Procode Raises $10M in Series A Funding for Expansion of AI-Powered Medical Billing Services
Procode Inc., an AI-powered medical billing company serving private practice surgeons, has raised a $10 million Series A led by Health Velocity Capital. The funding will support the acquisition of two additional revenue cycle management (RCM) companies and accelerate expansion into all surgical specialties and ambulatory surgical center (ASC) billing. The investment follows Procode's recent acquisition of The Auctus Group, an RCM firm for plastic surgeons and dermatologists, as well as its publication in a peer-reviewed journal showing that its AI outperforms human coders and general-purpose large language models. The study found 86.7% accuracy from Procode’s system compared to just over half the performance of leading LLMs like GPT-5. Procode plans to use its platform—comprising tools for coding automation, billing operations, and real-time financial data—to improve outcomes for surgeons while growing revenue on a contingency basis tied directly to client reimbursements.
Topics: acquisition AI technology medical billing Series A funding