Nym, an Israeli-based autonomous medical coding technology provider announced that it has secured a $6 million seed funding, led by Bessemer Venture Partners. Founded in 2018 by Amihai Neiderman and Adam Rimon, Nym’s automatic medical language understanding technology streamlines the hospital revenue cycle.
Traditional Cumbersome Medical Coding Process
There are over 250,000 medical coders in the United States today manually reviewing patient charts and assigning the applicable medical codes required for billing. Nym’s automatic medical language understanding technology streamlines the hospital revenue cycle by generating billing codes in real-time with no human involvement, dramatically helping to cut down billing cycle times and costs.
Nym’s fundamentally different approach to AI and natural language understanding not only enables codes to be assigned in real-time with zero human interaction, but it also addresses the AI black box problem by generating a clear and transparent audit trail explaining how each code was chosen.
Clinical Language Understanding (CLU)
Clinical Language Understanding (CLU) is a combination of medical knowledge and computational linguistics applied to clinical language. It enables computers to understand the logical relations between various linguistic elements in the chart and build a model, describing the narrative of the physician reports.
Because CLU is based on fully deterministic computational linguistics and each step in the process is documented, the system easily generates audit-ready, traceable codes for total visibility.
Autonomous Coding is NOT Computer Assisted Coding (CAC)
Nym codes charts with no human intervention. Unlike CAC, it is fully automatic and unlike other AI solutions, it understands unstructured physician language and can explain its coding rationale. For each chart Nym fully understands, it assigns ICD10 and CPT codes for billing. Otherwise, charts are flagged for human handling and placed it in the coders’ queue.
For charts that have been coded, Nym’s audit-trail view provides a clear explanation of the reasoning behind the decision to assign a specific code. This allows for a quick understanding of the audit trail for validation, compliance and appeals’ basis.
Why It Matters
The investment signals the company’s initial success in providing automatic, accurate, and real-time medical coding, enabling healthcare facilities to optimize their revenue cycle processes.
“With autonomous coding, the billing process is streamlined, reducing operational costs and adding efficiency to the patient experience – from point-of-care to accurate billable claim,” said Amihai Neiderman, CEO and co-founder of Nym. “This accelerated and simplified process improves both the patient experience as well as a clinic or hospital’s cash flow. We are proud to offer our transformative technology, providing the solution that revenue cycle management has been missing.”