RAAPID Secures Major Funding from Microsoft Fund to Enhance AI
RAAPID Secures Investment from M12 for Healthcare AI Growth
Company reports 300% revenue growth in 2024 while partnering with leading health systems
RAAPID, a frontrunner in healthcare AI, has made headlines with a substantial Series A investment from M12, Microsoft's venture fund. This strategic funding will empower RAAPID to enhance its innovative Neuro-symbolic AI platform, which is transforming the landscape of healthcare risk adjustment.
The company’s remarkable journey manifests in a staggering 300% revenue growth in 2024, marking strong market validation for its top-tier technology. RAAPID has swiftly become a trusted ally for major health plans and providers. Central to its success is the groundbreaking VisionAI technology that addresses a significant challenge in healthcare: interpreting unstructured medical data. It’s noteworthy that more than 70% of medical records are unstructured when shared outside of Electronic Health Records (EHRs), and RAAPID's AI engine adeptly converts this complex information into actionable insights. This capability enables exceptional accuracy in risk capture and identifies care gaps.
“Our vision ranges far beyond conventional risk adjustment,” says Chetan Parikh, Founder and CEO of RAAPID. “We aspire to create a future wherein AI enhances healthcare professionals' abilities, thereby improving patient outcomes and ensuring accurate reimbursements. The investment from M12 amplifies our mission to revolutionize healthcare through cutting-edge AI technology.”
RAAPID’s specialized Risk Adjustment platform has delivered impressive results, including:
Outstanding Achievements of RAAPID's Platform
- Reducing chart review times by 60-80%
- Exceeding industry standards with over 95% coding accuracy
- Generating additional compliant revenue per member
- Enhancing risk capture accuracy by 25%
The platform, which is HITRUST-certified, distinguishes itself with its unique Neuro-symbolic AI methodology. This approach integrates neural networks with a comprehensive medical knowledge graph, which boasts over 4 million clinical entities and 50 million relationships. By doing so, it facilitates both retrospective analysis and prospective risk adjustment, allowing healthcare organizations to identify and address care gaps—ultimately benefiting patient health outcomes.
“As healthcare organizations increasingly seek innovative strategies to manage risk and enhance care delivery within value-based frameworks,” remarked Todd Graham, Managing Partner at M12, “RAAPID’s AI-driven risk adjustment solution fits seamlessly with our investment direction. Through our collaboration with M12, we are dedicated to providing our portfolio companies with robust access to Microsoft's resources and expertise to make a significant impact in the healthcare industry.”
With a team boasting over 25 years of experience in healthcare technology, RAAPID has collaborated with experts from the top tech giants to refine its clinical AI solutions. The recognition as an M12 portfolio company underscores RAAPID's pivotal role as a leader in healthcare technology innovation.
As the trend toward value-based care continues to gain traction, RAAPID's AI-powered solutions are increasingly perceived as essential tools for healthcare organizations striving to enhance the timeliness and quality of care that patients rightfully expect. With this latest round of funding, RAAPID is well-positioned to further advance its technologies and broaden its positive effects on patients, providers, and payers.
About RAAPID
RAAPID specializes in AI-driven solutions for healthcare payers, providers, and support organizations. The cloud-based risk adjustment platform utilizes neuro-symbolic AI to identify chronic conditions, ascertain Hierarchical Condition Category (HCC) codes, compute risk scores, and analyze population health trends. RAAPID engages with organizations involved in Medicare Advantage, ACA, Medicare ACO, and Medicaid programs.
For more details about RAAPID’s innovative AI solutions for risk adjustment, please visit www.raapidinc.com.
CONTACT:
Mayur Vyas
(502) 699-3044
SOURCE RAAPID
Frequently Asked Questions
What type of funding did RAAPID receive?
RAAPID received a significant Series A investment from M12, Microsoft's venture fund.
What is the purpose of RAAPID's platform?
RAAPID's platform uses AI technology to identify chronic conditions and improve healthcare risk adjustment.
How much revenue growth did RAAPID achieve?
RAAPID reported an impressive 300% revenue growth in 2024.
What makes RAAPID’s technology stand out?
RAAPID’s unique Neuro-symbolic AI approach combines neural networks with a vast medical knowledge graph, enhancing accuracy in healthcare.
Which sectors do RAAPID’s clients belong to?
RAAPID serves organizations in Medicare Advantage, ACA, Medicare ACO, and Medicaid programs.
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