KAID Health’s 2024 - A Year of Innovation & Growth
It is with great pride that I reflect upon a 2024 characterized by growth, innovation, and customer service. Our product expansion strategy of 2023, developed in response to changes in the Medicare Advantage program, is paying off. In 2024 we brought AI-supported coding services to Accountable Care Organizations and other “risk-interested” providers who have not made the shift to capitation. Serving this broader market required building new products on our existing SaaS platform, adding a medical coding services arm to make deployment easier for them, and providing consultative analytics add-ons. The results, summarized as the “Five Ds” below, are the major step in our ultimate commercial goal, creating “Disrupting Clinical Informatics.”
DEAL VOLUME. In 2024 we secured several regional and national customers. Overall, we doubled our customer base. We are now a critical part of the revenue cycle processes for providers from Florida to California and many states in between. We have also secured multiple value-added channel partnerships, markedly expanding our market footprint.
DELIGHTING CUSTOMERS. The only thing we take more pride in than winning new customers is helping our existing customers improve profitability, staff satisfaction, and patient care. Coding customers continue to report increased revenue capture and reduced audit risk, all without increasing OPEX through the use of KAID Health technology.
DELIVERING MORE SERVICES. A year ago, KAID was solely a SaaS company. Today we have medical coders fully trained on our product and using it to serve customers. In Michigan, our artificial intelligence-powered platform worked hand-in-hand with our coders to fully code nearly primary care clinical encounters. On the East Coast, our coders use our AI to “prep” charts for providers before the patient is seen.
DEEPENING THE TEAM. To better serve our clients and prospects, we made two hires in 2024. First was our clinical analytics lead, Elena Iakovleva. Elena brought to KAID revenue cycle and medical coding experience honed at Tufts Medical Center, Falmouth Hospital, and Chilmark Research. To lead Customer Success, we brought in Justin Chicoine from Athena Health. To build our medical coding infrastructure, we partnered with Scribe Partners.
DEVELOPING THE BRAND. Medical coding, and the associated tasks of clinical analytics, are existential business functions for healthcare providers. These functions live at the intersection of financial viability, regulatory compliance, patient care, and data security. In 2024 KAID executives presented at three conferences. They were featured in two online podcasts. Our publication in the peer-reviewed journal Population Health Management, More Patient Data, Be Careful What You Wish For…, was well received by health system executives and potential business partners. All this was in support of our product rebranding. In 2024, we moved from Whole Chart Analysis™, a platform-oriented name, to “Value Based Coding,” a service-oriented name.
In his Pulitzer Prize winning book The Social Transformation of American Medicine (1982), Paul Starr details the inherent economic conflict between physicians, hospitals, and healthcare purchasers. The language providers and purchasers use to communicate with one another around these concepts are in large part medical codes. It is of no surprise that medical coding grows in importance and complexity as providers and purchasers realign on payment models.
The proliferation of EMRs over the last 15 years, and the partial growth of value-based programs, did not ameliorate this provider-purchaser conflict. Rather, they made it worse. What these EMRs can do is automate churning out longer and longer clinician notes. The result is coders are flipping through thousands of pages of a paper each day. Physicians are wasting precious hours a week in coding-related activities, all while errors are ubiquitous and revenue is left of the table. The employees, partners, investors, and customers of KAID Health, harnessing the power of artificial intelligence and modern healthcare IT system design, are fixing this! 2024 was a great for KAID Health; 2025 will be better. We hope the same is true for you. We are here to help in any way we can.
Wishing you all health, joy, and prosperity.
Thank you as always,
Kevin Agatstein
CEO & Founder