Burnout from the pandemic’s effect on healthcare staff has brought on the need for tech-fueled solutions to hospitals across the country. Research shows that the medical coding market, which helps organize patient data and billing, was worth an estimated $17.9 billion in 2021 and is set to be worth $31.4 billion by 2028. But this coding can be tedious and is one more task added to frontline workers’ to-do list.
Maverick Medical AI, a medical coding data startup, is an emerging player in the space. On Monday, the startup announced it raised a $5 million seed round.
Through AI, Maverick Medical’s technology works to interpret patient charts and convert the data into medical codes. Maverick aims to streamline hospital worker efficiency without the need to hire additional staff.
According to the company, Maverick’s technology delivers productivity gains 3x higher than current coding methods used by hospitals. Other benefits include increased coding accuracy and efficiency.
The recent round, co-led by Firstime Ventures and Lionbird, will be used to fuel Maverick’s research and development and to hire additional employees.
“The addition of these top-tier investors to our company is a vote of confidence for our highly differentiated AI platform,” Maverick Medical AI CEO Yossi Shahak said in a statement. “Our unique offering is generating significant interest from U.S. providers, and we look forward to expanding our partnerships and customer base.”
Maverick isn’t the only company tapping into the growing medtech industry. Cedar, a NYC-based healthcare billing startup, raised a $200 million Series D round last year. And Health Gorilla, a Palo Alto-based interoperability provider for patients and providers, raised a $50 million Series C just this month.
