Acquisition combines “Best in KLAS” workflow with Iodine’s market-leading clinical AI.
JUNE 10, 2021 — AUSTIN, Texas. — Iodine Software, a leading healthcare AI company, today announced it has acquired CDI Software and Services company ChartWise Medical Systems, overall winner of the 2021 Best in KLAS Award for CDI. The acquisition brings together two industry leaders and expands Iodine’s clinical predictions to more than 800 hospitals and health systems.
ChartWise represents Iodine’s second acquisition this year after recently acquiring mobile-based physician engagement platform Artifact Health. Iodine has experienced rapid growth over the last decade by applying its CognitiveML Engine to solve key health system mid-cycle revenue leakage challenges — the first healthcare application of its machine-learning technology. Today’s acquisition announcement further signals Iodine’s commitment to expand its machine-learning technology to the market.
“ChartWise has been a top performer in addressing the needs of CDI teams for many years. Not only do they open up access for Iodine to a whole new set of hospitals and health systems, they also bring capabilities and new product innovations that will expand our offerings to the clinical documentation teams we serve,” said William Chan, co-founder and CEO of Iodine Software.
Iodine selected ChartWise for its “Best in KLAS” performance in ensuring clinical documentation integrity, its expanded capabilities, which include an outpatient application, and the overall value it brings to smaller health systems. The acquisition also expands Iodine’s reach into a market segment the company had not previously accessed and establishes a foothold in several global markets. Additionally, today’s acquisition signals Iodine’s rapidly advancing strategy to expand its machine-learning technology to serve the broader healthcare market.
Iodine and ChartWise both were recently recognized by KLAS Research as top-performing CDI companies. KLAS is trusted among healthcare professionals as impartial research and performance benchmarking. In its most recent KLAS Clinical Documentation Improvement 2021 Report, Iodine earned the highest overall performance score. ChartWise was awarded “Best in KLAS” among CDI software, representing its fourth consecutive win in the category. The company has an “A” rating or better in every KLAS metric, demonstrating its customer-centric product innovation and responsive service.
“The key to success in the CDI market today is all about product depth and automation across the entire inpatient and outpatient continuum of care. Providers and payers need smart, proven workflow tools to optimize results for CDI specialists, physicians, and quality, HIM, and revenue cycle leaders. Iodine customers now have the benefit of the top three best-in-breed CDI solutions: Iodine, ChartWise, and Artifact — all under one umbrella,” said Steven J. Mason, Jr., President and CEO of ChartWise Medical Systems. “We are very enthusiastic about the opportunities this acquisition provides for our collective customers and other leading CDI-driven healthcare organizations.”
The ChartWise team will join Iodine immediately. Moving forward, the combined team will continue delivering innovative healthcare solutions utilizing machine-learning technology to help organizations achieve their desired financial, operational, and quality outcomes. ChartWise CEO Steven J. Mason, Jr. will join Iodine as Executive Vice President, ChartWise, and will lead the ChartWise platform.
Queen Saenz + Schutz PLLC is acting as legal advisor to Iodine Software. Canaccord Genuity acted as the exclusive financial advisor to ChartWise.
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 revenue capture and data accuracy. To date, the Iodine AwareCDI™ Suite has helped more than 500 hospitals recognize $1.5 billion in additional appropriate reimbursement annually. To learn more, visit iodinesoftware.com.
ChartWise Medical Systems, Inc., based in Wakefield, Rhode Island, specializes in cloud-based solutions for Computer-Assisted Clinical Documentation Improvement. AI-driven, integrated, and comprehensive, ChartWise’s scalable Software as a Service (SaaS) assists physicians and clinical documentation specialists and features prioritization, electronic queries, flexible workflow, robust reporting, and denials prevention. Developed by renowned physician Jon Elion, M.D., ChartWise is the only CDI software designed by CDI customers for CDI customers, offering reduced risk, actionable data, and a proven fast ROI.