KODE Health, which is the only on-demand medical coding platform that connects healthcare systems with certified medical coding professionals, announced that it raised $27 million in Series B funding led by Noro-Moseley Partners with participation from Mercury, FCA Venture Partners, Epsilon Innovation Fund, and 111 West Capital.
This new funding round will enable KODE to expand its vast network of certified coding professionals and further develop AI-driven tools that enable hospitals and providers to better respond to workflow fluctuations and manage their coding operations more efficiently and effectively.
Staffing inefficiencies and bottlenecks often plague traditional medical coding services. So KODE is transforming the conventional medical coding model through its proprietary platform that enables opportunities for certified coders and drives value to health systems by accelerating collections and reducing staffing costs.
Launched a few years ago by industry veterans Brian Dessoy and Brad Sawdon, KODE is the first and only on-demand solution designed to connect healthcare providers to the largest community of medical coding professionals across the U.S. This platform offers its certified community of “Koders” a solution to maximize their professional skill set and income. By combining the latest AI technology with a human-centric approach, KODE is reshaping the healthcare administrative landscape and ensuring better outcomes for revenue cycle leaders and Koders.
KODE has grown significantly since launching and currently codes over a quarter million medical records a month, all while achieving consistent operational profitability. KODE has a growing customer base of 5,500+ certified coding professionals who have coded over 8 million medical records to date.
KEY QUOTES:
“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. We’re thankful to our investors and partners for their ongoing support of our mission and look forward to continuing to scale.”
– Brian Dessoy, Co-Founder of KODE Health
“As we enter our next phase of development, KODE is looking to grow beyond our core focus on staffing to develop technology-first solutions leveraging AI and predictive analytics aimed at further transforming revenue cycle management. This latest capital infusion will allow us to further invest in product development, enhance our existing platform and scale our world-class team of Koders.”
– Brad Sawdon, Co-Founder of KODE Health
“KODE is addressing one of the most significant yet overlooked obstacles in healthcare—coding inefficiencies that directly impact the financial and operational health of hospital systems. We’re excited to support Brian and Brad as they continue to revolutionize the medical coding space.”
– Spence McClelland, General Partner at Noro-Moseley Partners
“The KODE team is at the forefront of transforming the healthcare operations landscape. AI adoption and the downward pressure on coding costs will dramatically change how health systems manage revenue cycle in the future. KODE’s proprietary Kode Management platform and Koder marketplace not only benefits healthcare systems but also provides an exceptional network of talented coding professionals to help address the heightened demand for innovative administrative processes for years to come.”
– Adrian Fortino, General Partner at Mercury
