3M Buys Tech Firm CodeRyte For Undisclosed Price
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MINNEAPOLIS (AP) — 3M Co. said Tuesday that it has acquired CodeRyte Inc., a privately held technology firm that provides computer-assisted coding solutions for health care outpatient providers.
Terms of the deal were not disclosed.
CodeRyte helps physicians and coders deliver coding information immediately through its natural language processing (NLP) technology. Its products include CodeAssist, CodeComplete and DataScout.
The company, which is based in Bethesda, Md., employs about 130 people. Since 2009, CodeRyte has worked with 3M to bring its computer-assisted coding technology to more than 60 clients of the St. Paul, Minn.-based manufacturing conglomerate.
More than 5,000 hospitals worldwide use 3M coding solutions to code and group patient date for decision support, quality measurement, and reimbursement.
Shares of 3M have traded in a 52-week range of $68.63 to $98.19 per share.