Autonomous medical coding technology startup Nym nabs $6 million seed round to support market expansion and adoption in the U.S.
Nym, an Israeli startup that develops autonomous medical coding technology, has closed $6 million seed round to support its market expansion and adoption in U.S.; Technology enables fully automated medical coding for hospitals and clinics. The round was led by Bessemer Venture Partners.
Nym was founded in 2018 by Amihai Neiderman and Adam Rimon with the vision of leveraging clinical language understanding to allow for new ways to process clinical data to enable fully automated, efficient, and transparent revenue cycle management for healthcare providers. Nym transforms revenue cycle management with direct-to-billing autonomous coding that reduces denials and operational expenses, accelerates payment-cycles and maximizes audit-readiness.
“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.”