What You Should Know:
· CodaMetrix, a leading AI technology company in healthcare revenue cycle management, is committed to addressing the underutilization and clinical insufficiency of medical codes, which contribute to $4.5 trillion in annual healthcare spending in the U.S.
· The CodaMetrix AI Platform has now achieved Epic Toolbox designation for the fully autonomous coding category, meeting Epic’s stringent integration practices (“Blueprint”) for this product type.
CodaMetrix Achieves Epic Toolbox Designation
Challenges in Medical Coding:
– Current Focus: Medical coding primarily aims to inform claims for timely and accurate reimbursement, adhering to payers’ coding guidelines.
– Clinical Value: This reimbursement-driven focus often results in providers selecting codes that suffice for claims submission but lack critical clinical value.
– Physician Reliance: Physicians tend to rely on a few familiar codes, which may overlook important specificity.
CodaMetrix’s Solution
CodaMetrix is an AI-powered SaaS platform focused on transforming medical coding. The platform supports over 220 hospitals using Epic, facilitating over 50 million annual outpatient visits with 60,000 physicians across 25 states. Key featuers include:
– Autonomous Coding: Fully autonomous coding can significantly reduce human hours by automating portions of manual or partially automated coding processes.
– Cost Efficiency: Accurate coding through AI reduces costs for both providers and payers, potentially avoiding the 20-25% of U.S. healthcare spending currently wasted on administrative tasks.
Hamid Tabatabaie, CEO of CodaMetrix, stated, “Medical codes should represent patients’ clinical history accurately. However, current practices often focus solely on reimbursement rules due to the high costs of manual coding. CodaMetrix’s AI technology lowers costs and enhances quality, particularly in fee-for-service settings.”
Impact of Medicare Advantage Data:
– Expanded Analysis: U.S. News incorporated Medicare Advantage data into its “Best Hospitals” rankings, reflecting the growing popularity of these plans, which now cover over 30 million Americans.
– Administrative Burden: Risk-bearing care models, like Medicare Advantage plans, often require health systems to re-code cases, increasing both administrative burden and financial strain.
Dr. Tim Ferris, Senior Advisor at CodaMetrix, highlighted the transformative potential of AI-driven coding: “Large, curated datasets, clinically informed annotation, and AI-driven code generation are revolutionizing healthcare, particularly administrative functions like coding, which are central to both revenue and clinical cycles.”
Collaborative Efforts:
Several prominent health systems and academic medical centers, including Mayo Clinic, Mass General Brigham, Henry Ford Health System, University of Colorado Medicine, and Yale Medicine, have collaborated with CodaMetrix to develop solutions now in use across the CodaMetrix customer network.