Company: CodaMetrix
Overview
CodaMetrix is a cutting-edge technology company that focuses on leveraging artificial intelligence (AI) to provide autonomous medical coding solutions aimed at reducing physicians' administrative burden. The company is committed to reducing human coding workload, enhancing efficiency, and optimizing the quality of medical coding. Their multi-specialty autonomous medical coding platform translates clinical notes into billing codes that satisfy coding requirements, ensuring claims accurately represent the unique and complete episode of care.
Key Services
CodaMetrix's primary service is an AI-powered platform for healthcare revenue cycle management designed to:
- Automate over 96% of coding cases across specialties.
- Function across diverse medical fields including radiology and pathology.
- Enhance coding accuracy and efficiency by continuously learning from clinical evidence present in Electronic Health Records (EHR).
Leadership Team
CodaMetrix boasts a robust leadership team composed of industry veterans with diverse expertise in healthcare, technology, and data science:
- Hamid Tabatabaie: President and CEO, with a strong background in medical informatics.
- Debbie Walker: Vice President of Engineering, promoted from Senior Director of Engineering.
- Javed Aslam, PhD: Chief Data Science Officer, with research interests in machine learning and information retrieval.
- Tara Bradley: Chief Customer Officer, previously Chief of Staff and Customer Success.
- Chris Gervais: Chief Technology Officer, joined in May 2024.
- Lisa Morella: Vice President of Data and Analytics, joined in December 2023.
- Tony Confrey: EVP of Research and Development, joined in September 2022.
- Cathy Donohue: Senior Vice President of Product, appointed in August 2023.
Financial Information
CodaMetrix has secured substantial funding to support its growth and technology development:
- Recently announced a successful $40M Series B financing round in March 2024.
- Total funding raised amounts to $97.4M over multiple rounds.
Performance and Market Position
- Holds an impressive NPS score of 86, indicating strong customer satisfaction.
- CodaMetrix is utilized by over 20 top U.S. health systems and serves a market that amounts to $20B annually.
Employee Metrics
- CodaMetrix employs approximately 145 people as of September 2024.
- Employee distribution includes:
- North America: 126 employees
- Europe: 2 employees
- Oceania: 2 employees
- South America: 1 employee
- Asia: 1 employee
Contact Information
Key leadership contact details are available for internal use, facilitating direct communication channels for strategic discussions and inquiries.
Competitor Profile
Key Competitors
1. Tebra
Previously operating as Kareo in conjunction with PatientPop, Tebra offers comprehensive healthcare technology solutions, specifically targeting medical practice management and patient engagement. Their tools help healthcare providers manage appointments, billing, and patient communication effectively.
2. AdvancedMD
AdvancedMD provides cloud-based medical office software as a service (SaaS) solutions aimed at small, independent medical practices. The platform includes functionalities for electronic health records (EHR), practice management, patient engagement, and telehealth services.
3. RXNT
RXNT offers integrated software that includes electronic health records, practice management, and billing services. It aims to streamline the management of healthcare practices with a focus on enhancing patient care and operational efficiency.
4. Nym
Nym specializes in automating the medical coding process using advanced AI to transform revenue cycle management. The company offers a SaaS platform that leverages clinical language understanding to automate coding with high accuracy and speed, handling over 6 million charts annually in more than 285 healthcare facilities. Nym is particularly noted for its deep integration capabilities and its success rate, often achieving above 90% automation in various medical specialties.
5. Fathom
Fathom is known for its autonomous medical coding technology which is incorporated into Epic's Toolbox program. Fathom’s platform also uses AI to deliver substantially high levels of automation, reported to be superior to many of its competitors. Besides medical coding, Fathom offers an AI Meeting Assistant designed to enhance productivity in video meetings by real-time transcribing, summarizing, and integrating with various platforms.
6. Aviacode
Aviacode provides outsourced medical coding and compliance services, with a significant emphasis on quality and turnaround time. Headquartered in Salt Lake City, Utah, and with operations extending to Hyderabad, India, Aviacode guarantees coding accuracy and offers extensive coding capabilities across multiple specialties. With over 700 certified medical coders and interactions in all 50 states, Aviacode positions itself as a robust player in the medical coding market.
Other Notable Competitors
1. Gentem
2. Inbox Health
3. Semantic Health
4. Caresyntax
5. Syllable
6. Upheal
Competitive Landscape
CodaMetrix competes with over 300 other companies in the domain of medical coding and revenue cycle management. Notably, 31 of these competitors are funded, and 12 have exited, indicating a dynamic and highly competitive market.
Financial and Operational Insights
CodaMetrix has an annual revenue of $18.9M and operates with a team of approximately 130 employees. The company's substantial backing and association with a leading medical establishment add credibility and stability to its market positioning.
