TEL AVIV, Israel, Oct. 13, 2020 /PRNewswire/ — Nym Health, the autonomous medical coding technology provider, today announced $16.5 million in Series A funding, led by GV (formerly Google Ventures), with the participation of Bessemer Venture Partners, Dynamic Loop Capital, Lightspeed, Tiger Global, and angel investors including Zach Weinberg and Nat Turner from Flatiron Health. The funding will support the company’s ability to accelerate sales and marketing activities while scaling product deployment and development.
Nym takes an innovative approach to medical coding, accelerating the billing process by automatically assigning the most accurate medical codes required for medical reimbursement. Medical coding is traditionally a manual process, performed today by more than 250,000 medical coders. Coders manually review each patient chart and assign the applicable medical codes required for billing. In recent years medical coding became even more problematic, with the addition of tens of thousands of codes and guidelines making it extremely challenging to code correctly. Coding related denials lead to over $15B in lost revenues to U.S. healthcare providers annually.
Nym transforms revenue cycle management with direct-to-billing, fully autonomous medical coding that reduces insurance denials and operational expenses, accelerates payment-cycles, and maximizes audit-readiness for healthcare providers.
Clinical Language Understanding – Solving the AI Black-Box Problem
Nym’s innovative Clinical Language Understanding technology does not utilize traditional “Black-Box” NLP approaches such as Machine Learning. Rather, Nym combines computational linguistics with Medical and Clinical Knowledge to create Clinical Intelligence –– which provides the missing link for a healthcare system in need of reliable and explainable medical coding and high-quality clinical documentation.
“The process of translating medical notes into billing codes is a cumbersome and manual process, and a top pain point for many health systems in the U.S.,” said Ben Robbins, Venture Partner at GV. “Nym offers a highly efficient solution to this problem, and we believe the company is well-positioned to meet the needs of health systems.”
Working with health systems, independent hospitals, and physician groups, Nym is currently deployed in over 40 hospitals nationwide. The Nym engine integrates directly with the clients’ Electronic Medical Records systems, processes patient charts, and captures patient visits’ true clinical picture. Once the full understanding of charts is achieved, relevant medical codes are assigned based on the physician documentation, and the coded charts are sent back to clients. This process takes less than five seconds, compared to five to nine days manually, and produces a more than 98 percent accuracy rate compared to a <80 percent industry average for human coders.
“Nym’s biggest differentiator is that for every chart that is coded, our engine provides a full and transparent audit trail. This audit trail provides the full explanation of how each code is assigned and explains the automated decision-making process behind its selection. This allows our clients to understand and trust our coding results,” says Amihai Neiderman, Nym’s CEO.
The company’s Clinical Language Understanding processes clinical data in new ways and provides fully automated, efficient, and transparent revenue cycle management to healthcare providers. Nym was founded in 2018 by Amihai Neiderman and Adam Rimon, who graduated from the elite Intelligence unit 8200 of the Israeli army. Nym’s team is comprised of trained physicians, computational linguists, and software engineers who work together to develop the company’s Clinical Language Understanding technology.
About Nym Health
Nym Health is an autonomous medical coding technology provider that takes an innovative approach to revenue cycle management. Founded in 2018 by Amihai Neiderman and Adam Rimon, Nym Health is deployed in 40 hospitals nationwide and enables fully automated, efficient, and transparent revenue cycle management for healthcare providers. Nym Health is headquartered in Tel Aviv, Israel, and backed by GV, Bessemer Venture Partners, Dynamic Loop Capital, Lightspeed, Tiger Global, and angel investors, including Zach Weinberg and Nat Turner. To learn more about Nym Health, please visit Nym.health
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