CodaMetrix Closes $55M Series A to Autonomously Power Medical Coding, Boost Health System Revenue Cycles

Born out of Mass General Brigham, and led by healthtech veterans, CodaMetrix empowers health systems to use Artificial Intelligence to prevent revenue setbacks driven by manual coding inefficiencies Overhauling medical coding is now crucial for health systems grappling with physician burnout, billing backlogs and claim denials, skilled labor shortages, and a graying medical coding workforce AI-powered, multi-specialty, autonomous medical coding eliminates human intervention, reduces coding costs, improves coding quality and unlocks clinician capacity CodaMetrix, the leading AI technology platform transforming healthcare revenue cycle management, today announced that it closed a $55 million Series A round led by SignalFire. Frist Cressey Ventures (FCV), Martin Ventures, Yale Medicine, CU Healthcare Innovation Fund, and Mass General Brigham (MGB) physician organizations also participated in the round. Chris Scoggins, Partner at SignalFire, will join the CodaMetrix Board of Directors. The capital injection will accelerate go-to-market with major provider organizations and health systems, as U.S. healthcare contends with high coding expense, increasing complexity and ongoing skilled labor scarcity further underscoring the critical need for automation to address the chronic inefficiencies that continue to waste 25-30% of every dollar spent in healthcare. “CodaMetrix’s innovations in AI technologies and the experienced team of healthtech executives are a couple of key factors...
Source: EMR and HIPAA - Category: Information Technology Authors: Tags: Health IT Company Healthcare IT AI Artificial Intelligence Chris Scoggins CMX CodaMetrix CU Healthcare Innovation Fund EHR Electronic Health Record FCV Frist Cressey Ventures Hamid Tabatabaie Health IT Funding Health IT Funding Source Type: blogs