It’s a Hat Trick! Aviacode Investment Marks Third in Utah, Third of the Summer and Third from New Fund
The wins are coming in threes for Frontier this summer! Today’s announcement of our $16 million investment in Aviacode marks the third investment in Utah (after NetDocuments and MultiLing), the third of the summer (after ECI, Tango) and the third from our new $390 million growth equity fund. Based in Salt Lake City and founded in 1999, Aviacode provides cloud-based medical coding software and services to the healthcare industry. The $16 million investment will help Aviacode continue to aid hospitals and physician groups as they attempt to manage the increasing complexities in insurance and patient billing, including the healthcare industry’s transition to the International Classification of Diseases, Revision 10 (ICD-10) coding system. ICD-10, which contains more than 140,000 medical codes, reflects the latest medical knowledge and allows for more specificity in describing conditions and procedures, and is also a step toward the transition to quality and value-based reimbursement models. According to Frontier principal Scott Hoch, "Aviacode is a perfect example of the type of company in which Frontier Capital invests: a high growth software-as-a-service platform with a strong leadership team in a large and growing industry." For more information about the investment, click here.