They raised $16M and now it’s getting used.
A little over a year ago, Salt Lake City-based Aviacode raised $16 million from Frontier Capital and wouldn’t you know it, they’re putting it to good use.
This week, Aviacode has announced the acquisition of Revant Solutions to provide healthcare organizations additional options if they choose to outsource medical coding. Terms of the transaction were not disclosed.
“As the lines between hospitals and physicians continue to blur, and more look to outsource medical coding and other difficult back office functions, we felt it was critical to move more deeply into facility fee coding so we can offer our clients a full range of quality coding services,” said Keith Hagen, CEO of Aviacode. “Facility coding requires a completely different skill set and perspective than pro fee coding, and while we’ve always had some facility coding expertise, we’re thrilled to bring on dozens of specialists so medical organizations of any size can come to us rather than seeking out multiple service providers.”
Hagan was appointed as CEO two months ago — he was previously CEO at publicly-held QuadraMed — to help improve and accelerate Aviacode’s growth in the world of medical coding. The acquisition of Revant moves them further along this path, providing more full-time coders and Revant’s existing client base, which includes one of the largest medical care organizations in the US.