Nym Secures $47M to Expand AI-Powered Medical Coding for Radiology

Nym, a company based in New York, has developed an innovative “autonomous medical coding engine” specifically designed for radiology and various other medical specialties. This cutting-edge technology aims to streamline the medical coding process, making it more efficient and accurate. Recently, Nym successfully raised $47 million in funding to further advance its solutions and expand its market presence. This significant investment highlights the growing demand for automation in healthcare, particularly in areas like medical coding, where precision and efficiency are crucial. With this capital, Nym plans to enhance its technology and potentially reach more healthcare providers looking for reliable coding solutions.

PSG, a growth equity firm known for its focus on software startups, took the lead in this funding round, which also saw contributions from notable investors such as Google Ventures, Samsung Next, Dynamic Loop Capital, and Addition. Nym emphasized that its mission is to simplify the complexities of the U.S. healthcare system while alleviating the excessive administrative burden faced by healthcare providers. By leveraging its autonomous medical coding technology, Nym aims to streamline processes that often overwhelm medical professionals, allowing them to focus more on patient care rather than administrative tasks. This funding will help Nym expand its innovative solutions, ultimately striving to create a more efficient and user-friendly healthcare environment for both providers and patients.

Nym highlighted that coding activities make up 10% of annual healthcare spending, requiring providers to sift through a large number of charts to secure reimbursements. Currently, around 200,000 medical coders are manually performing this task, which can result in human errors, labor shortages, backlogs, and delayed payments. To address these challenges, Nym has developed technology that employs artificial intelligence and “clinical language understanding” to quickly analyze charts and assign codes accurately in just seconds. This innovation aims to significantly improve efficiency in the coding process, reducing the administrative burden on healthcare providers.

Founded in 2018, Nym focuses on six healthcare segments: radiology, emergency medicine, outpatient surgery, inpatient professional coding, and urgent care. The company has processed over 6 million charts annually for its customers, which include health systems, hospitals, and physician groups.

The team is dedicated to improving the efficiency of the U.S. healthcare system. With a diverse group of physicians, computational linguists, researchers, engineers, and medical coders, there is a strong commitment to delivering AI solutions that provide value for both care providers and patients.

Nym claims its technology has changed medical coding by automating the process without needing human intervention. This solution is more efficient and cost-effective than relying on human coders. According to the company, its clients have seen a 95% improvement in coding accuracy, a 35% reduction in costs, and a 50% decrease in claims denial rates.