Fathom Health

What is Fathom and who sells it?

Fathom describes a "medical coding AI" able to "code millions of charts per day", and press materials call it "the leader in autonomous medical coding" (Fathom website, October 2026). The company is based in San Francisco and was founded in 2017 by Andrew Lockhart, CEO, and Christopher Bockman, CTO (Tracxn and Crunchbase).

A $46M Series B in November 2022 was led by Alkeon and Lightspeed and brought total funding to $61M at that point, with backers including 8VC, Founders Fund, GV, Cedars-Sinai and Tarsadia. CVS Health Ventures made a strategic investment on May 6, 2026, with the amount undisclosed.

What does it code, and for whom?

Fathom says it serves health systems, physician groups, outpatient clinics, health plans, value-based care organizations and revenue-cycle vendors. Its site cites "3K+ provider sites, 63M+ encounters, 5K+ providers" and says it cuts claims coding cost by up to 50%. All of these are vendor figures. According to a KLAS summary, the company is also developing autonomous inpatient facility DRG coding with a health-system consortium.

Two named customers appear in the sources, ApolloMD and Your Health.

What does the evidence say?

No peer-reviewed study of Fathom exists in the sources. The outside evidence comes from KLAS, a health IT research firm.

• KLAS "Autonomous Coding 2025" (August 2025) scored Fathom 95.5 overall. KLAS marked the score with an asterisk for limited data, and customers validated 90%-plus automation.
• A KLAS Spotlight (September 2024) found that all interviewees reported 90% or higher automation.
• KLAS ranked Fathom first for reducing cost of care in its 2025 Emerging Solutions Top 20.

The Your Health case reports a 95.5% automation rate and 98.3% accuracy, up from 96.3%. Fathom published it, so it is not independent. The 95.5 KLAS score and the 95.5% automation rate are separate measures that happen to share a number. How accuracy is audited, and by whom, is not stated.

What does Fathom not disclose?

EHR integrations are not named on the home page. HIPAA, SOC 2 and HITRUST are not stated there either, and the vendor says only "Keep your PHI secure with industry leading technology and protocol." The home page links to a security page for further detail.

FDA clearance does not apply to coding software.

How is it priced?

The home page offers a "Get a quote" button and nothing else (October 2026). A buyer gets a number by starting a vendor conversation, so budget for a pilot on your own charts before a contract.

How does it compare?

Fathom competes with CodaMetrix, Nym Health, SmarterDx, Rapidclaims, Solventum, Optum 360, Waystar, Aptarro and XpertDx, plus the other vendors in KLAS's autonomous coding segment. Each vendor's automation and accuracy figures come from different audits, so the useful test is the same sample of your own charts run through each.

Who is it for?

A revenue-cycle director at a multi-site outpatient group with years of already-coded charts to benchmark against is the realistic buyer. The questions that decide it are what share of charts finish with no human touch, who adjudicates accuracy and what happens to the rest.

The verdict

Buy Fathom only as a measured pilot. The KLAS score of 95.5 and the customer-reported 90% automation make it a credible shortlist entry, and no independent audit of its accuracy exists. A practice without a coding team or a chart backlog to benchmark should skip it and stay with a human coder or a billing service.