Why one investor says Nym provides a much-needed “missing link” to healthcare.
Nym, the creator of autonomous medical coding technology, announced this week that it has received $6 million in seed round financing in a round led by Bessemer Venture Partners.
Through its automatic, accurate and real-time medical coding, Nym claims it has seen early success in optimizing revenue cycle management processes for several healthcare organizations. Evidently, investment firms are taking notice.
“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,” said Adam Fisher, partner at Bessemer Venture Partners.
Fisher is, of course, referencing Nym’s automatic medical language understanding technology, which generates billing codes in real time with no human involvement. This is a process currently done manually by 250,000 coding specialists in the U.S., meaning Nym has the potential to cut costs and billing cycle times.
Nym claims its work also eliminates the AI black box problem. The startup does this by generating a concise and transparent audit trail, accompanied by an explanation of the code-selection process.
Founders Amihai Neiderman and Adam Rimon set out to create Nym with the vision of using clinical language understanding to create a unique patient-physician experience. The company aims to serve patients by providing a clearer understanding of pay-on site and billing, while physicians could see increased cash flow and reduced operational costs.
“This accelerated and simplified process improves both the patient experience as well as a clinic or hospital’s cash flow,” Neiderman said in a statement. “We are proud to offer our transformative technology, providing the solution that revenue cycle management has been missing.”
For health systems, Nym could be the first step toward a more streamlined health operation. With less direct human involvement, patients might benefit from its transparency and ease of use, and physicians have one less concern on their hands at a time when burnout is rising.
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