In a significant breakthrough for the U.S. healthcare system, Israeli tech firm Nym Health is tackling one of the industry’s most complex and costly problems: the overload of medical billing and insurance bureaucracy. Led by CEO Or Peles, Nym offers an AI-powered platform designed to streamline the revenue cycle management (RCM) process, a key component of healthcare billing, which often creates a labyrinth of delays and inefficiencies.
In a market known for its convoluted and costly systems, Peles likens the U.S. healthcare environment to a “Wild West scenario,” where inefficiencies and mismanagement waste approximately $1 trillion annually from the nation’s $14 trillion healthcare budget. With such staggering figures, the need for innovation in medical billing and insurance claims has never been more urgent.
Founded in 2018, Nym Health is already making strides in addressing the overwhelming administrative burdens faced by healthcare providers. The company has developed an advanced AI solution that automates the coding process in healthcare settings—a task traditionally performed manually by medical record technicians. This automated approach is not only faster but also more accurate, allowing healthcare providers to streamline their operations and focus on patient care.
In the United States, nearly 200,000 medical record technicians are responsible for coding billions of claims each year. These claims convert patient data—including diagnoses and treatments—into medical alphanumeric codes that insurance companies use to process reimbursements. With over 100,000 existing codes and about 3 billion claims filed annually, the task of managing this process is daunting. The sheer volume often results in errors, delays, and additional administrative costs.
Nym Health’s platform, which has been operational since 2021, automatically translates medical records into accurate coding without human intervention. By utilizing AI to read, understand, and convert medical files, the platform eliminates much of the manual work traditionally required.
“We’ve created a solution that can accurately understand medical records and automatically convert them into the correct codes. This saves time, reduces errors, and improves the accuracy of the entire billing process,” says Or Peles, CEO of Nym Health.
What sets Nym apart from other players in the field is the platform’s unparalleled accuracy and ability to handle the intricacies of medical billing. It doesn’t just convert data; it conducts “sanity testing,” ensuring that patient stories align with their medical records. If a discrepancy is found, the system flags it for review, preventing errors from going unnoticed.
In addition, the platform adapts to various clinic-specific coding policies, making it flexible and scalable across diverse healthcare settings. Nym Health’s technology is already in use at more than 20 healthcare facilities, and the company plans to expand rapidly, aiming to integrate its platform into hospitals across the U.S.
“No one has been able to reach this level of accuracy before. Our system not only solves coding issues but also verifies the consistency and validity of the data, ensuring that billing is both efficient and precise,” Peles explains.
Nym Health’s commitment to improving the U.S. healthcare system is not just about enhancing operational efficiency—it’s about making a tangible impact. The company’s founders, Amihai Neiderman and Adam Rimon, chose the name “Nym” for its meaning in ancient Greek—“name”—a nod to the company’s focus on coding and assigning the right “names” to medical services and diagnoses.
As part of its continued growth, Nym Health recently raised $47 million in its latest funding round, bringing the company’s total investment to $92 million. This capital will help Nym scale its solution and expand its reach, with plans to target insurance companies and other sectors within the U.S. healthcare system.
“It’s not even about the money. It’s about making an impact,” Peles adds. “We want to ensure that people managing the revenue cycle in hospitals can do so with peace of mind. Our technology will handle all their coding needs, allowing them to focus on what truly matters—providing better care for patients.”
With plans to extend its technology to all medical specialties and insurance companies, Nym Health is poised to play a significant role in reshaping the future of U.S. healthcare, cutting through the red tape and helping to reduce costs across the system.
Read more:
