Funding to fuel product development and accelerate market expansion of Nym’s automated medical coding platform in emergency department, urgent and primary care settings across US
- Latest round follows Nym’s October 2020 Series A, bringing total funding to $47.5 million
- Addition joins existing investors GV, Dynamic Loop Capital, Tiger Global, Bessemer Venture Partners, and Lightspeed, as well as angel investors Zach Weinberg and Nat Turner
New York, NY — July 27, 2021 — Nym Health, the leading provider of explainable AI tech that automates medical coding, today announced $25 million in new funding led by Addition. Following Nym’s October 2020 Series A, this latest round brings the company’s total funding to $47.5 million. Addition joins existing investors GV, Dynamic Loop Capital, Tiger Global, Bessemer Venture Partners, and Lightspeed, as well as angel investors Zach Weinberg and Nat Turner.
The new investment will be used to scale product development and accelerate the rapid adoption of Nym’s automated medical coding platform in emergency departments. Additionally, the funding will support the expansion of Nym’s footprint in urgent care centers, and grow the company’s New York office.
Deployed in more than 40 hospitals across the United States, including Geisinger and several other academic medical centers, Nym is reinventing medical coding for revenue cycle management (RCM). The Nym platform modernizes RCM using direct-to-billing, fully autonomous medical coding that reduces insurance denials and operational expenses, accelerates payment cycles, and maximizes audit readiness for healthcare providers.
“COVID has shown provider organizations that solely relying on people to perform business critical work is unsustainable. We saw demand for our platform surge amid the global pandemic, when hospitals and urgent care centers across the US found they needed to work faster, smarter and more efficiently under the most challenging of circumstances,” said Nym Health CEO Amihai Neiderman. “We are thrilled to have Addition join us and work alongside all of our investors to aggressively grow and scale Nym, leveraging our clinical language understanding engine to revolutionize the medical billing code process.”
Aaron Schildkrout of Addition, who previously served as Head of Data & Growth at Uber, added: “Antiquated, manual billing processes typically result in coding-related denials from insurers that add up to billions in lost revenue annually for healthcare providers, but Nym’s automated, auditable medical coding platform is a game-changer. Nym is poised to transform revenue cycle management by significantly improving the speed and precision of billing, reducing denial rates and traditional staffing costs, and, in turn, enabling human coders to focus their attention on more complex cases and follow-up queries.”
Nym’s clinical language understanding (CLU) engine performs better than human coding and does so within seconds and with zero human intervention. The Nym engine tracks patient visits and processes patient charts, including highly individualized doctors’ notes. Relevant codes are assigned to the patient chart and sent back to providers or RCM companies in less than five seconds — compared to the traditional five-to nine-day process involved when coding is entered manually. Along with speed, Nym delivers consistently superior accuracy, with rates skyrocketing from a less-than-80 percent industry average for human coders to more than 98 percent accuracy with the company’s engine.
For more information, please visit nym.health.
About Nym Health
Nym Health is an autonomous medical coding technology provider that takes an innovative approach to revenue cycle management. Nym Health is deployed in 40 hospitals nationwide and enables fully automated, efficient and transparent revenue cycle management for healthcare providers. Nym Health has offices in New York City and Tel Aviv, Israel, and is backed by Addition, GV, Bessemer Venture Partners, Dynamic Loop Capital, Lightspeed, Tiger Global, and angel investors, including Zach Weinberg and Nat Turner.