Iodine Software

Iodine Software, founded in Austin in 2010 by William Chan and Mike Kadyan, applies machine learning to hospital mid-revenue-cycle work. Its AwareCDI suite reads clinical evidence to surface inpatient cases where documentation does not support the acuity of care delivered, prioritizing clinical documentation integrity reviews and physician queries so hospitals capture earned revenue before billing. AwareUM does similar prioritization for utilization management and medical necessity review. Buyers are CDI, HIM, case management, and revenue integrity leaders at hospitals and health systems.

Iodine's models are trained on one of the industry's largest clinical datasets, representing more than a third of all US inpatient discharges, and the company reports more than 900 hospitals using AwareCDI with over $1.5 billion in earned revenue captured. Advent International led its prior ownership until Waystar agreed in July 2025 to acquire the company for $1.25 billion in cash and stock, closing the deal in fall 2025. Inside Waystar, Iodine's clinical intelligence is being combined with a payments platform used by roughly one million providers to prevent denials and reduce manual work.