Sagi Rodin and Aviad Mizrachi. Photo Frontegg Ltd.
Israel’s Nym Health, a provider of autonomous medical coding technology, finished $16.5 million Series A round of funding Led by GV (formerly Google Ventures), with the participation of Bessemer Venture Partners, Dynamic Loop Capital, Lightspeed, Tiger Global, and angel investors including Zach Weinberg and Nat Turner from Flatiron Health.
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Welcome to GV, @NymHealth! GV Venture Partner @brobbs details how Nym’s autonomous medical coding technology reduces healthcare costs for hospitals in the U.S. – https://t.co/1sH8NAkLXJ
— GV (@GVteam) October 13, 2020
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Israeli startup Frontegg, creators of the first platform for fast-tracking Software as a Service development and innovation, raised $5million in seed money led by Pitango, with backing from i3 Equity and Global Founders Capital.
Frontegg boasts that it “liberates” development teams from having to build their own SaaS capabilities. The company provides a set of pre-built, essential SaaS product capabilities that easily integrate within any new or existing SaaS application.
“Before AWS, engineering teams had to scale their own infrastructure. Before Kubernetes, DevOps teams were confined to assembling their own container orchestration and management solutions. These platforms liberated software organizations from dealing with these non-core, yet critical tasks while delivering top-notch solutions for the challenge at hand,” shares Sagi Rodin, co-founder and Frontegg’s CEO.
“Frontegg’s mission is to give SaaS innovators the same opportunity – to accelerate the delivery of enterprise-grade SaaS applications while providing the safest, most secure and optimal user experience.”
Meanwhile Nym Health plans to use its $16.5 million to support the company’s ability to accelerate sales and marketing activities while scaling product deployment and development.
Nym deals with medical coding, accelerating the billing process by automatically assigning the most accurate medical codes required for medical reimbursement. Medical coding is traditionally a manual process, performed today by more than 250,000 medical coders. Coders manually review each patient chart and assign the applicable medical codes required for billing.
In recent years medical coding became even more problematic, with the addition of tens of thousands of codes and guidelines making it extremely challenging to code correctly. Coding related denials lead to over $15B in lost revenues to U.S. healthcare providers annually.
Nym boasts that it transforms revenue cycle management with direct-to-billing, fully autonomous medical coding that reduces insurance denials and operational expenses, accelerates payment-cycles, and maximizes audit-readiness for healthcare providers.
Nym’s innovative Clinical Language Understanding technology does not utilize traditional “Black-Box” NLP approaches such as Machine Learning. Rather, Nym combines computational linguistics with Medical and Clinical Knowledge to create Clinical Intelligence –– which provides the missing link for a healthcare system in need of reliable and explainable medical coding and high-quality clinical documentation.
“Nym’s biggest differentiator is that for every chart that is coded, our engine provides a full and transparent audit trail. This audit trail provides the full explanation of how each code is assigned and explains the automated decision-making process behind its selection. This allows our clients to understand and trust our coding results,” says Amihai Neiderman, Nym’s CEO.
Nym Health is an autonomous medical coding technology provider that takes an innovative approach to revenue cycle management. Founded in 2018 by Amihai Neiderman and Adam Rimon, Nym Health is deployed in 40 hospitals nationwide and enables fully automated, efficient, and transparent revenue cycle management for healthcare providers.
Nym Health is headquartered in Tel Aviv, Israel, and backed by GV, Bessemer Venture Partners, Dynamic Loop Capital, Lightspeed, Tiger Global, and angel investors, including Zach Weinberg and Nat Turner.
