What You Should Know:
– RapidClaims, a healthcare technology startup focused on automating medical coding and reducing claim denials, has officially exited stealth mode after securing a $3.1M seed funding round. The seed round was led by Together Fund, a $250 million global SaaS 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, Mass General), Ankit Jain (Founder & CEO of Infinitus), and Sachin Jain (President & CEO of Scan Health) among others.
– The company aims to address a major pain point for healthcare organizations, who lose billions annually due to denied claims caused by coding errors and delayed submissions.
The Problem of Claim Denials
Healthcare organizations face significant financial losses up to $256B due to denied claims, often caused by coding errors and delays. RapidClaims identifies coding errors as the primary culprit (40%), followed by late submissions (35%). These denials strain already tight budgets and create administrative burdens.
RapidClaims’ Solution
Led by Dushyant Mishra (CEO), Jot Sarup Sahni (CPTO), and Abhinay Vyas (CDO), RapidClaims leverages AI and automation to streamline the medical coding process and improve accuracy. Their three core products address different needs:
RapidCode: Fully automates medical coding, eliminating manual errors and improving efficiency.
RapidAssist: Assists human coders by identifying documentation gaps and suggesting appropriate codes, boosting productivity.
RapidRisk: Calculates risk-adjusted coding scores and pinpoints areas for improvement, ensuring accurate reimbursement.
Market Potential and Traction
The growing complexity of coding regulations, coupled with the increasing adoption of AI in healthcare, creates a fertile market for RapidClaims. The company has already secured six pilot programs within two months of launching their beta product and has five more in the pipeline.