Medical licensing and credentialing platform Medallion raised $43 million in a new funding round led by Acrew Capital.
The round, which brings Medallion's total raise to $130 million, included participation from Washington Harbour Partners, Sequoia Capital, GV, Spark Capital and NFDG.
WHAT IT DOES
The company's platform automates credentialing, provider enrollment and monitoring.
It also centralizes, automates and syncs provider data in real time with the aim of eliminating manual work, ensuring compliance and keeping the network up to date.
Alongside the funding, Medallion launched CredAlliance, a clearinghouse for provider credentialing, which aims to streamline the process.
According to the company, instead of each payer running separate credentialing workflows, CredAlliance allows participating organizations to streamline re-credentialing for overlapping providers in their network.
The company will use the funds for state-provider and payer-specific workflows and invest in go-to-market teams and alliances to hasten growth across health systems, provider groups and plans.
The funds will also be used to expand the CredAlliance clearinghouse and onboard new payer participants.
"In a system where inefficiency and clinician burnout are systemic, our mission is to eliminate the operational waste that stands in the way of care," Derek Lo, CEO and founder of Medallion, said in a statement.
"This funding allows us to double down on our AI automation platform and launch CredAlliance, our credentialing clearinghouse that makes verification truly scalable."
THE LARGER TREND
In 2022, Medallion raised $35 million in a Series C funding round led by Spark Capital and GV.
The round included participation from Salesforce Ventures, Sequoia Capital, Optum Ventures, BoxGroup and Elad Gil.
Medallion also announced a $30 million Series B raise in November 2021 and $20 million in Series A funding in June of the same year.
Another company in the medical licensing and credentialing space is SteadyMD, which in 2022 acquired BlocHealth, a clinician licensing and credentialing platform. The company also offers telehealth services as well as tools to assist with clinical workforce and operations.
