The News:
CodaMetrix raises a $55m Series A investment round to accelerate their move into automated multi-specialty Revenue Cycle coding.
Why it matters
Coding is one of the more complex and expensive tasks in the Revenue Cycle. Automating the process will save not only the expense of coding resources themselves but the opportunity cost of incomplete, inaccurate, or non-compliant coding.
The backstory
CodaMetrix was born out of MAss General Brigham with a vision of “We are re-imagining the future of Revenue Cycle with AI-powered autonomous coding.”
By the numbers
CodaMetrix claims some impressive results:
- Reduction in coding expense by 59%
- Automation results in 70% fewer cases needing manual coding
The big picture
As we’ve covered several times, staffing is the biggest headwind facing Revenue Cycle Management. The shortage of RCM resources is amplified when it comes to certified coders. Automation is the only path forward in achieving sustainable long-term results when it comes to RCM performance in a world where costs continue to raise, labor is scarce, and healthcare systems are cutting back.
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