffing bottlenecks and accelerates the coding process.
- Improved Accuracy: KODE’s platform leverages AI to enhance coding accuracy and reduce errors.
- Cost Savings: Healthcare providers can reduce staffing costs and improve revenue cycle management.
- Flexibility and Scalability: The platform can adapt to fluctuating workloads and meet the evolving needs of healthcare organizations.
“KODE was born out of the healthcare industry’s fundamental need for more efficiencies and cost savings across the coding ecosystem, and ultimately, bring together medical coding professionals, and hospital systems through a dynamic, easy-to-use marketplace,” said Brian Dessoy, Co-Founder of KODE Health. “We’re thankful to our investors and partners for their ongoing support of our mission and look forward to continuing to scale.”
