We're excited to announce our investment in Rapid Claims, a company transforming healthcare revenue cycle management (RCM) with their AI-powered platform.
In the U.S., managing healthcare revenue is a $137 billion challenge, with frequent claim denials and administrative inefficiencies costing the system an estimated $125 billion annually. Rapid Claims tackles this issue by leveraging AI and automation to overhaul the RCM process, reducing errors in coding, billing, and claim submissions.
Rapid Claims simplifies the healthcare revenue cycle end-to-end. Their platform integrates with electronic health record (EHR) systems, handles real-time insurance eligibility checks, and automates claim processing. This reduces manual errors, speeds up approvals, and ultimately improves financial outcomes for healthcare providers. Patients also benefit from clearer billing and more accurate cost estimates, enhancing transparency and trust.
At the helm of Rapid Claims is a team of three IIT Kharagpur alumni with a strong blend of healthcare, technology, and venture capital expertise. Dushyant Mishra (CEO) has extensive experience in healthcare operations, having led commercial operations at Abbott Healthcare. Jot Sarup Sahni (CPTO) has a background in engineering and product management, with roles at Goldman Sachs and Postman. Abhinay Vyas (CDO) brings a deep understanding of AI and data science from his time at Novartis and Phable Care.
Our investment in Rapid Claims is driven by several compelling factors. The U.S. healthcare RCM market presents a significant opportunity for optimization and disruption, and Rapid Claims is well-positioned to capitalize on this with their holistic approach. By covering every aspect of the RCM workflow, from medical coding to patient billing, and leveraging AI to eliminate inefficiencies, Rapid Claims is poised to make a substantial impact. Their technology-driven platform, which employs AI, robotic process automation (RPA), and API integrations, simplifies traditionally error-prone processes. Moreover, the company is led by a proven team with extensive experience across healthcare, technology, and venture capital.
With a $3 million seed round led by Together Fund and Day Zero’s support, Rapid Claims is ready to scale and make a significant impact in the healthcare industry.
If you're a healthcare provider looking to streamline your revenue cycle and improve financial outcomes, discover how Rapid Claims can help at rapidclaims.ai.