Investment aims to accelerate the expansion of Nym’s multi-specialty solution to support new care areas
NEW YORK– October 1, 2024 – Nym, a leader in autonomous medical coding, today announced a $47 million growth investment led by PSG, a leading growth equity firm that specializes in partnering with software and technology-enabled services companies. The new funding includes participation from existing and new investors including Google Ventures, Addition, Samsung Next and Dynamic Loop Capital.
Nym’s mission is to help simplify the U.S. 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 U.S. as of 2022.
Medical coding plays a large role in healthcare costs, as providers must review and assign codes to a high volume of medical charts to secure insurance reimbursements. As of 2024, over 200,000 medical coders manually handle this task, processing each chart individually. However, 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 helped transform medical coding by automating the process without human intervention, delivering an efficient, more cost-effective solution that aims to outperform traditional manual coding. By eliminating inefficiencies, reducing costs and improving accuracy, Nym is helping to transform the way healthcare providers manage their coding operations, enabling efficient processing of reimbursements and freeing up resources.
Its autonomous medical coding engine uses AI and clinical language understanding (CLU) technology to decipher patient charts and aims to accurately assign medical codes in seconds.
Across its customer base of health systems, hospitals, and physician groups in the U.S., Nym has processed over six million charts annually as of September 2024, and, within certain use cases, Nym has demonstrated results including:
- Improve coding accuracy to over 95%
- Reduce coding costs by up to 35%
- Improve revenue capture by up to 5%
- Reduce claims denial rates by 50%
- Decrease time in accounts receivable by up to 5 days
“We are passionate about helping the US 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,” said Or Peles, CEO of Nym. “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.”
Nym is a leader in autonomous medical coding, supporting six specialties across both inpatient and outpatient care, including emergency medicine, radiology, outpatient surgery, outpatient visits, inpatient professional coding, and urgent care. In August of 2024, Nym’s autonomous coding engine earned the Toolbox designation in Epic’s Showroom, specifically within the Fully Autonomous Coding category. This recognition underscores Nym’s leadership in the field and its adherence to Epic’s standards for integration. Trusted by some of the top healthcare systems in the U.S., Nym consistently aims to deliver accuracy, efficiency, and results, setting the benchmark for quality in the field.
“In our view, autonomous medical coding is the clear direction of travel for the healthcare industry due to the persistent shortage of medical coders and unmitigated costs, among other factors,” said Rotem Shacham, Director at PSG. “We believe Nym is set to maintain its position as a leading autonomous medical coding provider due to its AI-powered engine’s ability to help improve financial performance, operational efficiency, and compliance, enabling providers to focus on patient care.”
About Nym
Nym is a leader in transforming clinical language into actionable information, which can remove inefficiencies that add billions to the cost of care. By combining cutting-edge technology with clinical expertise and a deep understanding of medical language, Nym is able to accurately decode medical charts in a way that is efficient, explainable, and compliant. The Company’s innovative solution for revenue cycle management (RCM) takes provider notes within patient charts and translates them into accurate diagnostic and billing charge codes, all within a matter of seconds and with zero human intervention. Along with over 95% accuracy of improved coding, Nym’s RCM solution delivers audit-ready, traceable documentation for every code it generates, ensuring total visibility into why each code was assigned. The Nym solution can be deployed and scaled based on volume and workflow needs, easing administrative burdens and allowing clinical teams to spend more time focused on patient care.
Based in New York City with R&D capabilities in Tel Aviv, Nym is building an interdisciplinary team of specialists including technologists, physicians, mathematicians, computational linguists, engineers, medical coders and more. Investors in Nym include PSG, Addition, GV, Bessemer Venture Partners, Dynamic Loop Capital, Tiger Global, Zach Weinberg and Nat Turner. To learn more about Nym, visit nym.health.
About PSG
PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities, and build strong teams. Having backed more than 140 companies and facilitated over 500 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Madrid, Paris, and Tel-Aviv. To learn more about PSG, visit www.psgequity.com.
Media Contacts
Nym
Julien Dubuis
Chief Commercial Officer
julien@nymhealth.com
+1 (917) 873-0344
PSG
Jackie Ryan
pro-psg@prosek.com