XpertDox has raised a $20 million Series A to expand its AI platform for medical coding. Savant Growth led the round, with funding from its investment partner Kennet Partners, and the Scottsdale company announced the raise on November 11.
The company’s XpertCoding platform turns the clinical documentation in a provider’s electronic health record into coded data for billing. It codes more than 91 percent of the claims it receives without manual intervention and returns them in under 24 hours, with coding related denials below 2 percent.
How XpertCoding works
Unlike coding tools built on general purpose language models, XpertCoding runs on proprietary AI developed by physician scientists. It combines neural network models and ensemble machine learning with Symbolic AI and payer rules to code accurately across specialties.
The platform also flags gaps in clinical documentation, so providers can improve their notes over time. It is live on eClinicalWorks, athenahealth, Epic, NextGen and other leading electronic health record systems.
“Healthcare organizations need coding that is accurate, fast and defensible, and they need it today.”
Sameer Ather, MD, PhD, co-founder and CEO of XpertDox
The numbers behind the raise
XpertDox doubled its revenue over the last 12 months, with 126 percent net revenue retention and 95 percent customer retention. The company processes millions of claims a year and is expanding capacity to support tens of millions.
More than 40 healthcare organizations use XpertCoding. The platform has become a leading coding partner for Federally Qualified Health Centers, and XpertDox serves seven of them across six states, with more going live soon.
“XpertCoding has helped us reduce manual effort by 94%, improve charge capture by 10%, and realize an average claims processing time under 24 hours.”
Lindsey Tippit, Chief Operations Officer of Lone Star Circle of Care
What the funding will pay for
XpertDox will use the funding to expand onboarding capacity so new customers can ramp faster, broaden its specialty depth, and grow its engineering and customer teams. It will also expand its business intelligence platform, which many XpertCoding customers already use.
New dashboards and workflows will help organizations improve financial performance, raise service quality and build value-based care programs. As part of the investment, Javier Rojas, co-founder and managing partner of Savant Growth, has joined the XpertDox board of directors.
XpertDox was founded in 2015 by physician co-founders Dr. Sameer Ather and Dr. Bhupesh Panwar, and is based in Scottsdale, Arizona. The round adds to a busy stretch for healthcare AI funding, with medical AI companies announcing new capital on consecutive days this week.
