CodaMetrix, BetterNight, Wyndly
CodaMetrix Raises $55M for AI-Powered, Autonomous Medical Coding
CodaMetrix, an AI technology platform transforming healthcare revenue cycle management, today announced that it closed a $55 million Series A round led by SignalFire. Frist Cressey Ventures (FCV), Martin Ventures, Yale Medicine, University of Colorado Healthcare Innovation Fund, and Mass General Brigham physician organizations also participated in the round.
The capital injection will accelerate go-to-market with major provider organizations and health systems, as U.S. healthcare contends with high coding expense, increasing complexity and ongoing skilled labor scarcity further underscoring the critical need for automation to address the chronic inefficiencies that continue to waste 25-30% of every dollar spent in healthcare.
As it stands today, medical coding is still a highly manual and error-prone process that plagues hospital finances and contributes to physician burnout. Coders must navigate tens of thousands of classification options to choose codes mandated by varying payer rules, contributing to a 40% or more error rate.
That’s why health system rev cycle vets founded CodaMetrix (born out of Mass General Brigham). Its AI-powered solution powers medical coding by autonomously working across specialties including radiology, pathology, surgery, gastroenterology, and inpatient professional coding. It reduces costs, enables overwhelmed coders to focus on difficult cases, improves quality, and frees up clinician time by reducing back and forth with coders on unclear cases.
Currently in partnership with 10 health systems and major academic universities, including Mass General Brigham, University of Colorado Medicine, Yale Medicine, and Henry Ford Health Systems, CodaMetrix improves clinical coding accuracy and reduces revenue leakage. The platform uses AI in the form of machine learning, deep learning, and natural language processing to continuously learn from, and act upon, the clinical evidence stored in electronic health records (EHRs).
CodaMetrix Raises $55M for Autonomous Medical Coding
CodaMetrix, an AI-powered, autonomous medical coding platform transforming healthcare revenue cycle management raises $55M in funding.
BetterNight Raises $33M in Growth Financing
BetterNight, a San Diego, CA-based provider of sleep care through its virtual care platform, raised $33M in Growth funding.
The round was led by NewSpring with participation from existing investors HCAP Partners and Hamilton Lane via its Impact Fund II.
The company intends to use the funds to continue its nationwide expansion through partnerships with physician practices, health systems, and insurers, to accelerate the adoption and growth of its value-based sleep solution to employers and health plans, and to invest in technology to support patient engagement and remote patient monitoring.
Led by CEO Dave French, BetterNight provides a full continuum of care for patients with sleep disorders, from consultation to diagnosis to treatment to long-term coaching. The company is focused on addressing obstructive sleep apnea (OSA) and insomnia to boost clinical outcomes, lower healthcare costs, and improve patient lives. BetterNight partners with physicians, health systems, clinics, and health plans across the United States. All services are provided digitally in the patient’s home.
BetterNight Raises $33M in Growth Financing
BetterNight, a San Diego, CA-based provider of sleep care through its virtual care platform, raised $33M in Growth funding
Denver startup raises $2M to take its allergy treatment to the masses
Denver startup Wyndly (YC W21) has raised $2 million in new funding to help more patients get access to the allergy care they deserve.
During the pandemic, Dr. Manan Shah shifted from treating patients out of his allergy practice to offering care completely online. Realizing the convenience for patients and the potential to treat many more people, he was inspired to start Wyndly with the aim to take allergy treatment to the masses.
Together with his cousin, software engineer Aakash Shah, they founded Wyndly in 2020. Wyndly combines telehealth and direct-to-consumer care to provide personalized immunotherapy treatment plans from real doctors, so you can fix your allergies from home.
Through Wyndly, patients can do allergy testing and treatment via telemedicine. It then prepares personalized allergy drops for the patient and sends it to the patient’s home. The company says most patients see a decrease in their symptoms after taking these drops daily for six months. Today, it's available in all 50 states.