Toronto-based healthcare technology company Semantic Health has launched with the close of a $2.7 million seed-stage financing. DCVC led the round, with participation from Preface Ventures, Liquid 2, RiSC Capital, Wayfinder VC and others. Semantic uses artificial intelligence to help hospitals improve their medical coding, auditing and CDI processes.
TORONTO, June 24, 2021 /CNW/ – Semantic Health Inc. (“Semantic Health”), a Toronto-based healthcare technology company, today announced the launch of its premier coding & auditing platform, the Semantic Health Information Platform. Semantic Health’s platform empowers medical coders and auditors to conduct concurrent review of clinical documentation, reduce revenue cycle inefficiencies and enable actionable use of unstructured data. The platform was developed in close collaboration with medical coding and auditing professionals across various health systems in North America.
Semantic Health launches with the support of leading hospitals and venture capital investors. In September 2020, Semantic Health secured an oversubscribed seed round of USD$2.7 million led by DCVC with involvement from Preface Ventures, Liquid 2, RiSC Capital, Wayfinder VC and others. Semantic Health has also partnered with leading hospitals to demonstrate how its foundational technology identifies missed reimbursement opportunities, increases coder and auditor productivity, and generates actionable data for additional analytical use-cases. The initial traction from investors and clients signals the company’s success in providing solutions to reduce healthcare providers’ financial inefficiencies.
“Semantic Health will fundamentally change the way that we look and consider our medical coding and auditing processes” said Peter Bak, Chief Information Officer at Humber River Hospital. “Their underlying artificial intelligence technology presents us with an opportunity to deliver a wide variety of improvements at the frontline of care delivery.”
Artificial Intelligence for Medical Coders and Auditors
Semantic Health’s platform seamlessly integrates with electronic health records to pull patient charts as they are created, assigns medical codes to them and identifies any coding-related deficiencies. Within an intuitive user interface, medical coders can then finalize AI-suggested codes while auditors focus on high-value opportunities for additional documentation improvement. Semantic Health’s solution is optimized for long and complex inpatient documentation where traditional solutions often fall short. Their platform is also capable of automating more simple outpatient workflows. Semantic Health also offers fully-managed audit services where they review a healthcare provider’s already coded charts for completeness, missed opportunities, and payer audit risk.
“When I first encountered medical coding in a hospital, and coming from the perspective of my machine learning background, I quickly saw the potential for artificial intelligence to improve these processes,” said Dr. Nicola Sahar, CEO and co-founder of Semantic Health. “Our product has already started streamlining medical coding and auditing processes at leading hospitals to optimize their revenue cycles, allow hospital operational staff to focus on high value activities and, most excitingly, uncover healthcare insights from clinical documentation. We are proud to pioneer the deployment of our transformative technology to healthcare providers across North America.”
“It’s rare to see a platform that can have cascading benefits throughout a hospital or health system,” said James Hardiman, partner at DCVC. “Semantic Health has done exactly that. They have built the most sophisticated technology for tackling complex inpatient documentation workflows. Its platform will have clear results on financial outcomes, patient care and operational efficiencies, affecting many stakeholders in a hospital or health system. We see great potential for the company as it continues to scale its technology across North America.”
ABOUT SEMANTIC HEALTH
Semantic Health is a Toronto-based healthcare technology company leveraging proprietary artificial intelligence to help hospitals improve their medical coding, auditing, and CDI processes. Their Semantic Health Information Platform enables real-time access to coded data to drive clinical decision support and optimized reporting, reimbursement and operations. To learn more about Semantic Health, visit www.semantichealth.ai/