Procode AI Raises $10 Million in Series A Funding
Procode AI, a Los Angeles-based company specializing in AI-powered medical billing and coding solutions, has announced the successful closure of a $10 million Series A funding round. The round was led by Health Velocity Capital.
What Procode AI Does
Procode AI offers an advanced platform designed to automate charge submission processes for medical billing and coding. By integrating directly with electronic health records, Procode AI aims to enhance efficiency by enabling faster coding, reducing claim denials, and minimizing accounts receivable (AR) days, particularly for surgical specialties.
Leadership and Vision
Procode AI was founded by Jeff Cripe, who also serves as the company's CEO. Under his leadership, the company has been focused on building intelligent billing infrastructure that alleviates administrative burdens, thus allowing surgeons to concentrate more on patient care.
Strategic Use of Funds
The newly acquired capital will be used to further develop Procode AI's revenue cycle management (RCM) platform. "We plan to expand our capabilities through strategic acquisitions and broaden our reach across all surgical specialties," said Cripe. The company will also focus on enhancing its services for ambulatory surgical center (ASC) billing.
Recent Developments
This funding announcement follows Procode AI's acquisition of The Auctus Group, a leading RCM company that serves over 350 plastic surgery and dermatology providers. Additionally, Procode AI recently published its first peer-reviewed research in the Plastic & Reconstructive Surgery Global Open journal, marking a significant milestone in its development.
Future Expansion
With this Series A funding, Procode AI is well-positioned to continue its growth trajectory, aiming to solidify its presence in the medical billing sector and expand its offerings to a broader range of surgical specialties.