RapidClaims Nets $8 Mn To Offer Healthcare-Focussed SaaS Tools

SUMMARY

RapidClaims’ AI-powered revenue cycle management platform helps healthcare providers automate tasks like patient registration, insurance verification, and claims submission

The startup plans to use the fresh proceeds to accelerate its GTM efforts, enhance tech stack and expand the sales and marketing teams

The enterprise tech startup also said that it raised $3 Mn in its previously unannounced seed round from Together Fund and angel investors

AI-powered SaaS startup RapidClaims has raised $8 Mn (about INR 68 Cr) in its Series A round led by Accel. The round also saw participation from Together Fund.

The healthcare-focussed startup plans to use the fresh proceeds to accelerate its go-to-market (GTM) efforts and enhance its tech stack and product capabilities. A chunk of the capital will also be utilised to expand the startup’s sales and marketing teams and accelerate growth.

In a statement, the enterprise tech startup said it also raised $3 Mn (INR 25.6 Cr) in its previously unannounced seed round. The fundraise saw participation from Massachusetts General Hospital’s Oscar Benavidez, Matthew Zubiller of e4health, Infinitus CEO Ankit Jain, Sachin Jain, among others.

Founded in 2023 by Dushyant Mishra, Abhinay Vyas, and Jot Singh, RapidClaims’ AI-powered revenue cycle management platform helps healthcare providers automate tasks like patient registration, insurance verification, and claims submission.

While RapidCode offers an autonomous coding solution, RapidCDI helps healthcare companies improve clinical documentation. Meanwhile, the startup’s RapidScrub offering helps companies identify and correct errors in claims to reduce denials and prevent revenue leakage.

“… 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.

RapidClaims, in the statement, said it now plans to expand into claim adjudication and the end-revenue cycle segments. The startup claims to have grown 6X over the past four months and cater to a “double-digit” client base.

Going forward, RapidClaims is eyeing a 5X growth in coming quarters, and is in talks to onboard multiple healthcare groups on its platform.

The startup competes with the likes of global giants such as Athenahealth, ModMed, CareCloud, Waystar, among others. RapidClaims operates in the larger global revenue cycle management (RCM) space, which is projected to become a $451.29 Bn opportunity by 2034.