Almost two years after the start-up round, Israel-based Nym Health added an additional $ 16.5 million to its cash transportation so it can adopt its technology to develop verifiable machine learning tools to automate hospital billing.
The new funding came from investors such as GV (Google's investment arm previously known as Google Ventures) and will be used by the company to expand its technology development, sales and marketing efforts in the United States.
Billing has been a huge concern for healthcare systems in the United States thanks to the complicated coding that must be entered to ensure that insurers pay for the services that healthcare professionals provide to patients.
Nym claims to have solved the problem by developing technology that can automatically convert medical charts and electronic patient records from medical consultations into the correct billing codes. The company uses natural language processing and taxonomies specifically designed for understanding clinical language to determine the optimal charge for each procedure, exam, and diagnosis Nym says will be performed on a patient.
The company was founded in 2018 by two former members of the 8200 Israeli Army Cyber Security Division. Adam Rimon and Amihai Neiderman both wanted to work on something together, and Neiderman wanted to do something in the medical field that involved natural language processing. Rimon had just completed a PhD in computational linguistics, so the transition to charting and medical coding seemed natural.
"Because of our approach, we can generate full audit trails," said Neiderman. "We can explain how we understood everything in patient records."
Automated processes that are also verifiable are important for healthcare providers when they need to provide insurance companies with a justification for the services they provide.
Nym's software can't fight fraud when doctors fill their bills with services they didn't offer, but it can provide a review and rationale for the services a hospital has coded for – and potentially wrestle more money for hospitals, the thanks lose wrongly coded bills. "We never intervene in medical decision-making. We assume that the doctor is trying to do his best and that he is following the protocol, ”said Neiderman.
There is a lot of interest among venture capitalists in developing better billing systems for healthcare, as refusing to encode can cost hospitals $ 15 billion, according to Nym. It's a service that has caught the attention of not only GV but GV as well Bessemer Venture Partners, Dynamic Loop Capital, Lightspeed, Tiger Global and Angel investors including Zach Weinberg and Nat Turner from Flatiron Health.
"Inaccurate coding is bad for everyone," says Ben Robbins, venture partner at GV.
Nym charges between $ 1 and $ 4 per chart analyzed and, according to the company, already works with around 40 medical providers in the US.