CodaMetrix, a Boston, MA-based AI technology platform transforming healthcare revenue cycle management, announced that it closed a $55 million Series A financing led by SignalFire.
Frist Cressey Ventures (FCV), Martin Ventures, Yale Medicine, the University of Colorado Healthcare Innovation Fund, and Mass General Brigham physician organizations also participated in the round.
The funds will accelerate go-to-market with major provider organizations and health systems.
Currently, in partnership with 10 health systems and major academic universities, including Mass General Brigham, the University of Colorado Medicine, Yale Medicine, and Henry Ford Health Systems, CodaMetrix improves clinical coding accuracy and reduces revenue leakage.
The platform uses AI in the form of machine learning, deep learning, and natural language processing to continuously learn from, and act upon the clinical evidence stored in electronic health records (EHRs).
Chris Scoggins, partner at SignalFire, will join the CodaMetrix Board of Directors.
Company: CodaMetrix, Inc.
Round: Series A
Funding Month: February 2023
Lead Investors: SignalFire
Additional Investors: Frist Cressey Ventures (FCV), Martin Ventures, Yale Medicine, University of Colorado Healthcare Innovation Fund, and Mass General Brigham physician organizations
Company Website: https://www.codametrix.com/
Software Category: Autonomous Medical Coding
About the Company: CodaMetrix (CMX) is a SaaS technology company providing an AI-powered platform to facilitate healthcare revenue cycle management and medical coding. It's solution powers medical coding by autonomously working across specialties including radiology, pathology, surgery, gastroenterology, and inpatient professional coding. The company's cutting-edge platform combines machine learning (ML), deep learning, and natural language processing (NLP) to translate clinical notes automatically, accurately, and autonomously into billing and diagnostic codes that satisfy coding requirements while reducing human coding workload.