An independent Israeli medical coding company powered by artificial intelligence Sleep Today it announced the completion of a $47 million financing round led by growth equity firm PSG in partnership with new investor Samsung Next and existing investors Google Ventures, Addition and Dynamics Loop Capital. This latest funding round brings the total to $92 million raised by the company.
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Nym strives to help streamline the U.S. healthcare system and reduce the country’s massive administrative burden to allow healthcare providers to focus on treating patients and reduce the rising cost of care. Administrative activities account for approximately 10% of total annual health care spending in the United States, Niem says.
Medical coding plays a major role in health care costs, as providers must review and assign codes to a large number of medical charts to secure insurance reimbursement. An estimated 200,000 certified medical coders handle this task manually, processing each chart individually. The manual nature of this process often leads to human errors, labor shortages, backlogs, and delayed payments, highlighting the urgent need for more efficient solutions.
Nym has automated the entire medical coding process to provide a faster and more cost-effective solution that outperforms traditional manual coding. Nym’s advanced technology not only speeds up workflow, but also achieves unparalleled accuracy, exceeding the capabilities of human programmers. By eliminating inefficiencies and reducing costs, Nym is changing the way healthcare providers manage their coding processes, enabling faster reimbursements and freeing up valuable resources.
Nym Health was founded in 2018 by Amihai Niederman and Adam Raymond and was named one of the Globes’ most promising startups in 2020.
“We are excited to help the U.S. healthcare system operate more efficiently,” said Or Bellis, CEO of Nym. “Across our team of clinicians, computational linguists, researchers, engineers, and medical coders, we are motivated by the opportunity to deliver AI that creates value for caregivers and patients. We are excited about the momentum.” We are achieving as we continue to expand our multidisciplinary solutions to support new areas of care, and we look forward to leveraging PSG’s expertise in scaling businesses based on health technology and artificial intelligence.
Published by Globes, Israel Business News – en.globes.co.il – on October 1, 2024.
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