FOR IMMEDIATE RELEASE
Codoxo’s AI Innovation and Resulting Growth Underscore Mission to Disrupt the Healthcare Cost Containment Industry
Codoxo celebrates $20 million funding, AI innovation, new customers, and substantial growth along with a strategic brand refresh
ATLANTA (February 8, 2022) – Codoxo, a trusted provider of healthcare artificial intelligence solutions for healthcare payers and agencies, announces the achievement of critical milestones and growth that showcases increasing momentum helping healthcare payers battle fraud, waste, abuse and payment integrity issues using the industry’s most advanced healthcare AI platform. The company ended 2021 with a $20 million Series B round and substantial traction complemented by a strategic brand revitalization that underscores the company’s commitment to reimagining cost containment to make healthcare more affordable and effective. Codoxo’s 2021 achievements include:
Revenue growth and Series B funding: Codoxo revenues more than doubled last year and the company ended 2021 with a $20 million Series B funding led by QED Investors and participation by Sands Capital among others.
Client growth and collaboration: Client “go-lives” increased by 60 percent in 2021 with deployments covering the gamut of Codoxo’s Healthcare Integrity Suite offerings, with 50 percent of Codoxo’s existing clients choosing to expand their work with the company. And Codoxo’s healthcare payer and agency customers are realizing swift, measurable benefits compared with others who’ve chosen to stick with conventional, reactive cost containment methods. For its customers, Codoxo has identified $500 million in savings and added customers that cover an additional 9 million lives in just a few short years.
Awards and recognition: Noted for its “academic roots and forward-looking AI skills,” Codoxo was named a Leading Contender in strength and industry prominence by Aite Group in the 2021 Aite Matrix: Payment Integrity in Healthcare report. Codoxo was also a finalist in the Fierce Healthcare Innovation Awards and named the Technology Association of Georgia’s 2021 Top 10 Most Innovative Companies list.
Technology and innovation: Since introducing its Healthcare Integrity Suite and Forensic AI Platform in December 2020, Codoxo has enhanced its solutions in addition to helping customers onboard and expand their use of the solutions, including notably the addition of “Schemes 2.0” to the Fraud Scope solution. Schemes 2.0 compliments Fraud Scope’s current Targets and Report detection capabilities, giving investigators more flexibility and function to identify providers for investigation and audit.
Key leadership hires: Since December 2020, Codoxo has more than doubled its full-time employee base and expects to do so again in 2022. Key executive hires include Rena Bielinski as VP of Customer Success, Rajesh Razdan as VP of Product Development, Stacia Whelan as Director of Marketing, and Saurav Subedi as Director of Data Science. These appointments, among others, are integral to Codoxo’s deep focus on client services and engagement as well as product and technology innovation to meet the growing demand for unified cost containment solutions.
Culture and community building: Codoxo met the challenge of building culture among employees during a predominately work-from-home environment by adopting best practices to encourage community and collaboration, such as team social hours, virtual games and networking. Codoxo is particularly proud to have built and nurtured a welcoming, entrepreneurial, and empowering culture including the expansion of team and employee benefits and perks.
Brand refresh: In October, Codoxo debuted a new look and feel highlighting its customer partnerships, AI innovation, and solutions and services that measurably improve healthcare payer and agency performance and reduce the cost of healthcare delivery. Inviting industry stakeholders to “See Tomorrow, Today,” Codoxo’s brand transformation encourages all healthcare decision-makers to embrace change to drive meaningful healthcare outcomes.
“Codoxo’s impact on healthcare affordability and effectiveness is grounded in our disruptive AI technology and talented people who are dedicated to helping healthcare payers understand and adopt proven new methods,” stated Musheer Ahmed, Codoxo’s Chief Executive Officer. “Together with our customers, we’re creating a movement to demonstrate how innovative approaches can drive down healthcare costs – in our case, by stopping rampant fraud, waste, and abuse in the U.S. healthcare system today.”
To find out more about Codoxo, its Healthcare Integrity Suite of solutions and its Forensic AI Platform, please visit https://www.codoxo.com/the-codoxo-difference/.
Codoxo’s mission is to make healthcare more affordable and effective for everyone and serves as the premier provider of artificial intelligence-driven solutions and services that help healthcare companies and agencies proactively detect and reduce risks from fraud, waste, and abuse. The Codoxo Healthcare Integrity Suite helps clients manage costs and improve collaboration across payment integrity, special investigation units, provider coding and billing, network management and clinical care teams. Our software-as-a-service applications are built on our proven Forensic AI Platform, which uses a patented AI-based technology to identify problems and suspicious behavior faster and earlier than other AI and rules-based techniques. Our solutions are HIPAA- compliant and operate in a HITRUST-certified environment. For additional information, visit www.codoxo.com.
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