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Ernst & Young LLP (EY US) has named William Chan, co-founder and CEO of Iodine Software, an Entrepreneur of The Year® 2022 Central South Award winner. Entrepreneur Of The Year is one of the preeminent competitive business awards for entrepreneurs and leaders of high-growth companies who think big to succeed.
Chan was selected by a panel of independent judges according to the following criteria – entrepreneurial spirit, purpose, growth and impact – among other core contributions and attributes.
“I’m incredibly honored to be recognized among an elite group of entrepreneurs, but I must credit the entire team at Iodine Software for helping us achieve our goals. Building a business is always difficult, but creating real industry change in healthcare is even harder, which is why it takes a collaborative effort,” said Chan. “Iodine Software is a leader in healthcare AI, helping our customers both improve patient care and their bottom line. Our mission is to help every health system leverage innovation to both improve health outcomes at lower costs.”
Iodine is an enterprise AI company that is championing a radical rethink of how to create value for healthcare professionals, leaders, and their organizations: automating complex clinical tasks, generating insights and empowering intelligent care. Iodine’s powerful predictive engine complements the skills and judgement of healthcare professionals by interpreting raw clinical data to generate real-time, highly focused, predictive insights that clinicians and hospital administrators can leverage to dramatically augment the management of care delivery – facilitating critical decisions, scaling clinical workforces through automation, and improving the financial position of health systems.
As a Central-South regional winner, William Chan is now in consideration for Entrepreneur of the Year 2022 National Award. National finalists and winner will be announced in November at the Strategic Growth Forum® with the National Overall Winner moving on to compete for EY World Entrepreneur in June of 2023.
For over 35 years, EY US has celebrated the unstoppable entrepreneurs who are building a more equitable, sustainable and prosperous world for all. The Entrepreneur Of The Year program has recognized more than 10,000 US executives since its inception in 1986. Entrepreneur Of The Year Award winners have exclusive, ongoing access to the experience, insight and wisdom of fellow alumni and other members of the entrepreneurial community in over 60 countries — all supported by vast EY resources.
Sponsors
Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards are presented by PNC Bank. In Central South, sponsors also include Colliers, DLA Piper, Marsh McLennan Agency, ADP, Bridgepoint Consulting and Pierpont Communications.
EY Announces William Chan, Co-founder and CEO of Iodine Software, as an Entrepreneur Of The Year® 2022 Central South Award Winner
Ernst & Young LLP (EY US) has named William Chan, co-founder and CEO of Iodine Software, an Entrepreneur of The Y...
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3 MIN READ
AUSTIN, TX – February 8, 2022 – Iodine Software has been named the market leader for CDI Software by KLAS Research in their 2022 Best in KLAS: Software and Services Report. Iodine ranked #1 with a score of 91.2, and this achievement follows AwareCDI™ receiving the top overall performance score in the 2021 KLAS Clinical Documentation Improvement (CDI) Report. In 2021 Iodine Software acquired Chartwise, who was also a top performer in the 2022 KLAS report with a score of 89.2.The Best in KLAS report recognizes software and services companies who excel at helping healthcare professionals improve patient care. The report noted that 95% of respondents answered “yes,” both Iodine AwareCDI and Chartwise “avoid charging for every little thing” and AwareCDI was “part of long-term plans”. All rankings are a direct result of the feedback of thousands of providers over the last year. “This award reflects our commitment to delivering the most powerful, predictive tools as well as exceptional service and support to every client, working hard to be responsive, timely and proactive to our clients’ unique needs, said William Chan, CEO and co-founder of Iodine. “This Best in KLAS award is especially meaningful because it reflects the positive experiences of our clients.”Iodine’s AwareCDI solution empowers organizations to scale their most precious and limited resources, their clinical talent, through automation of clinical work that otherwise would require highly trained and specialized staff to complete. Clients report higher productivity and job satisfaction for CDI teams and physicians, complete and accurate documentation, and capturing more earned revenue. The Iodine AwareCDI Suite helps 550+ hospitals to collectively recognize $1.5 billion1 in additional appropriate reimbursement annually.According to KLAS Research President Adam Gale, “The Best in KLAS report and the awards it contains set the standard of excellence for software and services firms. The Best in KLAS award serves as a signal to provider and payer organizations that they should expect excellence from the winning vendors.”To download the full 2022 KLAS Clinical Documentation Improvement Report, visit : https://klasresearch.com/report/2022-best-in-klas-awards-software-and-professional-services/2770KLAS Research will honor Iodine and the other segment winners for 2022 in a ceremony held at HIMSS March 14th.About Iodine Software:Iodine is an enterprise AI company that is championing a radical rethink of how to create value for healthcare professionals, leaders, and their organizations: automating complex clinical tasks, generating insights and empowering intelligent care. Iodine’s powerful predictive engine complements the skills and judgment of healthcare professionals by interpreting raw clinical data to generate real-time, highly focused, predictive insights that clinicians and hospital administrators can leverage to dramatically augment the management of care delivery – facilitating critical decisions, scaling clinical workforces through automation, and improving the financial position of health systems. For more information, please visit iodinesoftware.com.
