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Or Peles, CEO of Nym Health, describes the US healthcare system as a “sort of Wild West scenario.”

“It’s by far the most complicated healthcare system in the world,” he admits. Not only does the country “lack universal healthcare, but it is also the most expensive healthcare system in the world, with annual national health expenditures standing at $14 trillion; around $1 trillion of that money goes to waste due to mismanagement.”

Israel-founded Nym, which employs 80 workers at offices in Tel Aviv and New York, offers an AI-powered platform that the company claims can help the US healthcare system deal with the overload of bureaucracy.  

The company’s groundbreaking technology has automated the revenue cycle management (RCM) coding process for healthcare facilities.

RCM utilizes medical billing software to track patient care from registration and appointments to the final payment of a balance.

Cracking the code

When healthcare clinics bill insurance companies, they transform the patient’s medical file, which includes diagnosis, procedures and medical services, into medical alphanumeric codes.

Up until now, this process has been done manually by medical record technicians, of which there are nearly 200,000 in the US, due to the sheer volume of claims being filed to insurance companies. 

“There are around 100,000 existing codes, and around 3 billion claims being filed annually; it’s an enormous burden on the system,” notes Peles, who has been with Nym since 2022.

“We’ve created a solution that reads a medical file, understands it from a clinical perspective, and then automatically turns it into codes, without the touch of a human.”

Why it’s unique 

Nym’s unique product, on the market since 2021, is already used in more than 20 healthcare settings so far.   

Peles says that while other startups have tried to develop similar solutions, “No one has been able to reach this level of accuracy before,” he asserts. 

The Nym platform connects to the healthcare system at a specific clinic where it is installed, accesses the relevant files, and “creates a medical ontology.” 

“The platform also knows to perform ‘sanity testing’ to verify that the medical story of a patient checks out; for instance, he was walking, fell and a cast was applied to treat a broken bone.”

Peles explains that if the platform identifies medical scenarios that don’t make sense, it sends them back to the staff to be double checked, and does not automatically proceed with the coding process until the discrepancy is dealt with. 

The platform also knows how to bridge gaps between different coding policies, which can vary from clinic to clinic. 

It’s in the name

Nym was cofounded in 2018 by Amihai Neiderman, who now serves on the company’s board of directors, and Adam Rimon, the current CTO. 

The founders chose “Nym” as the company name because it means “name” in ancient Greek, and the platform specializes in coding, or “naming things.”

Peles says the company’s current goal is to work with as many hospitals as possible, as well as expand its technology to include “all medical specializations and all types of codes.”

“We want people who manage the revenue cycle at hospitals to have peace of mind about the aspect of coding, that we’ll take care of all their needs,” he notes. 

Nym is also working to expand the application of its technology to spheres of the US healthcare system beyond RCM, as well as to other markets such as insurance companies. 

To fund this expansion, Nym recently closed another funding round, raising $47 million, bringing the total raised by the company to $92 million. 

“It’s not even about the money, it’s about making an impact,” adds Peles.  

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