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.
- And unlike many of its digital health counterparts, Iodine’s CEO says the company is currently profitable and saw 40% revenue growth from 2020 to 2021.
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.
- Those assessments then help providers automate tasks that traditionally require evaluation by a human to complete.
- The new PE investment will be channeled toward expanding applications of CognitiveML into other areas of care delivery.
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.
It also offers other AI-powered clinical documentation solutions via its previous acquisitions of ChartWise and Artifact Health.
Market snapshot: