Iodine Software Announces Robin Damschroder Joins Board

MARCH 15, 2021 — AUSTIN, Tx. — Iodine Software today announced that it has appointed Robin Damschroder, Executive Vice President and Chief Financial Officer at Henry Ford Health System to its board. 

“We are pleased to welcome Robin to the Iodine board, especially during such a pivotal time in our growth trajectory,” said William Chan, CEO and Co-founder, Iodine Software. “She joins Iodine at an exciting time as we continue to further cement our place as one of the leading clinical documentation improvement solutions in the industry. Robin’s leadership experience at some of the nation’s largest health systems will prove invaluable to our future growth strategy.”

Robin Damschroder, MHSA, FACHE is Executive Vice President and Chief Financial Officer of Henry Ford Health System, a $6.5Bn health system that includes six hospitals, seven major medical centers and manages more than 650,000 covered lives. She also served as the COO, West Market – Saint Joseph Mercy Health System and has held various executive financial and operations leadership roles at University of Michigan Health System. She holds two degrees from the University of Michigan, Ann Arbor, MI – a bachelor’s in General Studies from College of Literature, Science and Arts, and a Master’s of Health Services Administration from the School of Public Health.

Iodine Software has seen record growth over the past year, unveiling the AwareCDI Suite in 2020 and receiving the top overall performance score in the 2021 KLAS Clinical Documentation Improvement (CDI) Report. Looking ahead, the company will continue to leverage the latest in AI and machine learning to help organizations achieve their desired financial, operational, and quality outcomes and build financially resilient organizations for years to come.

###

About Iodine Software

Iodine Software is a healthcare AI company that has pioneered a new machine learning approach — Cognitive EmulationTM — to help healthcare finance leaders build resilient organizations. Founded in 2010, Iodine’s technology unifies clinical concepts, evidence-based medicine, and deep machine learning to power revenue cycle solutions that maximize capture and data accuracy. To date, the Iodine AwareCDITM Suite has helped more than 500 hospitals recognize $1.5 billion in additional appropriate reimbursement annually. To learn more, visit iodinesoftware.com. 

Iodine Software is Top Performer With Highest Overall Performance Score in 2021 KLAS Clinical Documentation Improvement Report

Report states that Iodine’s AwareCDI Suite is gaining momentum among mid-size and large organizations, helping them achieve desired outcomes including improved workflow efficiency and visibility.

FEBRUARY 16, 2021 — AUSTIN, Tx. — Iodine Software today announced that it had received the top overall performance score in the 2021 KLAS Clinical Documentation Improvement (CDI) Report. The company also received the top scores in Client Support, Proactive Service, and Implementation and Training, further cementing its place as one of the leading clinical documentation improvement solutions in the industry.

Today, 84% of healthcare leaders cite inaccurate clinical documentation and coding as the root cause of lost or decreased revenue. Many CDI programs and associated software solutions focus on “improving” documentation, which, by itself, doesn’t stem revenue leakage. 

To solve these challenges, Iodine unveiled the AwareCDI Suite in 2020, which delivers true clinical documentation reliability and a significant reduction in condition and revenue leakage across the entire mid-revenue cycle. Powered by the company’s Cognitive Emulation machine learning approach — which was recently granted another patent (U.S. Patent No. 10,886,013) for detecting documentation drop-offs in clinical documentation — the AwareCDI Suite delivers:

  • $1.5 billion in additional appropriate reimbursement annually, 
  • $5.9 million average annual incremental reimbursement per hospital,
  • 75% median lift in productivity (per/CDI specialist query volume), and
  • 21% mean lift in performance (mean MCC volume increase).

In the 2021 KLAS Clinical Documentation Improvement Report, Iodine clients stated that, “New features — such as AI, NLP, broad reporting and ability to prioritize potentially problematic charts — helped them achieve their desired outcomes, including improved workflow efficiency and better capability”. Client relationships were also cited as a strength, with customers describing Iodine as “collaborative” and “proactive,” with strong training programs. In addition, survey respondents stated that the AwareCDI Suite is part of their long-term plan. 

“We are proud of our top performance score in the 2021 KLAS Clinical Documentation Improvement Report, as our team has continued to work tirelessly to help organizations achieve their desired financial, operational, and quality outcomes,” said William Chan, CEO and co-founder, Iodine Software. “The AwareCDI Suite is a full-suite solution designed to overcome leakage at every stage of the mid-revenue cycle. We are thrilled that over 500 hospitals are leveraging the AwareCDI Suite as a way to build financially resilient organizations for years to come.”

