--News Direct--
RAAPID, a Louisville-based healthcare technology company, raised its Series A funding round from M12, Microsoft Venture Fund. The investment aims to expand the deployment of end-to-end AI-powered risk adjustment solutions in healthcare, addressing the challenge of processing unstructured medical data.
RAAPID’s proprietary VisionAI technology ingests, normalizes, and converts structured and unstructured data into machine-readable, machine-understandable, and machine-consumable formats. This enables healthcare organizations to better manage prospective risk adjustment and value-based care initiatives. The AI-powered solution streamlines both pre-visit analysis and retrospective reviews, helping organizations optimize their risk adjustment programs. The company reports its technology can reduce chart review time by over 60% while maintaining 95% coding accuracy.
The investment comes when healthcare organizations increasingly seek solutions to manage risk in value-based care arrangements. RAAPID's technology serves organizations participating in Medicare Advantage, ACA, Medicare ACO, and health systems.
"This investment from Microsoft validates our mission to transform risk adjustment in healthcare through purpose-built AI technology," said Chetan Parikh, Founder and CEO of RAAPID. "Working with Microsoft's venture arm will accelerate our ability to dramatically impact the inherent inefficiencies of unstructured clinical records within risk adjustment to liberate more payers and healthcare organizations to accurately capture patient risk and improve the timeliness of clinical care- the foundation of value-based care."
The platform's capabilities address a significant industry challenge, as more than 70% of medical records are currently only available as human-readable unstructured data. This format often leads to coding errors and inconsistent capture of reimbursement information.
RAAPID's solution integrates with existing electronic health record systems, focusing on improving operational efficiency in data processing and analysis. The company's technology aims to enhance coding compliance, reduce errors, and optimize return on investment for healthcare organizations.
The healthcare technology sector has seen increased interest from venture capital firms, particularly in solutions that address the growing adoption of value-based care models. This investment signals continued momentum in developing AI healthcare administration and risk management applications.
M12 (Microsoft Venture Fund), which focuses on enterprise software companies emphasizing applied AI and business applications, adds RAAPID to its portfolio of healthcare technology investments. The venture fund's backing includes access to Microsoft's broader ecosystem, which could accelerate RAAPID's market expansion in the healthcare risk adjustment space.
Contact Details
RAAPID INC
Mayur Vyas
Company Website
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