RapidClaims comes out of stealth with $3.1 million to deal with healthcare declare denials with AI
What you need to know:
– RapidClaims, a healthcare expertise startup targeted on automating medical coding and decreasing declare denials, has formally exited stealth mode after elevating a $3.1 million seed funding spherical. The seed spherical was led by Collectively Fund, a $250 million world SaaS fund, with participation from Higher Capital, Neon Fund, Peercheque and DeVC, with angels and advisors drawn from main US healthcare organizations, together with Oscar Benavidez (Govt Director, Mass Normal) , Ankit Contains Jain (Founder and CEO of Infinitus) and Sachin Jain (President and CEO of Scan Well being).
– The corporate goals to deal with a significant ache level for healthcare organizations, which lose billions yearly as a result of denied claims as a result of coding errors and delayed submissions.
The issue of declare denials
Healthcare organizations face vital monetary losses of as much as $256 billion as a result of denied claims, typically attributable to coding errors and delays. RapidClaims identifies coding errors as the highest offender (40%), adopted by late submissions (35%). These refusals put stress on already tight budgets and create administrative burdens.
The RapidClaims answer
Led by Dushyant Mishra (CEO), Jot Sarup Sahni (CPTO) and Abhinay Vyas (CDO), RapidClaims leverages AI and automation to streamline the medical coding course of and enhance accuracy. Their three core merchandise handle completely different wants:
RapidCode: Utterly automates medical coding, eliminating guide errors and enhancing effectivity.
RapidAssistant: Helps human programmers by figuring out gaps in documentation and suggesting applicable codes, growing productiveness.
RapidRisk: Calculates risk-adjusted coding scores and pinpoints areas for enchancment, guaranteeing correct reimbursement.
Market potential and traction
The rising complexity of coding rules, coupled with the growing adoption of AI in healthcare, is making a fertile marketplace for RapidClaims. The corporate has already secured six pilot packages inside two months of launching their beta product and has 5 extra within the pipeline.