About KLAS Research:KLAS has been providing accurate, honest, and impartial insights for the healthcare IT (HIT) industry since 1996. The KLAS mission is to improve the world’s healthcare by amplifying the voice of providers and payers. The scope of our research is constantly expanding to best fit market needs as technology becomes increasingly sophisticated. KLAS finds the hard-to-get HIT data by building strong relationships with our payer and provider friends in the industry. Learn more at klasresearch.com
1. Figures are based on a $6,000 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.
Press Release
Iodine Software Recognized as 2022 Best in KLAS CDI Software
AUSTIN, TX – February 8, 2022 – Iodine Software has been named the market leader for CDI Software by KLAS Research in...
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3 MIN READ
AUSTIN, TX and BOSTON, MA – December 1, 2021 – Iodine Software (“Iodine” or the “Company”), a leading healthcare AI company, today announced a strategic growth investment from Advent International (“Advent”), one of the largest and most experienced global private equity investors. Advent will acquire a significant stake in Iodine in a transaction that values the business at over $1 billion. Bain Capital Ventures (“BCV”) and Silversmith Capital Partners (“Silversmith”), which invested in the Company in 2018, will remain shareholders. Financial terms were not disclosed.
“Utilizing advancing technology to scale hospital resources, ease administrative burden, and maximize reimbursement is more important than ever,” said William Chan, Iodine’s CEO and co-founder. “We’ve always been committed to building the most powerful, predictive tools available. This investment provides access to capital for expansion and growth strategies so that we can innovate faster and find more ways to empower healthcare leaders to meet with confidence the delicate balance of quality, efficiency, and system financial resilience.”
Iodine Software provides the leading clinical AI solution for highly accurate capture of patient documentation. The Company’s platforms are trusted by more than 800 hospitals and are used by more than 80,000 healthcare providers nationwide.
Iodine’s AwareCDI solution recently received the top overall performance score in the 2021 KLAS Clinical Documentation Improvement Report. The company also recently completed the acquisitions of Artifact Health and ChartWise to broaden its market reach, bolster its portfolio and deliver a comprehensive query transformation solution that solves a critical physician pain point.
“We are pleased to be partnering with Iodine Software as it continues to experience rapid growth across hospitals and health systems,” said Carmine Petrone, a Managing Director on Advent’s Healthcare team. “Iodine’s world-class AI innovation engine and strong customer focus underpin the company’s ability to deliver a best-in-class product with highly differentiated value.” Lauren Young, a Managing Director on Advent’s technology team, added: “With our extensive experience scaling software and healthcare businesses, we look forward to working with Bain Capital Ventures and Silversmith Capital Partners to support William and the entire Iodine team to continue driving innovation and building a leading AI/machine learning-driven revenue cycle management platform.”
This investment will empower Iodine to invest further in its AI engine, CognitiveML, to power new and additional products in other strategic areas of care delivery for health systems.
“We were excited to partner with the founders of Iodine back in 2018 as their first institutional investor, and are even more thrilled to partner with Advent and the Iodine team to support the next phase of growth,” said Jeff Crisan, Managing Partner at Silversmith Capital Partners. Yumin Choi, partner at Bain Capital Ventures, added, “We saw the enormous potential its AI-powered software would provide to hospitals going through digital transformations. With this strategic investment, Iodine will have the opportunity to reach more hospital professionals, resulting in better care for patients across the US."
Over the past 30+ years, Advent has invested or committed more than $11 billion in 88 technology companies and $10 billion in 51 healthcare companies, including health tech, software and provider businesses.
Deutsche Bank served as exclusive financial advisor to Iodine and Queen Saenz + Schutz PLLC served as the Company’s legal advisors. For Advent, Evercore and TripleTree served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel.
About Iodine Software
Iodine is an enterprise AI company that is championing a radical rethink of how to create value for healthcare professionals, leaders, and their organizations: automating complex clinical tasks, generating insights and empowering intelligent care. Iodine’s powerful predictive engine complements the skills and judgement of healthcare professionals by interpreting raw clinical data to generate real-time, highly focused, predictive insights that clinicians and hospital administrators can leverage to dramatically augment the management of care delivery – facilitating critical decisions, scaling clinical workforces through automation, and improving the financial position of health systems. For more information, please visit iodinesoftware.com.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 companies in 42 countries, and as of June 30, 2021, had $81 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 245 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. After more than 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com or www.linkedin.com/company/advent-international.
About Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. BCV invests from seed to growth in startups driving transformation across industries, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer tech. The firm has helped launch and commercialize more than 365 companies, including Attentive, Digital Currency Group, DocuSign, Flywire, Jet.com, LinkedIn, Redis Labs, Rent the Runway, SendGrid, and SurveyMonkey. BCV has $9.2 billion in assets under management with offices in San Francisco, New York, Boston, and Palo Alto. Follow the firm via LinkedIn and Twitter.
About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $2.0 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Centauri Health Solutions, DistroKid, Impact, Iodine Software, LifeStance Health, Panalgo, Unily, Upperline Health, Validity, and Webflow. The partners have served on the boards of numerous successful growth companies including ABILITY Network, Archer Technologies, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Passport Health, SurveyMonkey, and Wrike. For more information about Silversmith, please visit www.silversmith.com.
Media Contacts
For Iodine Software
Amanda Wratchford
press@iodinesoftware.com
For Advent International
Anna Epstein or Sophia Templin
Finsbury Glover Hering
Adventinternational-US@finsbury.com
For Bain Capital Ventures
Kristi Essick
kristi@archwaypr.com
For Silversmith Capital Partners
Kate Castle
kate@silversmith.com
Press Release
Iodine Software Surpasses $1 Billion Valuation With Strategic Growth Investment from Advent International
AUSTIN, TX and BOSTON, MA – December 1, 2021 – Iodine Software (“Iodine” or the “Company”), a leading healthcare AI c...
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3 MIN READ
During a time of elevated physician burnout, Artifact is helping to ease administrative burden. "Giving providers faster, more convenient mobile solutions will be imperative as we redesign healthcare workflows with post-pandemic learnings.”
AI in Healthcare
Amid Rampant Provider Burnout, Marketplace Platform Companies Focus On Clinician Experience
During a time of elevated physician burnout, Artifact is helping to ease administrative burden. "Giving providers fas...
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3 MIN READ
The American Health Information Management Association (AHIMA) announced today that Kona Community Hospital in Kealakekua, Hawai’i, has chosen to use the AHIMA library of physician query templates available in the mobile query platform from Artifact Health, an Iodine solution.
Clinical Documentation Integrity
Kona Community Hospital Chooses AHIMA Physician Query Templates to Improve Quality of Health Records
The American Health Information Management Association (AHIMA) announced today that Kona Community Hospital in Kealak...
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3 MIN READ
Fixing a "broken" physician query process became a top priority for the clinical document improvement team at Western Maryland Health System
From the article in Healthcare Innovation:
Last year, WMHS tapped Artifact Health, a solutions company that develops physician query software via a mobile platform, to enable the organization's physicians to answer queries quickly and view supporting documentation right on their smartphones from wherever they chose. Click here to read full article.
In the News
Automating the Physician Query Process: One Organization’s Quick Turnaround
Fixing a "broken" physician query process became a top priority for the clinical document improvement team at Western...
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3 MIN READ
From the article in Healthcare IT Today:
Most physicians would tell you that they already spend too much time on documentation and coding. Adding insult to injury, after the coding job is done we often have to explain their decisions to medical coders, a process which can take as long as 20 minutes, according to vendor Artifact Health. Click here to read full article.
In the News
Mobile App Streamlines Physician Query Process
From the article in Healthcare IT Today:
Most physicians would tell you that they already spend too much time on d...
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3 MIN READ
Health systems are using mHealth tools and platforms to improve the often-cumbersome physician query process, resulting in more accurate medical records and billing processes and less-stressed physicians.
From the article in mHealth Intelligence:
Documentation queries are the perfect application for mHealth, Brotman says. They're not so time-sensitive that they justify an interruption of the clinical workflow - yet it is best to answer them before a case can be coded and billed and while a patient is fresh in the doctor's mind. Click here to read full article.
In the News
mHealth Tools Help Hospitals Improve the Physician Query Process
Health systems are using mHealth tools and platforms to improve the often-cumbersome physician query process, resulti...
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3 MIN READ
WMHS ensures medical records are accurate and the health system receives proper reimbursement using a mobile physician query platform.
From the article in RevCycle Intelligence:
Decreasing duplicative efforts and automating the physician query process increased the response rate from 65 to 100 percent. The streamlined process also resulted in the average time to answer a clinical documentation and coding question dropping from about four days to just four hours. Click here to read full article.
In the News
Automated Physician Queries Improve Clinical Documentation at WMHS
WMHS ensures medical records are accurate and the health system receives proper reimbursement using a mobile physicia...
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