AI SaaS Start-Up RapidClaims Raises $8M to Expand Healthcare Automation

RapidClaims, an AI-powered SaaS start-up, has secured USD 8 million in Series A funding, led by Accel with participation from Together Fund, in addition to a previously unannounced USD 3 million seed round.

Together Fund led the most recent fundraising round for the NYC-based startup, with participation from angel investors such as Oscar Benavidez (Massachusetts General Hospital), Matthew Zubiller (former CEO of e4health), Ankit Jain (CEO of Infinitus), and Sachin Jain (a prominent healthcare leader).

The healthcare-focused firm plans to utilize the new capital to accelerate its go-to-market (GTM) operations while simultaneously enhancing its technology stack and product capabilities. Additionally, a portion of the funding will be allocated to expanding the startup's sales and marketing teams, thereby facilitating further growth.

Dushyant Mishra, CEO and Founder of RapidClaims said, “We are live with more than 25 specialties and have achieved high autonomous accuracy in over 20 of those, a level of performance that’s simply unheard of in the market."

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RapidClaims Financials

RapidClaims was established in 2023 by Dushyant Mishra, Abhinay Vyas, and Jot Singh. The start-up offers healthcare providers an AI-powered revenue cycle management platform that automates processes such as patient registration, insurance verification, and claim submission.

RapidCode delivers an independent coding solution, while RapidCDI supports healthcare organizations in enhancing clinical documentation. Concurrently, the startup's RapidScrub service aids businesses in detecting and rectifying issues in claims, thereby reducing denials and preventing revenue loss.

“Our client base spans the largest FQHCs and physician groups to the outpatient and ambulatory surgery arms of major health systems, and our multi-specialty, off-the-shelf AI solution sets us distinctly apart from narrow, specialty-focused tools,” said RapidClaims cofounder and CEO Mishra.

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According to the announcement, RapidClaims plans to extend its operations into the claim adjudication and end-of-revenue cycle segments. The startup asserts that it has experienced a sixfold expansion over the past four months and currently caters to a "double-digit" client base.

RapidClaims is aiming to achieve a fivefold growth in the upcoming quarters and is engaged in discussions to onboard additional healthcare groups to its platform.

RapidClaims asserts that it has achieved sixfold growth within a single year, boasting a double-digit client base that encompasses prominent physician organizations and federally designated health centers. The company aims to expand fivefold in the forthcoming quarters and is currently negotiating with major healthcare organizations.

RapidClaims plans to leverage this funding to enhance its sales and marketing operations and further develop its product capabilities, projecting an eightfold increase by 2025. The startup offers a risk-free pilot program, enabling healthcare providers to evaluate its transformative AI technology.