Autonomous medical coding leader Nym announced a $47 million growth investment led by PSG (a leading growth equity firm specializing in partnering with software and technology-enabled services companies). And this new funding includes participation from existing and new investors including Google Ventures, Addition, Samsung Next and Dynamic Loop Capital.
Nym’s goal is to simplify the U.S. healthcare system and reduce the country’s outsized administrative burden. This would allow healthcare providers to focus on patient treatment and reduce the growing cost of care. As of 2022, administrative activities account for roughly 10% of all annual healthcare spending in the U.S.
Medical coding plays a major role in healthcare costs, as providers must review and assign codes to a high volume of medical charts to secure insurance reimbursements. And as of 2024, over 200,000 medical coders manually handle this task, processing each chart individually. However, the manual nature of this process often leads to human error, labor shortages, backlogs, and delayed payments, highlighting the urgent need for more efficient solutions.
Nym helped transform medical coding by automating the process without human intervention, delivering an efficient and more cost-effective solution that aims to outperform traditional manual coding. By eliminating inefficiencies, reducing costs, and improving accuracy, Nym is helping to transform the way healthcare providers manage their coding operations, enabling efficient reimbursement processing and freeing up resources.
The company’s autonomous medical coding engine uses AI and clinical language understanding (CLU) technology to decipher patient charts and aims to assign medical codes accurately in seconds. And across its customer base of health systems, hospitals, and physician groups in the U.S., Nym has processed over six million charts annually as of September 2024, and, within specific use cases, Nym has demonstrated results including:
-Improve coding accuracy to over 95%
-Reduce coding costs by up to 35%
-Improve revenue capture by up to 5%
-Reduce claims denial rates by 50%
-Decrease time in accounts receivable by up to 5 days
Nym is a leader in autonomous medical coding, supporting six specialties across both inpatient and outpatient care, including emergency medicine, radiology, outpatient surgery, outpatient visits, inpatient professional coding, and urgent care. And in August of 2024, Nym’s autonomous coding engine earned the Toolbox designation in Epic’s Showroom, specifically within the Fully Autonomous Coding category.
This recognition emphasizes Nym’s leadership in the field and its adherence to Epic’s standards for integration. Trusted by some of the top healthcare systems in the U.S., Nym consistently aims to deliver accuracy, efficiency, and results, setting the benchmark for quality in the field.
KEY QUOTES:
“We are passionate about helping the U.S. healthcare system operate more efficiently. Across our team of physicians, computational linguists, researchers, engineers, and medical coders, we’re energized by the opportunity to deliver AI that creates value for care providers and patients. We’re excited about our momentum as we continue to expand our multi-specialty solution to support new care areas, and we look forward to leveraging PSG’s experience scaling healthtech and AI-driven businesses.”
– Or Peles, CEO of Nym
“In our view, autonomous medical coding is the clear direction of travel for the healthcare industry due to the persistent shortage of medical coders and unmitigated costs, among other factors. We believe Nym is set to maintain its position as a leading autonomous medical coding provider due to its AI-powered engine’s ability to help improve financial performance, operational efficiency, and compliance, enabling providers to focus on patient care.”
– Rotem Shacham, Director at PSG
