[Funding News] Nym Raises $47 Mn Growth Investment Led by PSG

Nym, a leader in autonomous medical coding, today announced a $47 million growth investment led by PSG, a leading growth equity firm that specializes in partnering with software and technology-enabled services companies. The new funding includes participation from existing and new investors including Google Ventures, Addition, Samsung Next and Dynamic Loop Capital.

Nym’s mission is to help simplify the U.S. healthcare system and reduce the country’s outsized administrative burden to allow healthcare providers to focus on patient treatment and reduce the growing cost of care. Administrative activities account for roughly 10% of all annual healthcare spending in the U.S. as of 2022. 

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“We are passionate about helping the US 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,” said Or Peles, CEO of Nym. “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.”

Nym has helped transform medical coding by automating the process without human intervention, delivering an efficient, more cost-effective solution that aims to outperform traditional manual coding. By eliminating inefficiencies, reducing costs and improving accuracy, Nym is helping to transform the way healthcare providers manage their coding operations, enabling efficient processing of reimbursements and freeing up resources.

“In our view, autonomous medical coding is the clear direction of travel for the healthcare industry due to the persistent shortage of medical coders and unmitigated costs, among other factors,” said Rotem Shacham, Director at PSG. “We believe Nym is set to maintain its position as a leading autonomous medical coding provider due to its AI-powered engine’s ability to help improve financial performance, operational efficiency, and compliance, enabling providers to focus on patient care.”

Its autonomous medical coding engine uses AI and clinical language understanding (CLU) technology to decipher patient charts and aims to accurately assign medical codes in seconds. 

Nym is a leader in autonomous medical coding, supporting six specialties across both inpatient and outpatient care, including emergency medicine, radiology, outpatient surgery, outpatient visits, inpatient professional coding, and urgent care. In August of 2024, Nym’s autonomous coding engine earned the Toolbox designation in Epic’s Showroom, specifically within the Fully Autonomous Coding category. This recognition underscores Nym’s leadership in the field and its adherence to Epic’s standards for integration. Trusted by some of the top healthcare systems in the U.S., Nym consistently aims to deliver accuracy, efficiency, and results, setting the benchmark for quality in the field.

About Nym 

Nym is a leader in transforming clinical language into actionable information, which can remove inefficiencies that add billions to the cost of care. By combining cutting-edge technology with clinical expertise and a deep understanding of medical language, Nym is able to accurately decode medical charts in a way that is efficient, explainable, and compliant.