Autonomous Medical Coding Company Nym Closes $6 Million

By Noah Long ● Jun 18, 2019
  • Autonomous medical coding technology provider Nym announced it secured $6 million in seed funding led by Bessemer Venture Partners recently

Nym, an autonomous medical coding technology provider, announced it secured $6 million in seed funding led by Bessemer Venture Partners. This investment provides validation into the initial success of the company’s model of providing automatic, accurate, and real-time medical coding — which enables healthcare facilities to optimize their revenue cycle processes.

“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 Nym CEO and co-founder Amihai Neiderman. “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.”

There are more than 250,000 medical coders in the U.S. today. And they are manually reviewing patient charts and assigning the applicable medical codes required for billing. Nym’s AI and natural language processing enables codes to be assigned in real-time with zero human interaction and also addresses the AI black box problem by generating a clear and transparent audit trail explaining how each code was chosen.

And a number of revenue cycle management companies and healthcare providers throughout the U.S. have been adopting Nym’s autonomous medical coding solution.

“Nym’s autonomous medical coding technology offers auditable and consistently accurate coding,” added Adam Fisher — a 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.”

Neiderman and CTO Adam Rimon founded Nym with a 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.