Investment to support Nym’s market expansion and adoption in U.S.; Technology enables fully automated medical coding for hospitals and clinics
Nym, a leading autonomous medical coding technology provider, announced today that it has secured a $6 million seed round of financing, led by Bessemer Venture Partners. 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.
“Nym’s autonomous medical coding technology offers auditable and consistently accurate coding,” said Adam Fisher, partner at Bessemer Venture Partners. “The company’s innovative approach to language understanding – combining computational linguistics with medical language and knowledge – provides the missing link for a healthcare system in need of reliable and real-time medical coding and billing.”
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 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. Revenue cycle management companies and healthcare providers throughout the United States are currently adopting Nym’s autonomous medical coding solution.
“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.”