Salt Lake City-based Aviacode, a provider of medical coding-related solutions, has secured $16 million in funding. The investor was Frontier Capital.
SALT LAKE CITY–(BUSINESS WIRE)–Aviacode, a leading provider of medical coding-related software and services, today announced a $16 million growth investment from Frontier Capital. The company will use the investment to further develop and market both its network of certified medical coders and its software-as-a-service (SaaS) platform to meet the growing demand for solutions that facilitate medical coding and auditing for physician groups, facilities and surgical centers. Aviacode’s offerings are especially beneficial as the healthcare industry transitions to the International Classification of Diseases, Revision 10 (ICD-10) coding system.
“The dramatic change to ICD-10, with its more than 100,000 new medical codes, has proven cumbersome for many physicians and other medical professionals as they try to meet the impending deadlines,” said Lane Monson, CEO, Aviacode. “This capital, combined with strategic support from Frontier, gives us the additional resources we need to quickly and strategically expand these much needed solutions so our clients can focus on what’s really important, namely their patients.”
Aviacode has created a proprietary SaaS-based workflow platform to enhance the productivity of an organization’s internal team of medical coders. Aviacode also uses this platform for customers that choose to outsource their medical coding. The platform helps these medical coders correctly and consistently translate clinical documentation into billing codes. This reduces compliance risk while providing efficiencies and accuracy that result in maximum revenue and strengthened cash flow for healthcare providers.
“Aviacode is a perfect example of the type of company in which Frontier Capital invests: a high growth software-as-a-service platform with a strong leadership team in a large and growing industry,” Frontier Capital principal Scott Hoch wrote in a statement also released today.
Based in Charlotte, N.C., Frontier Capital is a growth equity firm focused exclusively on software and technology-enabled business services companies. The firm provides capital and strategic direction to its portfolio companies in fast-growing industries such as healthcare, human capital management and managed IT services.
Aviacode is the industry leader in technology-enabled medical coding services. Its proprietary technology and workflow improve the accuracy and efficiency of medical coding, providing improved efficiency, increased revenue, strengthened cash flow, and decreasing risk for hospital and physician groups. For more information, visit www.aviacode.com.