To expand, RapidClaims, a company that helps physicians and hospitals get paid more quickly, has raised $11 million. The funding consists of $3 million from previous investors like Together Fund and well-known healthcare companies, as well as $8 million in a new round headed by Accel.
The money raised will be used to improve the product and hire more staff.
Artificial intelligence (AI) is used by RapidClaims to avoid billing errors, which frequently result in payment delays. Before sending bills to insurance companies, its tools assist medical staff in accurately coding procedures, filling in information gaps, and identifying mistakes. By doing this, hospitals can save up to 70% on expenses and prevent claim denials.
More than 15 hospital record systems can be readily connected to the platform, which currently supports 25 medical specialties. Most hospitals can begin using it within a few weeks, according to the company, which claims that it is quick to set up. In contrast to more data-intensive older systems, RapidClaims can be rapidly customized with a small number of examples.
Recently, Accel announced two $650 million funds: one aimed at early-stage companies in Southeast Asia and India, and another that targets cybersecurity and artificial intelligence projects in Europe and Israel. Among its most recent investments are Sarla Aviation, ApnaMart, Nabhdrishti, BPR Hub, and Spinny.
