RapidClaims Uses AI to Help US Healthcare Providers Address $250B in Denied Claims

RapidClaims Launches from Stealth with $3.1M Funding to Tackle the Core Issues Behind Claims Denial Healthcare organizations are turning to automation with “revenue cycle management” to protect operating margins and the increasing claim denials from the payors. Every year, close to $265B in claims made by US healthcare organizations are denied because of the way claims are coded on payor documentation and delayed submissions are two chief reasons for the denials. Coding errors account for over 40% of claim denials, while untimely submissions contribute to 35% of denials; eligibility and prior authorization being some of the other aspects playing a significant role. Addressing this pain point, RapidClaims has today emerged from stealth with a $3.1 million funding round to tackle the claims denial problem head-on with its medical coding automation module. The seed round was led by Together Fund, a $250 million global SaaS fund, with participation from Better Capital, Neon Fund, Peercheque, DeVC, and with angels and advisors coming from prominent US healthcare organizations including Oscar Benavidez, Executive Director at Mass General, Ankit Jain, Founder and CEO at Infinitus, and Sachin Jain, President and CEO at Scan Health, among others. RapidClaims is led by Dushyant Mishra, CEO, Jot Sarup Sahni, CPTO, and Abhinay Vyas, CDO, each bringing a nuanced understanding of healthcare, data science, and scaling tech products. The idea for RapidClaims originated in 2018 during Dus...
Source: EMR and HIPAA - Category: Information Technology Authors: Tags: Health IT Company Healthcare IT Abhinay Vyas Ankit Jain Better Capital DeVC Dushyant Mishra Girish Mathrubootham Health IT Funding Health IT Fundings Health IT Investment Infinitus Jot Sarup Sahni Manav Garg Mass General Neon Source Type: blogs