Israeli autonomous medical coding technology provider Nym has announced that it has completed a $6 million seed financing round led by Bessemer Venture Partners. With offices in Tel Aviv and Boston, the company provides automatic, accurate, and real-time medical coding, enabling healthcare facilities to optimize their revenue cycle processes.
There are currently over 250,000 medical coders in the US 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.
Nym cofounder and CEO Amihai Neiderman said, "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. 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." "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."
Published by Globes, Israel business news - en.globes.co.il - on June 13, 2019
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