CodaMetrix, a spinoff of Somerville, Mass.-based Mass General Brigham that uses artificial intelligence for health system revenue cycle management, raised $55 million in series A funding.
The company employs machine learning, deep learning and natural language processing to learn from EHRs to boost clinical coding accuracy and decrease revenue leakage across a variety of specialties.
"Frustrated by the lack of quality autonomous solutions out there, we built CodaMetrix through the lens of healthcare revenue cycle experts, addressing real health system and physician concerns," said Michael Mercurio, vice president of physician revenue cycle services at Mass General Brigham, in a Feb. 27 company news release. "Our outcomes — a 70 percent reduction in manual labor — 59 percent reduction in denials due to coding, and a significant increase in cost savings — is the proof."
New Haven, Conn.-based Yale Medicine, the University of Colorado Healthcare Innovation Fund, and Mass General Brigham physician organizations participated in the funding round, which was led by venture capital firm SignalFire. CodaMetrix partners with 10 health systems and universities, also including Detroit-based Henry Ford Health.