CodaMetrix
CodaMetrix is an AI technology company that provides autonomous medical coding solutions, significantly reducing manual coding efforts and costs for healthcare providers.
Series B Funding
CodaMetrix successfully raised $40 million in Series B funding led by Transformation Capital with participation from existing investors SignalFire and Frist Cressey Ventures. This funding round reflects strong investor confidence in CodaMetrix's business model and growth potential. The capital will enable further development and scaling of the company's AI-powered autonomous medical coding solutions.
AI-Powered Medical Coding Solutions
CodaMetrix provides AI-powered autonomous medical coding solutions specifically designed to translate clinical information into accurate sets of medical codes. These solutions achieve significant improvements in efficiency, including a 60-70% reduction in manual coding effort, a 5X faster turnaround time, a 70% reduction in coding denials, and over 30% savings on coding costs. The platform is multi-specialty, making it adaptable across various medical disciplines.
Real-World Applications
CodaMetrix's platform is actively in use at more than a dozen premier provider organizations and health systems, which collectively represent over 200 hospitals and 50,000 providers. The wide adoption of CodaMetrix’s technology underscores its reliability and effectiveness in enhancing operational efficiency in healthcare settings.
Industry Recognition
CodaMetrix has been recognized as No. 1 in the 'Reduce Cost of Care' category by KLAS for its AI-based autonomous medical coding platform. This recognition highlights the company's leadership in leveraging artificial intelligence to drive down the cost of care while improving accuracy and efficiency in medical coding.
Headquarters
CodaMetrix is headquartered at 399 Boylston St, Suite 700, Boston, MA 02116. This central location serves as the hub for the company's operations, innovation, and further expansion efforts in the realm of AI-powered medical coding solutions.