Encoda Announces Strategic Investment from Hughes & Company
TAMPA, Fla., Jan. 6, 2022 /PRNewswire/ — Encoda LLC, a healthcare reimbursement automation and technology-enabled services leader, announced today a strategic investment from Hughes & Company, a Chicago based private equity firm focused on healthcare software and technology-enabled services. The investment will accelerate Encoda’s development of its rules-based workflow and analytics software, expanding use to other areas of the healthcare reimbursement cycle that continue to plague physician groups. Encoda plans to expand its revenue cycle services and broaden its strategic partnerships.
Founded in 2006, Encoda develops cloud-based, enterprise medical billing software, Encoda BackOffice™, which bridges workflow gaps between practice management systems, clearinghouses, and payers. Instead of medical billers toggling between multiple systems to find claims that need to be worked, Encoda BackOffice serves up problematic and orphaned claims in a single, intuitive work queue, so billers can focus on only those claims that need attention, resulting in improved billing staff productivity, increased payment velocity and higher reimbursement. Complimenting Encoda BackOffice is Maestro Analytics™, a powerful and unified dashboard and reporting platform that combines practice management software and clearinghouse data to enable unprecedented visibility into the revenue cycle.
“This is an exciting new chapter for Encoda’s clients, employees, and strategic business partners”, said Michael Kallish, Encoda’s CEO. Mr. Kallish continued, “Hughes & Company brings to us an entrepreneurial minded team with deep roots in healthcare software and physician reimbursement. They understand our clients’ need to drastically improve their revenue cycle processes. We are thrilled to be working with the Hughes team”.
Hughes & Company was established to invest in innovative, fast growing and mission critical healthcare software and technology-enabled services companies. The Hughes team is comprised of proven healthcare industry experts, operators and thought leaders, who have demonstrated an ability to support companies through significant expansion. Joining Encoda’s Board of Directors are Travis Hughes, and Jim Denny. Mr. Denny is the Founder and former CEO of Navicure, which in 2017 merged with ZirMed, and later rebranded as Waystar. Mr. Denny served on the Board of Waystar as its Chairman from 2017 to 2019.
“Our interest in Encoda started with its tenured and visionary leadership team, whose experience and commitment to rules-driven medical billing automation has already delivered significant results for its clients” stated Mr. Denny, now Managing Partner at Hughes & Company. Mr. Denny went on to say, “We invested in Encoda because we see an opportunity to leverage automation and machine learning to bring significantly greater efficiencies and results to the medical billing process. Encoda is uniquely positioned to develop and deliver these new technologies.”
About Hughes & Company. Hughes & Company is a private equity firm investing in growth and later stage healthcare software and technology-enabled service companies. The Firm is an active investor and works closely with its portfolio companies on initiatives to accelerate growth, enhance customer value propositions and increase long-term retention by applying institutional best practices and disciplined execution. The Firm maintains an extensive network of longstanding relationships with senior executives, advisors and partners across the healthcare software and technology-enabled service market who assist Hughes & Company and its portfolio companies in a range of capacities.
About Encoda, LLC
Encoda is a leader in healthcare reimbursement automation and technology-enabled revenue cycle management (RCM) services that empower medical business offices to cost-effectively collect the most revenue in the shortest time possible. Encoda clients significantly improve their rejection and denial management processes, reduce days in A/R, increase medical reimbursement, and receive an unparalleled level of visibility into their billing cycle via Encoda BackOffice and Maestro Analytics. Encoda’s RCM services include client access to Encoda BackOffice and Maestro Analytics.
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SOURCE Encoda LLC