CodeMatrix, a Boston, MA-based company providing an artificial intelligence (AI) solution focused on healthcare and revenue cycle management, raised $40M in Series B funding.
The round was led by Transformation Capital with participation from existing investors SignalFire, and Frist Cressey Ventures. Todd Cozzens, Co-Founder and Managing Partner at Transformation Capital, will join CodaMetrix’s Board of Directors.
The company intends to use the funds to further advance its AI-powered solutions.
Led by CEO and President Hamid Tabatabaie, CodaMetrix provides an AI-powered platform for multi-specialty medical coding, a $20B annual market, in use at more than a dozen premier provider organizations and health systems, representing more than 200 hospitals and 50,000 providers. Built in partnership with Mass General Brigham, the CMX platform aims to improve medical coding quality, produces clinically comprehensive data sets, reduces the overall cost of care, and alleviates administrative burden on providers. The solution offers real-time audit capabilities and EHR integration which are used as a feedback loop to continuously improve AI learning.
CodaMetrix has partnered with leading healthcare systems – including Mass General Brigham, University of Colorado Medicine, Mount Sinai Health System, Yale Medicine, Henry Ford Health and the University of Miami Health System among others
Commenting on the news, Hamid Tabatabaie said: “Our game changing AI platform delivers vital automation which not only addresses these pain points but, more significantly, changes claims data from notoriously unreliable to clinically valuable. 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.”
FinSMEs
12/03/2024