Inside Medallion: From 2017 to Now Into a $85 million business
Founders: Derek Lo, Chris Trew, Wilson Algarra
Founded Year: 2017
Investors: Sequoia Capital, Spark Capital, Optum Ventures
Funding Raised: $85 million
What Is the business model of Medallion?
Healthcare infrastructure startup that automates the credentialing, licensing, and compliance process for medical providers and telehealth companies, charging enterprise clients for its software and services
How Medallion got started?
Founded in 2017, Medallion was inspired by the founders’ observations of tedious manual credentialing in telemedicine, they built a platform to streamline provider credentialing and licensing across states, filling a crucial need as telehealth rapidly expanded
what growth strategy has Medallion followed?
Secured major insurer clients by showing significant reductions in turnaround time for authorizations, grew through a B2B sales strategy targeting Medicare Advantage plans and large carriers, and by expanding its platform to cover more specialties and procedures, delivering clear ROI to customers
what are the top products/features of Medallion
Medallion credentialing platform, state medical licensing service, payer enrollment and monitoring tools
what was the biggest challenge faced by Medallion?
Convincing large health insurance companies to trust and adopt an AI-driven system for utilization management, which is traditionally very risk-averse, and demonstrating reduced costs and faster service without increased medical risk