ST. PAUL, Minn.--(BUSINESS WIRE)--3M announced today that it has acquired CodeRyte Inc., an industry
leader in clinical natural language processing (NLP) technology and
computer-assisted coding solutions for healthcare outpatient providers.
Terms of the transaction were not disclosed.
CodeRyte helps physicians and coders deliver fast, accurate and complete
coding information immediately through its advanced NLP technology. Its
products include CodeAssist, CodeComplete and DataScout. Since 2009, 3M
has worked with CodeRyte to bring its computer-assisted coding
technology to more than 60 3M clients.
“This acquisition allows us to apply CodeRyte’s leading edge NLP
technology to our new 3M 360 Encompass System,” said Jon T. Lindekugel,
vice president and general manager, 3M Health Information Systems. “We
believe CodeRyte’s powerful NLP engine combined with 3M’s deep expertise
in coding, reimbursement and patient classification will foster further
innovation in the application of NLP.”
The 3M 360 Encompass System addresses the inefficiencies of multiple
clinical documentation and coding workflows, offering a breakthrough
answer to the documentation and coding challenges of health care reform,
new quality reporting requirements, and ICD-10. 3M is an international
leader in coding and patient classification systems with more than 5,000
hospitals worldwide using 3M coding solutions to code and group patient
date for decision support, quality measurement, and reimbursement.
“CodeRyte’s mission, to improve individual and population health by
making the language of healthcare meaningful, and our 250 fantastic
clients will be best served by this combination,” said Andrew Kapit,
chief executive officer, CodeRyte. “Together, we can create change at
the pace the nation needs.”
CodeRyte employs approximately 130 people at its headquarters in
Bethesda, Md.
About CodeRyte
CodeRyte’s computer-assisted coding drives
the healthcare revenue cycle. Its technology unlocks the full power of
the physician narrative for coding, reimbursement and research, and
helps human coders work faster and with more complete information than
ever before. CodeRyte’s workflow constructs for professional, technical,
facility and global coding offer automation and safety mechanisms to
ensure that with speed also comes increased safety and compliance.
About 3M
3M captures the spark of new ideas and transforms
them into thousands of ingenious products. Our culture of creative
collaboration inspires a never-ending stream of powerful technologies
that make life better. 3M is the innovation company that never stops
inventing. With $30 billion in sales, 3M employs about 84,000 people
worldwide and has operations in more than 65 countries. For more
information, visit www.3M.com
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