KODE Health, a leading health-tech company, has closed $27 million Series B funding, led by Noro-Moseley Partners. This investment will support KODE’s growth of the Certified Medical Coders network and AI-based solutions aimed at maximizing the revenue cycle of healthcare systems. The unique platform of KODE is changing healthcare administration in innovative ways, giving optimal results to providers and medical coders, and changing revenue cycle management.
WHAT IS KODE?
KODE is a health-tech company that offers the first on-demand platform for medical coding. It connects healthcare providers with a large network of certified medical coders in real-time, using AI technology to optimize the revenue cycle for hospitals and healthcare systems. KODE aims to address inefficiencies in traditional medical coding services, which often suffer from staffing issues and bottlenecks, by offering a more efficient, cost-effective solution. The platform also provides coders with opportunities to maximize their income and professional skills. KODE’s mission is to streamline healthcare administrative processes and improve financial and operational health within the healthcare system.
Why is This Funding Significant?
With this funding KODE Health can expand its platform and how it contributes to the healthcare market. KODE, with a Series B financing of $27M, is in a position to expand its network of certified medical coders, enhance its AI products, and develop new tech-based solutions that will help transform revenue cycle management. The investment will allow KODE to help tackle one of the most pressing problems in healthcare, i.e., coding inefficiencies that impact the hospital in terms of operation and finances. This grant also affords a platform for KODE to transform the typical medical coding paradigm, providing the health care providers with cost-effective options and providing more opportunities to the coders.
How Will the Funds Be Used?
The funds will be used to accelerate KODE Health’s growth and development in several key areas. Primarily, the investment will help expand its network of certified medical coders and enhance the platform’s AI-driven tools to optimize the revenue cycle for healthcare systems. The company plans to focus on building technology-first solutions that leverage AI and predictive analytics to improve efficiency in coding operations. Additionally, the funds will support further product development, scaling the platform, and expanding KODE’s team of talented coders. These initiatives will help KODE address inefficiencies in the healthcare administrative space and better serve hospitals and providers.
Founders’ Perspective
From the founders’ perspective, KODE Health was created to address the need for more efficient and cost-effective solutions in the healthcare coding space. Co-founder Brian Dessoy mentioned:
“KODE was born out of the healthcare industry’s fundamental need for more efficiencies and cost savings across the coding ecosystem, and ultimately, bring together medical coding professionals, and hospital systems through a dynamic, easy-to-use marketplace.”
Both founders are focused on using the funding to enhance the platform and scale the company’s impact, improving operational and financial outcomes for healthcare providers while creating opportunities for coders.
Key Takeaways
Innovative Platform: KODE Health is the only on-demand medical coding platform in the world that, in real-time and using artificial intelligence-driven optimization of the revenue cycle, links providers of healthcare to trained coders.
Significant Funding: KODE raised $27M in Series B financing which will be used to augment the workforce of coders, to augment the capabilities of AI-enabled tools and to develop technology-driven solutions to enable more effective healthcare processes.
Addressing Healthcare Inefficiencies: KODE is designed to address coding ineffectiveness, the cause of high administrative costs in healthcare, by delivering a more efficient, scalable, and lower-cost substitute to conventional medical coding service settings.
Growth Potential: With over 5,500 certified coders and the ability to code over a quarter million medical records monthly, KODE has seen significant growth and is poised for even more expansion.
Founders’ Vision: The founders, Brian Dessoy and Brad Sawdon, are focused on transforming revenue cycle management through AI and predictive analytics, with the goal of enhancing both the financial health of healthcare providers and the professional opportunities for coders.
Conclusion
KODE Health is engaged in a mission to transform the healthcare industry by improving inefficiencies in medical coding. Through its unique platform integrating AI and a certified pool of coders, KODE is revolutionising how healthcare providers handle their revenue cycle management. Recent funding is a significant milestone in scaling up these activities so that KODE can extend its footprint and adapt its solutions. As the company continues to innovate and grow, it is poised to reshape healthcare operations, drive cost savings, and create new opportunities for professionals in the coding space.
