AI-based medical coding startup Nym Health announced on Tuesday $25 million in new funding led by Addition. Following Nym's October 2020 Series A, this latest round brings the company's total funding to $47.5 million. Addition joins existing investors GV, Dynamic Loop Capital, Tiger Global, Bessemer Venture Partners, and Lightspeed, as well as angel investors Zach Weinberg and Nat Turner.
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The new investment will be used to scale product development and accelerate the rapid adoption of Nym's automated medical coding platform in emergency departments. Additionally, the funding will support the expansion of Nym's footprint in urgent care centers, and grow the company's New York office.
Deployed in more than 40 hospitals across the United States, the Nym platform modernizes RCM using direct-to-billing, fully autonomous medical coding that reduces insurance denials and operational expenses, accelerates payment cycles, and maximizes audit readiness for healthcare providers.
"COVID has shown provider organizations that solely relying on people to perform business critical work is unsustainable. We saw demand for our platform surge amid the global pandemic, when hospitals and urgent care centers across the US found they needed to work faster, smarter and more efficiently under the most challenging of circumstances," said Nym Health CEO Amihai Neiderman. "We are thrilled to have Addition join us and work alongside all of our investors to aggressively grow and scale Nym, leveraging our clinical language understanding engine to revolutionize the medical billing code process."
