The funding round also includes participation from prominent investors such as Google Ventures, Addition, Samsung Next, and Dynamic Loop Capital.
Founded in 2018, Nym has developed an engine that analyzes patient medical records to facilitate communication with insurance companies.
The platform leverages artificial intelligence to automate the medical coding process. By analyzing patient medical records, and can accurately assign the appropriate medical codes for diagnoses and procedures. This eliminates the need for manual coding, which is time-consuming, prone to errors, and can lead to delays in insurance reimbursements.
Nym’s solution offers significant benefits to healthcare providers by streamlining their administrative tasks and improving their revenue cycle management. By automating the coding process, Nym helps providers save time and resources, allowing them to focus on delivering high-quality patient care.
The new funding will enable Nym to expand its operations, accelerate product development, and further penetrate the US healthcare market. With its advanced AI technology and strong investor support, Nym is well-positioned to become a leading provider of medical coding solutions and revolutionize the way healthcare providers manage their administrative tasks.
Nym benefits the insurance industry in several ways:
- Improved accuracy: Nym’s AI-powered platform can accurately assign medical codes, reducing the risk of errors and ensuring that claims are submitted correctly.
- Increased efficiency: By automating the medical coding process, Nym can significantly reduce the time it takes to process claims. This can lead to faster payments for healthcare providers and improve patient satisfaction.
- Reduced administrative costs: Nym can help insurance companies reduce their administrative expenses by eliminating the need for manual coding and reducing the risk of errors.
- Enhanced compliance: Nym can help insurance companies comply with complex regulations related to medical coding.
- Improved data quality: Nym can help insurance companies improve the quality of their data by providing accurate and consistent medical codes.
Overall, Nym can help insurance companies improve their operations, reduce costs, and enhance their bottom line.
Nym CEO Or Peles said, “We are passionate about helping the U.S. 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.”
He added: “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.”
