It’s a great day for Aviacode – and the healthcare industry specifically as we all transition to ICD-10!
Today we announced the closing of a $16 million growth investment from Frontier Capital. We plan to use the funds to further develop and market both our network of certified medical coders and our SaaS-based platform to meet the growing demand for solutions that facilitate medical coding and auditing for physician groups, facilities and surgical centers.
This is especially beneficial for these entities as the October 1 deadline for transitioning to ICD-10 quickly approaches. ICD-10 includes more than 140,000 codes—19 times the number of codes in the outdated ICD-9. The new coding system reflects the latest medical knowledge, allows for more specificity in describing conditions and procedures, and is also a step toward the transition to quality and value-based reimbursement models.
“With the exponential increase in codes, human coders simply must have the assistance of software-enabled coding services,” said Lane Monson, chief executive officer, Aviacode. “Frontier’s investment will help us to provide that technology to an even greater number of healthcare organizations. Additionally, we’ll be able to expand our sales and marketing efforts to better respond to the need for our services.”
For more information on the transaction and how it will benefit the health industry, please visit News.