Acquisition of NLP Technology will Advance 3M Documentation and Coding Solutions
ST. PAUL, Minn. - 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.
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"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 or follow @3MNews on Twitter.
Media Contact:
Donna Fleming Runyon, 3M
(651) 736-7646
Investor Contacts:
Matt Ginter, 3M
(651) 733-8206
Bruce Jermeland, 3M
(651) 733-1807
