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§ Private Profile · Boston, MA, USA
AI-powered SaaS platform for autonomous medical coding, improving revenue cycle management for healthcare providers.
Based in Boston, Massachusetts, CodaMetrix develops an artificial intelligence-powered software platform that automates medical coding and revenue cycle management for healthcare providers. The company utilizes deep learning and natural language processing technologies to autonomously translate complex clinical notes into accurate billing and diagnostic codes across medical specialties like radiology, pathology, and surgery. By automating routine administrative tasks, the software reduces manual workloads for medical coders and physicians while improving overall financial efficiency. Operating with 119 employees, the enterprise currently serves 220 hospitals across 27 states, processing data for institutions representing approximately $180 billion in net patient revenue. Its enterprise customer base features several prominent healthcare networks, including Mass General Brigham, Yale Medicine, Henry Ford Health, and the University of Miami Health System. CodaMetrix was founded in 2019 by co-founders Hamid Tabatabaie and Michael Mercurio.
CodaMetrix has raised $95.0M across 2 funding rounds.
CodaMetrix has raised $95.0M in total across 2 funding rounds.
CodaMetrix has raised $95.0M across 2 funding rounds. Most recently, it raised $40.0M Series B in March 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Mar 1, 2024 | $40M Series B | Transformation Capital | Curie.bio, First Round Capital, I/O Ventures, Meridian Street Capital, NextView Ventures, NIU Ventures, Norwest Venture Partners, Operator Partners, Refactor Capital, SignalFire, SV Angel, The General Partnership, Threshold Ventures, Venture Catalysts, Aaron Patzer, Vivek Garipalli, Frist Cressey Ventures | Announced |
| Feb 1, 2023 | $55M Series A | SignalFire | NextView Ventures, Norwest Venture Partners, The General Partnership, Bill Frist, Martin Ventures, Michael Mercurio, University OF Colorado, Yale Medicine | Announced |
CodaMetrix has raised $95.0M in total across 2 funding rounds.
CodaMetrix's investors include Transformation Capital, Curie.Bio, First Round Capital, i/o Ventures, Meridian Street Capital, NextView Ventures, Niu Ventures, Norwest Venture Partners, Operator Partners, Refactor Capital, SignalFire, SV Angel.
CodaMetrix is a technology company specializing in AI-powered autonomous medical coding solutions that transform healthcare revenue cycle operations. Its flagship product is a multi-specialty autonomous coding platform that leverages artificial intelligence to translate clinical notes into accurate billing codes, reducing the need for manual coding by physicians and coders. The platform serves large health systems and provider organizations, addressing inefficiencies in medical coding by improving accuracy, speed, and consistency across specialties such as radiology, pathology, and endoscopy. This automation reduces administrative burden on healthcare providers, lowers coding costs by up to 30%, and enhances revenue cycle management efficiency[1][3][5].
Founded in 2019, CodaMetrix originated from a need identified by physician organizations at Mass General Brigham, who found existing computer-assisted coding solutions inadequate. The company was established to refine and commercialize an autonomous coding solution initially developed by the Massachusetts General Physician Organization’s Physician Billing Office. The founding team comprises experts in healthcare, technology, revenue cycle management, and data science. Early traction came from successful deployments within major health systems, where the platform demonstrated significant automation gains and cost reductions, leading to rapid expansion across multiple specialties and health systems[1][5][6].
CodaMetrix rides the wave of AI and automation transforming healthcare operations, particularly in revenue cycle management—a $20 billion annual market. The timing is critical as healthcare systems face increasing pressure to reduce administrative costs, improve coding accuracy, and accelerate reimbursement cycles amid growing regulatory complexity. By automating the most complex and costly part of the revenue cycle—translating unstructured clinical data into billing codes—CodaMetrix addresses a major bottleneck in healthcare finance. Its platform not only improves operational efficiency but also enables better clinical documentation and research through consistent, high-quality coding. This positions CodaMetrix as a key player influencing the adoption of AI-driven automation in healthcare administration[1][5][6].
Looking ahead, CodaMetrix is poised to expand its platform’s reach across more specialties and health systems, leveraging recent funding rounds totaling $95 million to accelerate growth and innovation. Trends such as increasing AI adoption in healthcare, demand for operational efficiency, and the need for scalable coding solutions will shape its trajectory. The company’s influence is likely to grow as it helps healthcare providers reduce administrative burdens and improve financial performance, potentially setting new standards for autonomous medical coding. Continued integration with major EHR systems and expansion into new clinical areas will further solidify its role in transforming healthcare revenue cycle management[3][5].
In summary, CodaMetrix is redefining medical coding through AI-driven automation, addressing a critical healthcare challenge with a scalable, efficient, and clinically intelligent platform that benefits providers, payers, and patients alike.