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Heritage Group, a healthcare investment firm based in Tennessee, announced a strategic investment in Aviacode, an provider of technology-enabled medical coding services and software based in Salt Lake City.
Aviacode provides remote medical coding services and software to hospitals and physician offices across several settings and specialties. A number of forces currently facing healthcare providers — including ICD-10 transition, persistent reimbursement pressure, and a national shortage of qualified coders — have created a growing need for accurate, high-quality coding. Through its cloud-based platform, Aviacode offers access to a national network of certified coders.
“We are very pleased to partner with Aviacode, which has developed a differentiating technology platform and built a leading medical coding operation over the last decade,” said Rock Morphis, managing director of Heritage Group. “This funding will enable Aviacode to further accelerate its record growth trajectory and increase its capacity to deliver innovative medical coding solutions to new customers. We are proud to be part of that effort.”
“The Heritage investment is significant to us as a company,” said Dave Jensen, CEO of Aviacode. “It represents not only a financial opportunity to expand our cloud-based technology and coding solutions in the revenue cycle management markets, but also a strategic opportunity to collaborate with experts from within the Heritage limited partnership base. We are already seeing strategic value in those relationships.”
Brentwood Capital Advisors served as the financial advisor to Aviacode in this transaction. Terms of the deal were not disclosed.