| CodeRyte’s strong momentum continues in 2009 |
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Recently closed largest deal in company history; ranked as one of the nation’s top HCIT vendors Bethesda, Md., July 8, 2009 – CodeRyte, Inc., the premier provider of computer-assisted coding, announces today several key wins that highlight the company’s growth and consistent performance in the midst of the current down economy.In the last six months alone, CodeRyte’s client base has increased by more than 20 percent. Many existing clients have also expanded their relationship with CodeRyte after experiencing the quick value and ROI the technology offers. At the same time, the company experienced continued growth into the E/M coding and clinic market with the addition of several large-scale clients across the nation. “In this economy, healthcare executives aren’t just looking for an ROI, they want one that occurs in less than a year and that they can know has already been proven in organizations of similar complexity and variability,” said Andy Kapit, CodeRyte’s chief executive officer. “CodeRyte’s rapidly growing list of clients, including those who are expanding their relationship with us, suggests that CodeRyte has both a meaningful and fast-to-realize value proposition, which in turn is enabling CodeRyte to invest in further growth – even in this economy.” Aurora Health Care, headquartered in Milwaukee, Wis., recently signed with CodeRyte to provide E/M coding throughout its more than 100 clinics, as well as radiology, diagnostic cardiology and pathology departments. With sites in more than 90 communities, including 13 hospitals, Aurora is one of the nation’s largest healthcare organizations and is officially the largest signing in CodeRyte’s history. “CodeRyte is a service-oriented company and its track record for high-quality results and speedy return on investment impressed Aurora,” said Nancy Carman, manager of physician coding and reimbursement for Aurora Health Care and physician compliance officer for Aurora Medical Group. “Aurora looks forward to streamlining its coding and further supporting our compliance with CodeRyte.” CodeRyte was also recently ranked by Healthcare Informatics magazine as one of the nation’s top 100 healthcare information technology providers. The ranking, combined with a record year of new clients, continues the company’s growing momentum. In the fall of 2008, both Inc. magazine and Deloitte ranked CodeRyte as one of the nation’s fastest-growing companies. Central to CodeRyte’s growth is its pioneering use of Natural Language Processing (NLP), which is emerging as a core technology for healthcare. CodeRyte’s NLP provides an automated bridge between the current form of input – physicians’ natural language – and the proposed structures needed to make electronic health records (EHRs) feasible. With NLP at the center of EHRs, healthcare organizations can capture physicians’ meaningful data and translate it into actionable, valuable information that anchors a comprehensive clinical narrative. Gartner, a leading information technology research and advisory company, recently voiced its support for NLP in healthcare. An April report by Gartner analysts listed the top projects that healthcare chief information officers (CIOs) should consider in the current economy. The report listed ventures with NLP-aided coding among the top actions CIOs should pursue for fast return on investment and low risk.
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