To download the full 2021 KLAS Clinical Documentation Improvement Report, visit klasresearch.com/report/clinical-documentation-improvement-2021/1637

About Iodine Software
Iodine Software is a healthcare AI company that has pioneered a new machine learning approach — Cognitive EmulationTM — to help healthcare finance leaders build resilient organizations. Founded in 2010, Iodine’s technology unifies clinical concepts, evidence-based medicine, and deep machine learning to power revenue cycle solutions that maximize capture and data accuracy. To date, the Iodine AwareCDITM Suite has helped nearly 500 hospitals recognize $1.5 billion in additional appropriate reimbursement annually. To learn more, visit iodinesoftware.com. 

 

(1) https://www.hfma.org/topics/news/2019/12/hospital-operating-margins-decline-21–in-2019–tracking-firm-fi.html
(2) Figures are based on a $6000 modeled base rate and actual measured MCC capture performance from the 2019 Iodine Performance Cohort Analysis of 339 facilities that compared measured MCC capture and CMI impact for the Iodine usage period 9/1/2018-8/31/2019 against pre-Iodine baseline performance.

Iodine Software Unveils AwareCDI Software Suite to Solve Mid-Revenue Cycle Leakage and Drive Financial Resiliency for Health Systems

JULY 27, 2020 — AUSTIN, Tx. — Iodine Software today unveiled its AwareCDI™ Suite for hospitals and health system finance and health information management leaders, powered by its proprietary Cognitive Emulation™ approach. The new software suite is designed to address clinical documentation integrity (CDI) and coding issues throughout the mid-revenue cycle in order to capture earned reimbursement and drive increased quality. 

Today, mid-revenue cycle management encompasses multiple steps across clinical documentation, coding, charge capture, pre-bill reviews, and other claims preparation processes. However, ensuring the entirety of the patient encounter is accurately and compliantly reflected in the final code set submitted for reimbursement requires clinical judgement derived from years of experience in the field. Today, incorrect or incomplete coding leads to revenue leakage of up to $11.3 million annually per 250-bed hospital. 

To solve these challenges, Iodine has pioneered a new approach called Cognitive Emulation™ which uses proprietary AI technology and machine learning algorithms to think the way a clinician thinks and emulates clinical judgement. Iodine’s Cognitive Emulation approach powers the AwareCDI Suite, which delivers true clinical documentation reliability and a significant reduction in condition and revenue leakage across the entire mid-revenue cycle. To date, the Iodine Concurrent™ module within the AwareCDI Suite has helped nearly 500 hospitals recognize $1.5 billion in additional appropriate reimbursement annually. 

“Since its founding, Iodine Software has focused on reimagining the way hospitals and health systems can tap into the power of artificial intelligence and machine learning to transform finance operations, accelerate financial return, and improve quality. Given the complexities of the mid-revenue cycle, it’s clear that a new approach was needed to drive better results,” said William Chan, CEO and co-founder, Iodine Software. “With our new AwareCDI Suite, we are uniquely positioned to help hospitals and health systems go beyond cost containment, and build revenue-accretive strategies for short- and long-term financial resiliency.”

A new way to think about the mid-revenue cycle

The AwareCDI Suite emulates the judgement of clinicians throughout the mid-revenue cycle to reliably identify areas of potential reimbursement opportunity while accelerating financial return, productivity, data accuracy, and quality metrics. It includes:

  • Concurrent™: Leveraging the Iodine SmartList feature, Concurrent helps CDI teams increase query volumes by prioritizing charts likely to contain inconsistencies between clinical evidence and documentation.
  • Retrospect™:Going beyond DRG mismatches, Retrospect allows reconcilers to prioritize, review, and track post-discharge records through final reconciliation and billing to capture additional revenue and minimize denial risk.
  • Forecast™: Eliminates administrative burden and enables case managers and finance teams to plan ahead with accurate, real-time, and automatic forecasted final DRGs at the beginning of an inpatient stay — without relying on final coded data.
  • Intelligence™: Used in conjunction with Concurrent and Retrospect, Intelligence leverages pre-populated, high-confidence queries identified via Cognitive Emulation to further support CDI efficiency and improve physician response. Intelligence also contains embedded clinical guidelines and knowledge to support query writing and increase CDIS confidence in query justification.
  • Interact™: Drives faster collaboration, shorter response times, improved response rates and increased physician satisfaction with seamless delivery of queries to physicians via an integrated EMR interface, with mobile integration forthcoming.
  • Introspect™: Empowers AwareCDI Suite users to access deep, configurable, and actionable insights in order to facilitate evidence-based management across all aspects of documentation reliability.

 

###

 

About Iodine Software
Iodine Software is a healthcare AI company that has pioneered a new machine learning approach — Cognitive Emulation™ — to help healthcare finance leaders build resilient organizations. Founded in 2010, Iodine’s technology unifies clinical concepts, evidence-based medicine, and deep machine learning to power revenue cycle solutions that maximize capture and data accuracy. To date, the Iodine AwareCDI™ Suite has helped nearly 500 hospitals recognize $1.5 billion in additional appropriate reimbursement annually. To learn more, visit iodinesoftware.com.