Momentum continues for CodeRyte with new account wins

New Clients across Hospitals, Physician Practices, and Billing Companies

Bethesda, Md., April 26, 2007— Maintaining its dynamic 2006 growth trend that included a 300% increase in contracted volume, CodeRyte™ added several new clients in the first quarter of 2007 that will use its Computer-Assisted Coding and web-enabled workflow software to maximize appropriate reimbursement, reduce denials, decrease outstanding account receivables, and improve the efficiency of their coding organizations.

“We are pleased that the market is rewarding and spreading the word about CodeRyte’s intense focus on customer service, technical excellence, medical coding quality and innovation,” said Chief Executive Officer Andrew Kapit, who leads CodeRyte’s 90-person staff.  “As a company we are committed to the clinical power of the physician—to leveraging their natural language, powers of observation and the full color of their narrative to ensure maximum appropriate reimbursement and quality clinical outcomes.  Our consistent and dramatic growth lets us know we are hearing this important market loudly and clearly.” 

CodeRyte expanded relationships with many existing clients and added several new clients last quarter.  Growth came across all three of CodeRyte’s market segments; physician practices, hospitals, and medical billing companies.  New customer highlights for the quarter include:

• Health First MSO, a Management Services Organization (MSO) representing Health First, a three hospital system in Brevard County on Florida’s Space Coast, chose CodeRyte to increase productivity, maximize appropriate revenue, and enhance compliance.

• Colorado Imaging Associates , a practice of 19 board-certified radiologists that serves the St. Anthony Hospital System and other facilities in the Denver, Colorado area cited CodeRyte’s Vascular Interventional Radiology product as a primary reason for choosing CodeRyte. 

• Catamount Associates, a billing services company with radiology, orthopedic, and primary care clients in upstate New York, chose CodeRyte’s CodeComplete product to increase productivity, simplify management of the coding process and QA, and improve compliance. 

“We’re thrilled to be working with CodeRyte.  We are confident that CodeRyte will provide a great return on investment while simultaneously simplifying the management of our coding process and improving coding accuracy.  There are always concerns with implementing new systems, but the CodeRyte team was wonderful and we were live less than a month after signing the contract,” said Terry Leone, President of Catamount Associates. 

To learn more about CodeRyte, visit booth No. 408 at the Radiology Business Management Association’s (RMBA) 2007 Radiology Summit, May 6-9, at the America’s Center in St. Louis, Missouri. 

For more information, visit www.coderyte.com or call (301) 951-5300.  

About CodeRyte                                   

CodeRyte is the premier provider of Computer-Assisted Coding solutions for the health care industry. CodeRyte helps hospitals, physician practice groups, and medical billing/practice management companies increase revenue, lower costs, improve cash flow, and enhance compliance.  By using our Natural Language Processing (NLP) technology and workflow system to identify correct billing codes and extract key clinical information, CodeRyte’s customers maximize appropriate reimbursement, reduce denials, decrease outstanding accounts receivables, and improve the efficiency of their coding organizations.