CodaMetrix Tops 2023 KLAS Emerging Solutions Report for Reducing Cost of Care

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Oct 11, 2023, 09:00 ET

CodaMetrix is recognized as No. 1 in the "Reduce Cost of Care" category for its AI-based autonomous medical coding platform, which bolsters both quality and efficiency.

The 2023 KLAS Emerging Solutions Top 20 report acknowledges groundbreaking healthtech solutions based on their significant potential to influence the Quadruple Aim of Healthcare.

BOSTON, Oct. 11, 2023 /PRNewswire/ -- CodaMetrix, an AI technology platform transforming healthcare revenue cycles, today announced it has ranked first in the 2023 KLAS Emerging Solutions Top 20 report in the "Reduce Cost of Care" category. Top healthcare leaders across the country evaluate the Top 20 solutions based on their potential to improve outcomes, reduce the cost of care, improve the patient experience, and improve the clinician experience, otherwise known as the Quadruple Aim of Healthcare.

"KLAS strongly believes in the transformative potential of technology in healthcare. So we take great pride in investigating innovative, emerging technology solutions. Our goal is to help providers navigate the buzz surrounding emerging technology and showcase the solutions that have the greatest potential to truly change healthcare for the better. Our latest Top 20 report underscores these solutions and brings transparency to what's new in the market," stated Adam Gale, CEO of KLAS.

As healthcare systems face skyrocketing costs, progressive institutions are embracing AI-driven autonomous coding solutions to ease staffing shortages, reduce costly administrative waste, and affordably improve coding quality to expand its application beyond the revenue cycle as a reliable tool for clinical and research applications. The CMX multispecialty AI platform significantly reduces the need for manual coding, boosts accuracy and clinical specificity, reduces denials, expedites billing processes, strategically redistributes, and enhances the productivity of staffing resources. This remarkable performance earned CodaMetrix the distinguished No. 1 spot in the Reduce Cost of Care category.

Patient impact

"Reliable AI algorithms can accurately abstract medical codes from clinical documentation and not only transform the way providers and payers adjudicate claims and reimbursement, but they will also drastically change clinicians' ability to consume critical data and actionable intelligence from an increasingly overwhelming volume of information in patients' records. With clinical specificity, autonomous coding can reduce and remove cost barriers to improve clinical decision-making, research, population and public health access to timely and accurate information" said Hamid Tabatabaie, President and CEO of CodaMetrix. "We are profoundly honored by KLAS's acknowledgment of our unwavering commitment to using AI to add significant value to providers and the healthcare system. I'm immensely proud of our team and the remarkable collaboration with our customer partners who have validated the viability of our unique approach to solving this problem. We're thrilled so many of today's healthcare leaders are recognizing its promise, and helping us make it more affordable to transform patient care and improve patients' experience."

For additional information, including access to the full KLAS report, visit https://www.codametrix.com/codametrix-ranks-1-reducing-cost-of-care-klas/.

About CodaMetrix

CodaMetrix provides an AI-powered SaaS technology platform for multi-specialty medical coding, a $20B annual market. The company's platform is in use at more than a dozen premier provider organizations and health systems, representing over 200 hospitals, and 50K providers. The CMX platform is demonstrably better, faster, and less costly than alternative services and/or technology solutions. On average, providers running on CMX see a 60% reduction in claims denials and a 50% savings on coding costs. The CMX platform was developed over more than a decade with significant investment at a nationally recognized health system before the company was spun out as an independent entity 4 years ago. The platform is uniquely designed with a comprehensive patient-centric longitudinal view of records, and its algorithms have been trained on a significant corpus of curated data. The platform is a glass box, providing real-time audit capabilities, and its EHR-embedded tools are used as a feedback loop to continuously improve learning. Born out of a large provider organization, CMX is designed to help health systems with change management and rapid adoption. For more information, visit codametrix.com.

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SOURCE CodaMetrix