Nym Health Expands Into Urgent Care, Addressing Growing Need for Technology that Enables a Deeper, More Comprehensive Understanding of Patient Visits and Reduces Administrative Burden on Providers
NEW YORK, Nov. 9, 2021 /PRNewswire/ — Nym Health, a leader in autonomous medical coding, today announced the expansion of its explainable AI and clinical language understanding (CLU) technology platform’s capabilities to address the growing need for scalable revenue cycle management (RCM) solutions within urgent care settings.
Nym’s autonomous medical coding platform simultaneously provides a fuller, deeper, and better understanding of patient visits and reduces the administrative burden on healthcare providers. The Company’s RCM solution transforms provider narratives in the free text within patient charts, turning them into accurate and compliant ICD-10-CM and CPT reimbursement codes in a matter of seconds, without any human intervention. Nym’s proven technology delivers comprehensive, audit-ready, traceable codes for full transparency and processes over three million charts annually in more than 90 emergency medicine care settings nationwide.
In an analysis of one of its urgent care customers’ medical coding process, Nym’s platform successfully coded more than half of the client’s daily discharge volume within a few minutes. As a result, for the successfully coded charts, Nym produced a higher total relative value unit (RVU) that corresponded to a missed reimbursement opportunity of more than $20 per chart on average.
“Urgent care centers are playing an increasingly vital role in the continuum of care, providing services for a broad range of patients, particularly amid COVID-19 and with the substantial increase in the use of telemedicine during the pandemic,” said Amihai Neiderman, Nym’s CEO and Co-Founder. “In response to this momentum and the growing need for convenient access to quality, on-demand care beyond emergency departments, we’ve expanded our platform’s capabilities. Nym is arming providers with a solution for revenue cycle management that can be quickly deployed and scaled to support the dynamic volume and workflow of urgent care centers, easing the administrative burden on their clinical teams so that they can spend more time focused on patient care.”
According to the Urgent Care Association (UCA), the total number of urgent care centers in the U.S. reached 8,774 in November 2018, an increase of eight percent from 8,125 in 2017. Amid the pandemic, demand within the $39 billion urgent care market soared, with clinics, on average, reporting a 58% increase in visit volume in 2020 alone, due to the overwhelming need for COVID-19-related episodic care, including testing and vaccinations.
“Urgent care centers have the infrastructure required to deliver high-volume, convenient care, and their services are needed now more than ever to reach patients where they are — from rural communities to large urban centers. As we’ve seen during the pandemic, though, growing demand for these services brings unprecedented administrative challenges,” said Melisa Tucker, Senior Vice President and Head of Product at Nym. “We’ve already proven that Nym’s clinical language understanding-powered platform is a trusted, effective solution for revenue cycle management within emergency medicine settings. Now, we’re excited to be able to address a similar opportunity to meet the unique volume and workflow needs of urgent care centers by providing fast, accurate, and scalable medical coding capabilities.”
About Nym Health
Nym Health is a leader in autonomous medical coding. Combining computational linguistics and clinical intelligence, Nym’s innovative approach to revenue cycle management (RCM) is reducing costs and improving payment cycles for healthcare providers across the United States. Along with over 96 percent accuracy, Nym’s technology delivers comprehensive, audit-ready, traceable codes for full transparency. The Nym platform processes over three million charts annually in more than 90 emergency department and urgent care settings. Nym has offices in New York and Tel Aviv, Israel, and is backed by Addition, GV, Bessemer Venture Partners, Dynamic Loop Capital, Lightspeed, and Tiger Global, as well as angel investors, including Zach Weinberg and Nat Turner. To learn more about Nym, visit nym.health.