Israeli autonomous AI medical coding company Nym today announced the completion of a $47 million financing round led by growth equity firm PSG in participation with new investor Samsung Next and existing investors Google Ventures, Addition, and Dynamic Loop Capital. This latest financing round brings to $92 million the total raised by the company.
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Nym is striving to help simplify the US healthcare system and reduce the country’s outsized administrative burden to allow healthcare providers to focus on patient treatment and reduce the growing cost of care. Administrative activities account for roughly 10% of all annual healthcare spending in the US, Nym says.
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. An estimated 200,000 certified medical coders manually handle this task, processing each chart individually. 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 has automated the entire medical coding process to deliver a faster, more cost-effective solution that outperforms traditional manual coding. Nym’s advanced technology not only accelerates the workflow but also achieves unparalleled accuracy, surpassing the capabilities of human coders. By eliminating inefficiencies and reducing costs, Nym is transforming the way healthcare providers manage their coding operations, enabling quicker reimbursements and freeing up valuable resources.
Nym Health was founded in 2018 by Amihai Neiderman and Adam Rimon and was selected as one of Globes most promising startups in 2020.
Nym CEO Or Peles said,”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.”
Published by Globes, Israel business news – en.globes.co.il – on October 1, 2024.
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