3M Acquires CodeRyte
3M announced that it has acquired CodeRyte, a provider of clinical natural language processing (NLP) technology and computer-assisted coding solutions for health care outpatient providers. Terms of the transaction were not disclosed.
CodeRyte helps physicians and coders deliver fast, accurate and complete coding information through its advanced NLP technology. 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 Lindekugel, vice president and general manager, 3M Health Information Systems. “We believe CodeRyte’s NLP engine combined with 3M’s 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.
“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,” Andrew Kapit, CEO at CodeRyte, said. “Together, we can create change at the pace the nation needs.”