KODE Health Secures $27M to Innovate Medical Coding Sector
KODE Health Secures $27 Million in Funding
KODE Health, known for its unique on-demand medical coding platform designed to bridge the gap between healthcare systems and certified medical coding professionals, has successfully raised $27 million in Series B funding. This financial support, led by Noro-Moseley Partners and joined by Mercury, FCA Venture Partners, Epsilon Innovation Fund, and 111 West Capital, is set to propel KODE into a new era of growth and technological advancement.
Empowering the Medical Coding Community
The recent investment will enable KODE to significantly expand its extensive network of certified coding professionals. In an industry where healthcare administrative costs account for approximately 15 to 30% of total health expenses in the U.S., KODE is stepping up to address the inefficiencies that plague traditional medical coding services. Their innovative platform not only streamlines coding operations but also optimizes revenue cycles for hospitals, thereby enhancing their financial health.
A Revolutionary Approach to Coding
Founded in 2021 by seasoned industry veterans Brian Dessoy and Brad Sawdon, KODE stands as the first and only on-demand solution that connects healthcare providers with a vast community of coding professionals across the country. The platform offers coders a unique chance to enhance their skills while maximizing their earning potential, all stemming from KODE's commitment to merging cutting-edge AI technology with a human-centric approach.
Vision for the Future
“KODE was established to meet the pressing need for improved efficiencies and cost savings within the healthcare coding ecosystem,” said co-founder Brian Dessoy. He expressed gratitude toward their investors for their ongoing support and emphasized the company's mission to further develop and scale their services. Along similar lines, co-founder Brad Sawdon highlighted the next phase of development where KODE aims to move beyond staffing to embrace technology-driven solutions that utilize AI and predictive analytics for improved revenue cycle management.
Transforming Revenue Cycle Management
The potential of KODE goes beyond mere staffing solutions; it addresses significant barriers in healthcare concerning coding inefficiencies, which directly affect both financial and operational health of hospital systems. Spence McClelland, a General Partner at Noro-Moseley Partners, expressed enthusiasm about KODE's mission to revolutionize the medical coding industry and support their innovative approach.
Remarkable Growth and Performance
KODE has experienced impressive growth since its inception, currently handling over a quarter million medical records each month while sustaining consistent operational profitability. Their pool of over 5,500 certified coding professionals has collectively coded more than 8 million medical records to date, showcasing the platform's reliability and effectiveness.
The Future of Healthcare Operations
Adrian Fortino, a General Partner at Mercury, noted that KODE is at the forefront of transforming healthcare operations. He predicts that the adoption of AI in the medical coding process and the downward pressure on coding costs will significantly alter how health systems manage their revenue cycles in the years to come. KODE’s proprietary Kode Management platform and Koder marketplace present a valuable opportunity for healthcare facilities, all while creating a network of talented coding professionals ready to meet the growing demand for innovative administrative processes.
About KODE Health
KODE Health is on a mission to redefine traditional medical coding practices. By creating the first on-demand platform that connects hospitals with coders in real-time, KODE utilizes AI technologies to optimize and enhance revenue cycles for healthcare systems. The intent behind this approach is not only to improve operational efficiency but also to create sustainable growth and opportunities for their certified coders.
Frequently Asked Questions
What is KODE Health?
KODE Health is a health-tech company that offers an on-demand medical coding platform connecting healthcare providers with certified coders.
What recent achievement did KODE Health announce?
KODE Health announced the successful raise of $27 million in Series B funding to support its growth and technological advancements.
How does KODE Health benefit healthcare providers?
KODE Health helps healthcare providers streamline coding operations, reduce costs, and improve revenue cycle efficiency through its innovative platform.
Who founded KODE Health?
KODE Health was founded in 2021 by industry veterans Brian Dessoy and Brad Sawdon.
What are the long-term goals of KODE Health?
KODE Health aims to develop technology-driven solutions leveraging AI and predictive analytics to transform revenue cycle management in healthcare.
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