Exclusive: Kode Health raises $27M for on-demand medical coders
Kode Health, an on-demand medical coding platform, raised a $27 million Series B, co-founder Brad Sawdon tells Axios exclusively.
Why it matters: Health-care administrative costs, which include coding expenses, now account for up to 30% of total U.S. health care expenditures.
Zoom in: Noro-Moseley led, joined by Mercury, FCA Venture Partners, Epsilon Innovation Fund and 111 West Capital.
Kode is currently generating "well over" $10 million in revenue, and "we try to remain at break even or profitable, when we can," Sawdon says.
How it works: Kode has a network of more than 5,500 medical coders that work within hospital clients' system, with access to EMRs to extract patient data, compliant with HIPAA protocols.
Kode, based in Holland, Michigan, currently has roughly 40 hospitals and health systems signed up.
"We help these systems with improvements to not only the cost savings aspect of all the administrative dollars spent that go into coding, but also smoothing out the balance sheet component of it," Sawdon says.
What's next: Capital will go towards further development of AI-driven tools helping hospitals and providers to better respond to workflow fluctuations.
Sawdon says he does not anticipate pursuing another funding round at this time.
What they're saying:"This is a solution that can drive real near-term ROI, with immediate increases in revenue and collections, along with decreases in cost," says Spence McClelland, partner at Noro-Moseley Partners.
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