Nym’s Medical Coding Engine Receives Honorable Mention for Advancing Automation that Reduces Administrative Complexity and Brings Greater Simplicity to Healthcare
NEW YORK–(BUSINESS WIRE)–Nym Health, a leader in transforming clinical language into actionable information, today announced that its medical coding engine received an Honorable Mention in the health category of Fast Company’s 2022 World Changing Ideas Awards. Among the global companies selected, Nym earned recognition for developing technology that can understand clinical language and provides an entirely new way of analyzing medical records into clear, concise and actionable information.
Now in its sixth year, the World Changing Ideas Awards recognize companies and organizations addressing the world’s most complex problems through technology, science, design, finance, education, and philanthropy. A panel of Fast Company editors and reporters selected winners and finalists from a pool of more than 2,997 entries from across the globe and fields such as transportation, education, food, politics, technology, health, social justice and more.
“Our mission is to automate the accurate interpretation of clinical language to simplify healthcare,” said Amihai Neiderman, Nym’s CEO and Co-Founder. “By unlocking vital data and evidence buried within medical records, Nym helps healthcare providers get paid faster and more accurately, while reducing the time and cost associated with medical coding and billing. This ultimately ensures clinical and administrative teams can spend more time focused on patient care. We’re honored that Fast Company has recognized the value the Nym engine delivers and to be included among the 2022 honorees.”
By combining clinical expertise, computational linguistics and explainable AI, Nym’s engine is automating revenue cycle management and significantly reducing dependence on antiquated, manual billing processes, which lead to coding-related denials from insurers that add up to billions in lost revenue annually for healthcare providers. In seconds and with zero human intervention, Nym’s engine interprets clinical language in patient charts and assigns accurate and compliant ICD-10-CM and CPT reimbursement codes to them. Additionally, as new coding guidelines are released, the Nym engine is automatically updated. It also produces audit-ready, traceable documentation for every code generated, providing hospitals and health systems with total visibility into how each code is assigned by the Nym engine.
“We are consistently inspired by the novelty and creativity that people are applying to solve some of our society’s most pressing problems, from shelter to the climate crisis. Fast Company relishes its role in amplifying important, innovative work to address big challenges,” says David Lidsky, interim editor-in-chief of Fast Company. “Our journalists have identified some of the most ingenious initiatives to launch since the start of 2021, which we hope will both have a meaningful impact and lead others to join in being part of the solution.”
About the World Changing Ideas Awards:
World Changing Ideas is one of Fast Company’s major annual awards programs and is focused on social good, seeking to elevate finished products and brave concepts that make the world better. A panel of judges from across sectors choose winners, finalists, and honorable mentions based on feasibility and the potential for impact. With the goals of awarding ingenuity and fostering innovation, Fast Company draws attention to ideas with great potential and helps them expand their reach to inspire more people to start working on solving the problems that affect us all.
Nym is the leader in transforming clinical language into actionable information, which can remove inefficiencies that add billions to the cost of care. By combining industry-leading technology with clinical expertise and a deep understanding of medical language, Nym is able to accurately decode medical charts in a way that is fast, explainable and compliant. The Company’s innovative solution for revenue cycle management (RCM) takes provider notes in the free text within patient charts and translates them into accurate and compliant diagnostic and billing charge codes, all within a matter of seconds and with zero human intervention. Along with 96+% accuracy, 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 quickly 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 Addition, GV, Bessemer Venture Partners, Dynamic Loop Capital, Lightspeed, Tiger Global, Zach Weinberg and Nat Turner. To learn more about Nym, visit nym.health.