Nym Wins MedTech Breakthrough Award for Second Consecutive Year
2023 “Best Overall Health Administration Software” Award Underscores Expansion and Growing Adoption of Nym’s Autonomous Medical Coding Engine
NEW YORK--(BUSINESS WIRE)--Nym, the leader in translating clinical language into actionable information, today announced that it has been selected as winner of the “Best Overall Health Administration Software” award in the seventh annual MedTech Breakthrough Awards program. MedTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies, and products in the global health and medical technology market, also recognized Nym in 2022 with the “Health Administration Innovation Award.”
“Roughly 25% of U.S. healthcare spending is wasteful, and the largest source of this waste stems from administrative costs totaling $266 billion a year1,” said Or Peles, Nym’s CEO. “At Nym, we’re on a mission to change this and simplify healthcare by automating unnecessarily manual, administrative processes that are error-prone, costly, and inefficient. We’re incredibly proud to deliver a revenue management solution that is driving value for healthcare providers, and it’s an honor to receive another MedTech Breakthrough award.”
MedTech Breakthrough recognized Nym for its industry-leading medical coding engine, which is bringing greater accuracy and efficiency to the medical billing process for over 150 emergency department, radiology, and urgent care facilities across the U.S. Powered by Clinical Language Understanding (CLU) technology, the Nym engine deciphers clinical language in patient charts and assigns medical charge codes in a matter of seconds. Patient charts coded by Nym are sent directly to bill with over 96% code-over-code accuracy and zero human intervention.
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 4,000 nominations from over 17 different countries throughout the world.
“The U.S. spends between $600 billion and $1 trillion dollars annually on healthcare-related administrative activities, and medical coding is one of the primary drivers of these expenses,” said James Johnson, managing director, MedTech Breakthrough. “Nym is addressing this issue head-on, leveraging their breakthrough CLU technology and a consistent, rules-based approach to successfully automate coding for complex outpatient specialties like emergency medicine, produce audit trails, and quickly expand into new specialties. Congratulations to Nym on another MedTech Breakthrough award and their continued growth!’”
- Shrank WH, Rogstad TL, Parekh N. Waste in the US Health Care System: Estimated Costs and Potential for Savings. JAMA. 2019;322(15):1501–1509. doi:10.1001/jama.2019.13978
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 within patient charts and translates them into accurate diagnostic and billing charge codes, all within a matter of seconds and with zero human intervention. Along with over 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, 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 and innovation in medical & health technology companies, products, services and people. The MedTech Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough healthcare and medical companies and products in categories that include Patient Experience & Engagement, Health & Fitness, Medical Devices, Clinical Administration, Connected Healthcare, Medical Data, Healthcare Cybersecurity and more. For more information visit MedTechBreakthrough.com.