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AKASA unveils AKASA Medical Coding for enhanced revenue cycle management with generative AI

Press releases may be edited for formatting or style | June 18, 2024 Business Affairs
South San Francisco — June 18, 2024 — AKASA, the preeminent provider of end-to-end generative AI (GenAI) solutions for the revenue cycle, today announced the release of AKASA Medical Coding, a first-of-its-kind GenAI assistant to transform the $23B medical coding field.

AKASA Medical Coding puts the power of GenAI at medical coders’ fingertips, enabling them to work with unprecedented efficiency, accuracy and comprehensiveness.

Accuracy, comprehensiveness, and compliance are critical priorities for medical coding at health systems, but delivering reliable code recommendations has been a significant pain point with preexisting technology solutions. AKASA Medical Coding adds justifications and direct links to medical text, offering a dependable solution that health systems and their coders can rely on.

Powered by proprietary GenAI technology and trained on each health system's own clinical and financial data, AKASA Medical Coding applies AI to do the 'heavy lifting' of combing through every relevant medical document for every encounter. The solution then identifies recommended codes, each accompanied by justifications linked directly to supporting medical text, for coders to accept or revise. By training its tools on a health system’s unique data, the AKASA Platform outperforms popular generic models like GPT-4 by as much as 40%.

“Generative AI is the future of medical coding and will have a tremendous impact on reimbursement and quality. We’ve been amazed at the excitement we’re seeing among major health systems,” said Malinka Walaliyadde, CEO and co-founder of AKASA. “This marks a huge step in bridging the gap between AI’s potential and its practical application in healthcare today.”

AKASA Medical Coding is the only technology solution to not only analyze a broad range of document types — clinical notes, imaging reports, and clinical observations among them — but also weave these documents together while combining clinical and EDI data to create a cohesive patient story in a way only previously possible with a seasoned coder.

AKASA Medical Coding joins Authorization Advisor, the AKASA GenAI assistant for patient access, to provide comprehensive AI assistants for health system revenue cycle professionals. Integrating with major EHR systems, these groundbreaking AI assistants support the biggest challenges in the revenue cycle (prior authorization, claims management, and now coding), dramatically boosting the efficiency and accuracy of revenue cycle operations and resulting in happier, higher-performing staff and an elevated patient experience.

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