What You Should Know:
– Nym, a leader in autonomous medical coding, today announced a $47 million growth investment led by PSG, a leading growth equity firm that specializes in partnering with software and technology-enabled services companies.
– The new funding includes participation from existing investors Google Ventures, Addition, and Dynamic Loop Capital.Additional terms of the transaction were not disclosed.
Nym: Revolutionizing Healthcare with Autonomous Medical Coding Solutions
Nym is at the forefront of transforming clinical language into actionable information, significantly reducing inefficiencies that contribute billions to healthcare costs. By merging advanced technology, clinical expertise, and an in-depth understanding of medical language, Nym decodes medical charts with precision, speed, and full compliance. The company’s innovative revenue cycle management (RCM) solution translates provider notes into accurate diagnostic and billing codes within seconds, eliminating the need for human intervention.
Manual medical coding, a key driver of administrative expenses in the U.S. healthcare system, accounts for 10% of annual healthcare spending—double the OECD average of 5%. Nym’s autonomous medical coding engine addresses this by improving coding accuracy, reducing costs, and streamlining operations. Leveraging artificial intelligence and clinical language understanding, the system processes medical charts and assigns codes instantly, overcoming challenges such as human error, labor shortages, backlogs, and delayed payments. As of September 2024, Nym has processed over six million charts annually across health systems, hospitals, and physician groups in the U.S.
Nym’s automated medical coding has been shown to:
– Enhance coding accuracy to over 95%
– Reduce coding costs by up to 35%
– Increase revenue capture by up to 5%
– Cut claims denial rates by 50%
– Shorten accounts receivable cycles by up to five days
Supporting six specialties—including emergency medicine, radiology, outpatient surgery, inpatient professional services, outpatient visits, and urgent care—Nym offers solutions for both inpatient and outpatient care. In August 2024, the company earned Toolbox designation in Epic’s Showroom within the Fully Autonomous Coding category, recognizing its adherence to Epic’s connection standards. This further underscores Nym’s commitment to simplifying the U.S. healthcare system by reducing administrative burdens, allowing providers to focus on patient care, and ultimately decreasing overall healthcare costs.
“We are passionate about helping the US healthcare system operate more efficiently. Across our team of physicians, computational linguists, researchers, engineers, and medical coders, we’re energized by the opportunity to deliver AI that creates value for care providers and patients,” said Or Peles, CEO of Nym. “We’re excited about our momentum as we continue to expand our multi-specialty solution to support new care areas, and we look forward to leveraging PSG’s experience scaling healthtech and AI-driven businesses.”
