The news: Healthcare AI company Iodine Software became the latest healthcare unicorn with a new private equity investment from Advent International, per Fierce Healthcare.
More in Iodine: The company claims to have over 800 health system customers in the US, including Mount Sinai, Tenet Healthcare, HCA, Advent, and Baylor Scott & White.
What it does: Iodine’s AI-powered software solutions address automation for clinical administration and revenue cycle management.
Iodine’s CognitiveML AI engine filters through large amounts of clinical data to make clinical assessments.
Meanwhile, its AwareCDI Suite identifies and captures mid-revenue cycle leakages (like discrepancies in reimbursement and clinical documentation) to make sure healthcare services are accurately coded and to optimize revenues.
What’s next? AI-powered automation is becoming a major priority for health leaders as clinical documentation evolves with more data than ever before flooding through the US healthcare system.
Provider organizations are running a tight ship when it comes to their finances thanks to the pandemic—and automation can help them reduce unnecessary spending.
To add, a recent analysis by McKinsey found that automating healthcare admin processes could help the US health system save up to $265 billion annually (~$1,300 per adult).