TAMPA, Fla., May 30, 2017 /PRNewswire/ -- Encoda LLC, developer of patented technology that powers the nation's most innovative and efficient medical business offices, will expand its U.S. operations with funding from investment partner Clearwell Group, LLC. Encoda will use the proceeds to add sales and marketing resources, continue its acquisition of medical billing companies, and accelerate the development of new products and services.
Encoda will advance the capabilities of its Maestro AnalyticsTM platform, which monitors and measures revenue cycle and billing staff performance, and will integrate additional practice management systems with Encoda BackOfficeTM to enable more medical groups, medical billing companies, and PM/EMR vendors to take advantage of its technology.
Encoda BackOfficeTM piggybacks onto a medical group's billing system, protecting their investment in existing software while conferring them all its patented functionality, which includes transacting directly with payers and responding programmatically to thousands of HIPAA-mandated ANSI X12 codes. Such functionality was largely ignored by the healthcare IT sector as software development diverted away from billing when the government intervened with $17B in subsidies for the adoption of EHR. Encoda's BackOffice is a truly unique platform that drives a significantly better bottom line for its clients.
"Encoda revolutionized the RCM process, greatly increasing margins for their clients," explained Clearwell Group Principal, Ryan Cortner. "Co-founder Bill Cox, Michael Kallish, and their team are true innovators in healthcare technology. We are thrilled to make this investment in Encoda."
Michael Kallish, Encoda's Chief Executive Officer, stated, "Our team is excited to partner with Clearwell Group as we seek to dramatically expand our business. Clearwell provides the capital, experience, network, and support to help us take Encoda to the next level."
About Encoda, LLC
Headquartered in Tampa, FL, with offices in Blue Bell, PA, and Carrollton, GA, Encoda is a leader in healthcare reimbursement automation and services. The company's objective is to enable medical business offices to cost-effectively collect the most money in the shortest time possible. Encoda clients can significantly enhance their billing and collection efforts by licensing the patented, cloud-based Encoda BackOfficeTM platform or contracting for services provided through Encoda's Revenue Assistance ProgramTM.
About Clearwell Group, LLC
Clearwell Group is a family office based in Tampa, Florida. The goal of Clearwell Group's direct investment efforts is to build a family of businesses and continue the legacies started by great family entrepreneurs. Our principals have over 35 years of investment experience covering hundreds of individual investments in dozens of industries. We welcome family businesses into our family and work to build lasting, well capitalized, meaningful businesses and brands.
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SOURCE Encoda, LLC