RapidClaims, a startup helping hospitals and doctors receive payments faster, has raised $11 million to expand its operations. The funding includes an $8 million investment in a new round led by Accel, with an additional $3 million coming from previous backers like Together Fund and leading healthcare investors.
The company plans to use the fresh capital to enhance its AI-driven platform and grow its team. RapidClaims leverages artificial intelligence to streamline medical billing by reducing errors that often cause payment delays. Its technology assists medical staff in accurately coding procedures, identifying missing information, and detecting potential claim rejections before submission. This helps hospitals cut administrative costs by up to 70%.
Currently, the platform supports over 25 medical specialties and integrates seamlessly with more than 15 hospital record systems. RapidClaims also boasts a quick onboarding process, allowing most hospitals to go live within weeks. Unlike traditional billing solutions that require extensive datasets, its AI models adapt swiftly using only a few examples.
The funding comes at a time when Accel is actively investing in high-growth sectors. The firm recently announced two $650 million funds—one dedicated to early-stage startups in India and Southeast Asia, and another targeting AI and cybersecurity ventures across Europe and Israel. Accel’s latest portfolio additions include Spinny, ApnaMart, Nabhdrishti, BPR Hub, and Sarla Aviation.
With this new capital, RapidClaims aims to further optimize healthcare payments, reducing inefficiencies and ensuring hospitals receive their reimbursements faster.
