CodaMetrix Announces $40M Series B Financing to Advance Medical Coding Quality and Clinically Enrich Claims Data Through AI
Summary
BOSTON, March 12, 2024--(BUSINESS WIRE)--CodaMetrix, the leading artificial intelligence (AI) solution for transforming healthcare and revenue cycle management, today announced that it has closed its $40 million Series B funding round. Series B financing will be used to further advance CodaMetrixs 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. 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. 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. "Healthcare billing is wrought with inefficiencies and providers are drowning in the resulting administrative burden, making this the perfect area to apply todays AI technology," said Todd Cozzens, Co-Founder and Managing Partner at Transformation Capital.