NEW YORK–(BUSINESS WIRE) – Nym Health, a leader in transforming clinical language into actionable information, today announced that it is the winner of the “Health Administration Innovation Award” in the sixth annual MedTech Breakthrough Awards program. An independent market intelligence organization that identifies the top companies, technologies and products in the global health and medical technology market, MedTech Breakthrough recognized Nym for automating and improving the efficiency of revenue cycle operations, enabling precise and rapid medical billing processes, and improving payment cycles for hospitals and health systems across the US.
Powered by a clinical language understanding (CLU) engine, Nym’s revenue cycle management (RCM) solution interprets provider notes within patient charts and turns them into compliant ICD-10-CM and CPT reimbursement codes. The Nym platform does this instantly, with greater than 96% accuracy and zero human intervention. Additionally, Nym provides comprehensive, audit-ready, traceable codes for full transparency, an approach which allows it to explain how the platform translates the clinical language into the patient charts into medical billing codes.
“We’re proud that Nym has been recognized for changing the way healthcare providers approach medical coding, providing them with the technology to interpret clinical language within seconds and automate burdensome and costly administrative processes,” said Amihai Niederman, Nym’s CEO and Co-Founder. . “Our goal is to deliver a solution that can significantly eliminate friction in the system and reduce administrative complexity and, in doing so, free up healthcare providers so that they can spend more time on patient care.”
The mission of the MedTech Breakthrough Awards is to honor excellence and recognize innovation, hard work and success in a range of health and medical technology categories, including Telehealth, Clinical Administration, Patient Engagement, Electronic Health Records (EHR), Virtual Care, Medical Devices, Medical Data and many more. This year’s program attracted more than 3,900 nominations from over 15 different countries.
“The single largest component of healthcare waste is what’s called ‘administrative complexity,’ accounting for over $ 265 billion of waste annually – and medical coding represents a large component of this within the US healthcare system,” said James Johnson, managing director, MedTech Breakthrough. “In 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, Nym is modernizing revenue cycle management and helping hospitals ensure financial stability and growth. Congratulations on winning the ‘Health Administration Innovation Award.’ ”
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 diagnosis 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.
About MedTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the MedTech Breakthrough Awards program is devoted to honoring excellence in medical and health related technology companies, products, services and people. The MedTech Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough health and medical companies and products in categories that include Patient Engagement, mHealth, Health & Fitness, Clinical Administration, Healthcare IoT, Medical Data, Healthcare Cybersecurity and more. For more information visit MedTechBreakthrough.com.