Healthcare technology company Iodine Software has acquired physician engagement platform company Artifact Health for an undisclosed amount.
Iodine has developed a new machine learning approach, Cognitive Emulation, that helps healthcare finance experts to create strong organisations.
The artificial intelligence (AI)-based approach combines clinical concepts and evidence-based medicine for revenue cycle solutions which help to maximise revenue capture and data accuracy.
Iodine anticipates the acquisition to extend its clinical predictions and insights platform outside clinical documentation improvement (CDI).
Artifact Health, in collaboration with Johns Hopkins Medicine, has developed the first mobile application to allow physicians to respond to queries on patient records quickly at any time.
It helps hospitals to improve patient records quality and ensure complete reimbursement for services.
Artifact easily integrates with core healthcare systems such as all major electronic healthcare record systems, to simplify the time-consuming and multi-step administrative process for healthcare providers.
Currently, the company’s mobile platform is deployed to about 80,000 healthcare providers at more than 200 hospitals.
The deal allows Iodine to add Artifact’s mobile-based platform to automate physician queries and other administrative activities.
This combination also allows addressing certain health system mid-cycle revenue leakage for improving documentation integrity while ensuring reimbursement.
Artifact Health CEO and co-founder Marisa MacClary said: “Over the past seven years, Artifact Health has built a solid reputation for streamlining and standardising the physician query process with efficient, convenient and easy-to-use technology that physicians find enjoyable to use.
“Iodine and Artifact share the same mission to design innovative healthcare technologies that improve patient care by reducing administrative burden.”
The entire team of Artifact will immediately join Iodine, which expects the merged companies to aid healthcare organisations in financial, operational and quality outcomes.
Last month, Microsoft agreed to buy AI speech recognition firm Nuance Communications in an all-cash deal of $19.7bn.