RapidClaims, an AI-driven revenue cycle management (RCM) platform, has raised $8 million in a Series A funding round led by Accel with participation from Together Fund, a $250 million global SaaS fund.
The fresh funds raised will be used to accelerate its go-to-market initiatives and enhance its AI-powered claim denial prevention technology. The funds will be to expand its sales and marketing teams and accelerate growth.
Previously in February 2024, RapidClaims raised $3 million in its seed funding round led by Together Fund, with participation from Better Capital, Neon Fund, Peercheque, DeVC with angels and advisors coming from prominent US healthcare organizations including Oscar Benavidez (Executive Director, Massachusetts General Hospital, Matthew Zubiller (ex-CEO, e4health), Ankit Jain (Founder & CEO of Infinitus), and Sachin Jain (President & CEO of Scan Health) among others.
“We are live with more than 25 specialties and have achieved high autonomous accuracy in over 20 of those—a performance level unheard of in the industry. Our multi-specialty AI solution offers a distinct advantage over narrow, specialty-focused tools, and we plan to expand into claim adjudication and the end-revenue cycle,” said Dushyant Mishra, Founder and CEO of RapidClaims.
“It’s remarkable to see how quickly RapidClaims has scaled in a market as complex as healthcare, reducing implementation timelines from months to mere weeks. We are thrilled by their vision to empower provider systems through deep disruption of RCM workflows and costs. The customer love we have seen is phenomenal, and we think it is just the beginning,” said Manasi Shah, Investor at Accel.
“Revenue cycle inefficiencies cost the U.S. healthcare system over $250 billion annually, with claim denials forming a major share of that loss. RapidClaims has taken a truly differentiated approach to solving this problem in the mid-revenue cycle through their AI platform that stands out for its deep customizability and rapid time-to-value—traits that are exceptionally rare in healthcare technology,” said Shekhar Kirani, Partner at Accel.
Founded in 2023 by Dushyant Mishra (CEO), Jot Sarup Singh (CPTO), and Abhinay Vyas (CDO), RapidClaims is automating medical coding to help health organizations reduce claim denials from payors.
RapidClaims uses artificial intelligence (AI) to prevent billing mistakes that often lead to payment delays. Its tools help medical staff code procedures correctly, fix missing information, and catch errors before sending bills to insurance companies. This helps hospitals avoid claim denials and save money, cutting costs by up to 70%.
RapidClaims has seen 6x growth in the last four months and expects to expand 5x in the coming quarters. The company integrates with over 15 electronic health record (EHR) systems, allowing hospitals to onboard within weeks. The firm claims that its automation technology improves medical coding, clinical documentation, and claims scrubbing, enabling faster reimbursements and minimizing financial losses.
RapidClaims has unveiled three multi-specialty products:
- RapidCode: Fully autonomous medical coding, streamlining the process with end-to-end automation.
- RapidAssist: A tailored tool for medical coders designed to improve productivity by auditing charts and identifying documentation gaps, which includes a query builder and rule-set engine.
- RapidRisk: Advanced AI for risk-adjusted coding that calculates HCC and RAF scores while pinpointing opportunities for documentation improvement based on a comprehensive rule set developed in collaboration with prominent CDI leaders.
