CodaMetrix, the leading artificial intelligence (AI) solution for transforming healthcare and revenue cycle management, announced that it has closed its $40 million Series B funding round. Transformation Capital led the financing with continued support from existing investors SignalFire, Series A lead, and Frist Cressey Ventures. Todd Cozzens, Co-Founder and Managing Partner at Transformation Capital, will join CodaMetrix’s Board of Directors. Series B financing will be used to further advance CodaMetrix’s AI-powered solutions which improve medical coding quality, produce clinically comprehensive data sets, reduce the overall cost of care, and alleviate administrative burden on providers.
“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.”
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Founded in 2019 and built with today’s AI technology, CodaMetrix has partnered with leading healthcare systems – including Mass General Brigham, University of Colorado Medicine, Mount Sinai Health System, Yale Medicine, Henry Ford Health and the University of Miami Health System among others to achieve autonomous coding across care specialties including radiology, pathology, GI, surgery, evaluation and management and many more. On average, providers utilizing the CodaMetrix platform experience a 60% reduction in coding costs, 70% reduction in claims denials, a 5-week acceleration in time to cash, and improvements in provider satisfaction, quality and compliance.
“Healthcare billing is wrought with inefficiencies and providers are drowning in the resulting administrative burden, making this the perfect area to apply today’s AI technology,” said Todd Cozzens, Co-Founder and Managing Partner at Transformation Capital. “The CodaMetrix autonomous coding platform can achieve the highest levels of accuracy and compliance and thus finds more missing codes, which is valuable recovered revenue while also enabling doctors to focus directly on patient care.”
SOURCE: BusinessWire
