BELLEVUE, Wash. and WATKINSVILLE, Ga., Sept. 13, 2022 (GLOBE NEWSWIRE) -- AI Dynamics and PETTIGREW Medical announced today the formation of a joint venture, with the working name mAIcode, designed to accelerate the automation of medical record coding by applying advanced machine learning. AI Dynamics is an organization founded on the belief that everyone should have access to the power of artificial intelligence (AI) to change the world. PETTIGREW Medical is a pioneer in providing revenue cycle management services and has expanded into a diversified and accredited industry leader on a global scale.
“The joint venture with AI Dynamics will enable us to create an automated coding solution that provides an order of magnitude improvement in productivity, efficiency and accuracy, while also reducing costs,” said David Young, president and chief financial officer, PETTIGREW Medical. “Once the joint venture is fully operational, we look forward to serving a larger percentage of the $18 billion annual medical coding market, which is growing at a compounded annual growth rate (CAGR) of eight percent.”
Today, the medical coding market is highly complex, with more than 68,000 diagnostic codes and over 10,000 Current Procedural Terminology (CPT) codes. Current coding approaches are expensive, with the median salary of a medical coder in the U.S being more than $50,000. The typical coder can code at most a few hundred medical records a day, with each record costing between $2 to $20 to code. The volume of content to code is enormous and growing, meaning costs will grow as well.
“Unlike other AI coding companies that are focused primarily on the cloud, we have developed mAIcode to be equally efficient for customers that want to manage their data on premise or in a more secure environment. We are also orienting the solution to audit-level accuracy, backed by the NeoPulse Platform,” said Rajeev Dutt, founder and CEO of AI Dynamics. “Our solution relies on multiple deep learning models built on the NeoPulse Platform, that provides the joint venture with the unique ability to continuously improve its own medical coding capabilities based on experience – the AI solution is learning continuously.”
The solution is built on a SaaS model that can be run in the cloud or at the customer’s location. At the core of the solution is AI Dynamics’ NeoPulse Framework, which will enable customers to manage their entire AI workflow and infrastructure from one place. NeoPulse enables lower cost and faster design and deployment of AI solutions. Customers can adopt the solution to their own medical chart formats. It also features clear explainability, which is necessary for audits, increasing confidence in decisions, and providing peace of mind to clients and auditors. It incorporates federated learning data privacy technology; data never leaves the data owner’s firewall but the solution enables data users to generate insights from the data, ensuring all parties remain in compliance with HIPAA, U.S state data privacy regulations and data residency requirements. As mAIcode learns from customer use, it will quickly outperform manual solutions.
About AI Dynamics:
AI Dynamics aims to make artificial intelligence (AI) accessible to organizations of all sizes. The company's NeoPulse® Framework is an intuitive development and management platform for AI, which enables companies to develop and implement deep neural networks and other machine learning models that can improve key performance metrics. The company's team brings decades of experience in the fields of machine learning and artificial intelligence from leading companies and research organizations. For more information, please visit aidynamics.com.
About Pettigrew Medical:
PETTIGREW Medical specializes in billing, coding, accounts receivable management and contact center solutions for healthcare billing companies, hospitals, private practices and insurers with large central business office operations. Since 1989, PETTIGREW has provided superior, aggressive, and compliant services to our clients. PETTIGREW is continuously seeking ways to make the experience of running a facility or group easier on owners and medical directors, and of making their practice's information easily accessible. For more information, please visit pettigrewmedical.com.
Media Contact:
Madi Olivé / Valeria Carrillo
UPRAISE Marketing + PR for AI Dynamics and PETTIGREW Medical
aidynamics@upraisepr.com
