3M acquires CodeRyte Inc.
April 10, 2012 in Medical Technology
ST. PAUL, MN – Aiming to advance its suite of documentation and coding technologies, 3M has acquired Bethesda, Md.-based CodeRyte, which develops clinical natural language processing and computer-assisted coding tools.
“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.”
[See also: 3M and Nuance deliver computer-assisted physician documentation.]
The 3M 360 Encompass System seeks to addresses the inefficiencies of multiple clinical documentation and coding workflows in the wake of healthcare reform, new quality reporting requirements, and ICD-10.
CodeRyte’s product line includes CodeAssist, CodeComplete and DataScout. The tools are meant to help physicians and coders deliver fast, accurate and complete coding information immediately 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.
[See also: 3M launches online ICD-10 training.]
“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. Terms of the acquisition were not disclosed.
Article source: http://www.healthcareitnews.com/news/3m-acquires-coderyte-inc