3M Buys Health-Care Tech Firm CodeRyte
3M Company announced Tuesday that it has acquired CodeRyte, Inc., a Bethesda, Maryland-based firm that provides language processing and coding technology to health care providers.
Maplewood-based 3M did not disclose the financial terms of the acquisition.
CodeRyte's product line includes coding tools that are meant to transform physicians' narrative descriptions of diseases, injuries, and health care procedures into numeric or alphanumeric codes. According to 3M, CodeRyte's products use advanced natural language processing technology (NLP) that make them fast and accurate.
CodeRyte employs approximately 130 people at its headquarters in Bethesda. Every year since 2007, the company has appeared on Inc. magazine's list of the 5,000 fastest-growing private companies in the United States.
3M has worked with CodeRyte since 2009 to bring CodeRyte's computer-assisted coding technology to more than 60 of 3M's clients. 3M offers coding solutions to more than 5,000 hospitals worldwide through a health information and documentation platform called the 3M 360 Encompass System.
“This acquisition allows us to apply CodeRyte's leading-edge NLP technology to our new 3M 360 Encompass System,” Jon Lindekugel, vice president and general manager of 3M's health information systems division, said in a statement. “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.”
3M is Minnesota's fifth-largest public company based on revenue, which totaled $29.6 billion in 2011. The company employs about 84,000 worldwide and has operations in more than 65 countries.