Israeli medical billing company Nym Health has announced the completion of a $16.5 million Series A financing round led by GV (formerly Google Ventures) and 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 enable the Tel Aviv-based company to expand sales and marketing operations while scaling product deployment and development. of its autonomous medical coding technology.
Nym's medical coding speeds up billing by automatically assigning the most accurate medical codes required for medical reimbursement. Medical coding is a manual process currently performed today by over 250,000 medical coders in the US who manually review each patient chart and assign the applicable medical codes required for billing. In recent years medical coding has become even more complex, with tens of thousands of codes and guidelines making more challenging to code correctly. Coding related denials lead to over $15 billion in lost revenues to US healthcare providers annually.
Nym Health was founded in 2018 by CEO Amihai Neiderman and Adam Rimon. The company's system is deployed in 40 US hospitals and enables fully automated, efficient, and transparent revenue cycle management for healthcare providers. . 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.
Neiderman said "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."
Published by Globes, Israel business news - en.globes.co.il - on October 14, 2020
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