Nym Lands $47M to Revolutionize Medical Coding with AI

In a big leap for healthcare tech, Nym, a leader in autonomous medical coding, has secured a whopping $47 million investment. The funding round, led by PSG, brings in notable players like Google Ventures, Samsung Next, and more.

For those unfamiliar, Nym’s AI-powered solution is transforming the way U.S. healthcare handles medical coding, an area bogged down by inefficiencies and human errors.

Medical coding might sound dull, but it’s the backbone of healthcare payments in the U.S. As of 2024, over 200,000 medical coders are still manually reviewing patient charts to ensure doctors get reimbursed.

However, Nym’s AI promises to speed up the process, improving accuracy to over 95%. Imagine that: an algorithm doing in seconds what typically takes a human much longer – with fewer mistakes. Now, if only they could apply that to sorting through my emails!

CEO Or Peles, who reportedly holds a net worth of around $30 million, is confident about the company’s future as he 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, 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.”

With this latest funding, Nym aims to expand its AI solution to more specialties, potentially giving doctors and medical coders some much-needed relief.

And with over six million charts already processed by Nym as of September 2024, it’s clear they’re making waves.

Given the ongoing healthcare worker shortages and the increasing need for efficiency, Nym’s tech couldn’t have arrived at a better time.

So, next time you see a medical bill, just think—there’s a good chance an AI might have had a hand in speeding things up, and not just making your head spin.