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Israeli-based Nym Health has raised $16.5 million dollars. This comes only two years after the company was founded. Nym will use this money to further develop its auditable AI billing medical billing system.
The cash came from Google’s investment firm. It used to be called Google Ventures. The money is going to help Nym innovate, grow its market-share, and increase advertising in the United States.
The US Healthcare System Has Major Flaws
Billing has been a significant problem for the US medical system. This is because there’s just so so much coding involved. Doctors don’t have any other way to get paid because of complex laws in this country.
Taking a Different Approach
Nym is developing technologies that will solve this problem. Software that’s able to convert medical documents and charts can provide all the necessary billing codes on its own. Nym Health makes use of natural language processing software to make this possible. This speech processing system can comprehend medical terms. It can also determine the optimal cost for a given procedure or examination.
Two ex-Israelie military personnel founded back in 2018. Amihai Neiderman and Adam Rimon each shared a desire to work together. Neiderman was determined to start a business in the medical field. Rimon had just recently completely his doctorate in computational linguistics. So, it it was a natural combination.
Because of our approach we can generate full audit trails, we can explain how we understood everything in patient charts.Amihai Neiderman
The use of automation is crucial in the healthcare field. It helps eliminate errors. Also, in the event that they need to prove cause to an insurance company, they will have the data that they need.
The System Isn’t Perfect
Unfortunately, their system isn’t capable of addressing the problem of doctors committing fraud regarding their bills. It can, however, produce an extremely detailed audit and provide relevant justifications for services rendered. Neiderman explained, ‘On the medical decision-making we never intervene. We assume that the physician is trying to do their best and they’re sticking to the protocol.’
There is great demand for the development of more comprehensive billing systems, especially in the healthcare industry. Nym Health says that coding related payment denials cost hospitals around $15 billion dollars a year. Bessemer Venture Partners, and with GV, Lightspeed, Dynamic Loop Capital, and Tiger Global, among others have invested.
Inaccurate coding is bad for everybody.Ben Robbins
Nym Health service is pretty cheap. It only costs $1 to $4 per dollars per analyzed chart. The company is already doing business with about 40 medical providers in the United States.
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