Company’s Continued Momentum Marks Importance of Risk Adjustment Amidst Changing Healthcare Landscape
SAN MATEO, CA–(Marketwired – Feb 28, 2017) – Apixio Inc., the data science company for healthcare, today announced that in 2016 it analyzed over 65 million clinical documents for more than 1.5 million patients enrolled in Medicare Advantage and Commercial insurance plans. The company continued its strong growth trajectory last year, expanding its client base of health plans and provider groups by 43 percent.
“Medicare Advantage continues to enjoy broad bipartisan support given it delivers higher quality care for seniors than its counterparts,” said Darren Schulte, MD, CEO, Apixio. “As a result, there is now much greater focus on Medicare spending given increased coding intensity. We see health plans striving for greater accuracy in their chart review and risk adjustment processes than ever before. Apixio’s cognitive computing analytics platform has been proven to decipher a wide variety of clinical notes to provide better and more accurate insights for Medicare Advantage and Commercial risk adjustment.”
Strong Board of Directors Positions Apixio for Future Success
Apixio’s rapid growth and market-leading position has attracted the attention of healthcare industry veterans. The company is proud to announce that noted technologist and entrepreneur, James P. (Jim) Bradley, will become the new chairman of its board. Bradley was formerly the chief information officer at UnitedHealthcare, one of the largest insurance plans in the world; chief technologist at McKesson, one of the nation’s largest pharmaceutical and medical supply distributors; and the chief executive of RxHub, now SureScripts, the nation’s largest health information network. Bradley also served as chairman of the National Committee for Quality Assurance, a nonprofit health plan and provider quality accreditation body. Currently, he serves as chairman of the board for NovuHealth, a member engagement company, and for Wellpartner, a leading provider of pharmacy services comprised of specialty pharmacy and full-spectrum 340B services to safety-net hospitals.
“There is no doubt that cognitive computing, machine learning and advanced analytics are important components to the future of healthcare. Using these technologies, Apixio has made significant inroads into the risk adjustment industry and has established technology-based chart review and coding as a viable and productive way of doing business,” said Bradley. “I believe Apixio is well-positioned to have a significant impact and help create real value out of healthcare’s treasure trove of unstructured data — and I’m thrilled to help fuel that change.”
Commitment to Product Innovation Delivers Unmatched Accuracy
Apixio’s cognitive computing platform uses proprietary data extraction tools and machine learning algorithms to create a self-learning system. Powered by its platform, the HCC Profiler solution drives the most accurate and complete Medicare Advantage and Commercial risk adjustment — up to four times faster than traditional chart review methods, while ensuring accurate compliance with guidelines.
“We are really pleased with the results from working with Apixio’s HCC Profiler. Apixio automates the risk adjustment process and enables robust levels of accuracy and speed,” said Manuel Gaidola, director of Medicare revenue operations, Martin’s Point Health Care. “Given the changing horizon for healthcare, having reliable and efficient risk adjustment is an important advantage. It allows us to stay ahead of the market and advance patient care.”
Apixio continues to add to its HCC Profiler application, making technology-based chart review and coding a feasible alternative for the biggest industry players to deploy at scale. Recent product enhancements further boost control and insight into risk adjustment coding for Apixio’s customers.
The improved project dashboard enables critical insight into project completion across individual project phases as well as coder productivity and accuracy. Greater user admin functionality enables coding managers to project manage more effectively. Additionally, with HCC Profiler’s one-click QA process, customers can now complete quality assurance review on up to 100 percent of their results, ensuring all codes that are submitted meet coding guidelines.
In 2016, the company also successfully closed a $19.3 million series D round of funding. To learn more about Apixio, visit: http://www.apixio.com.
About Apixio
Apixio, the data science company for healthcare, uses advanced machine learning and adaptive text analytics to give payers and providers unprecedented access to groundbreaking insights that enable optimal decision making. Apixio’s HCC Profiler solution leverages its proprietary cognitive computing platform to drive an industry-leading productive and accurate coding workflow for MA and Commercial risk adjustment. Apixio’s cognitive computing platform is built upon insights from analyzing more than 6.7 million patients and processing more than 560 million documents.
