3M acquires CodeRyte
ST. PAUL, Minn. – April 10, 2012 – 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.