Nym, an Israeli medical coding software developer, has announced that it secured a $6 million seed investment round led by Bessemer Venture Partners, a global venture capital firm.
Founded in 2018 by Amihai Neiderman and Adam Rimon, Nym developed coding software that allows clinical data to be processed autonomously, efficiently and accurately, the company says.
“In the United States, there are over 250,000 medical coders who manually review patient charts and assign billing codes. This is where Nym comes in – their technology produces billing codes without human involvement, dramatically streamlining healthcare processes. With Nym, healthcare facilities can reduce billing cycle times and costs,” the company said in a a press release.
“Nym’s autonomous medical coding technology offers auditable and consistently accurate coding,” said Adam Fisher, 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 said Nym’s autonomous coding enables an “accelerated and simplified process” that “improves both the patient experience as well as a clinic or hospital’s cash flow.”
The company said its tech is currently being adopted throughout the United States by revenue cycle management companies and healthcare providers.
Nym was one of ten Israeli digital health companies invited to the GlobalSTL Health Innovation Summit in St. Louis, Missouri last year.