3M purchases healthcare informatics firm CodeRyte

3M has agreed to acquire the Maryland-based informatics company CodeRyte, a leading provider of clinical natural language processing (NLP) technology and computer-assisted coding solutions for the healthcare industry.

The company, which employs around 130 people, is responsible for creating products such as CodeAssist, CodeComplete and DataScout, which help physicians and coders to deliver fast and accurate coding information.

More than 60 3M clients have already benefited from the use of CodeRyte technology thanks to a pre-existing partnership between the two companies that commenced in 2009.

Following the acquisition, 3M will be able to incorporate NLP technology into its new 3M 360 Encompass System.

Jon Lindekugel, vice-president and general manager for 3M Health Information Systems, said: "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."

According to the company's most recent financial report, 3M saw its annual global sales rise by 11.1 percent during the 2011 business year.