Medallion, an artificial intelligence platform provider focused on healthcare automation, secured $43 million in new funding. Acrew Capital led the round, bringing Medallion's total funding to over $130 million.
The company automates manual back-office duties for healthcare organizations. It streamlines credentialing, enrollment, and compliance management. Medallion's platform delivers essential healthcare automation.
Medallion Launches CredAlliance for Payers
Medallion also introduced CredAlliance, a shared credentialing infrastructure system for payers. This new service verifies healthcare providers once. It then syndicates results across a network, reducing duplication.
Redundant credentialing efforts cost the healthcare system over $1.2 billion annually.
The United States has more than 4 million providers. Each contracts with an average of 19 payers, creating over 25 million annual credentialing events. Medallion's solution significantly cuts this administrative burden.
Medallion's platform onboards providers over 40 times faster than traditional processes. It reduces onboarding time from eight days to under two hours. The company also implemented advanced workflow automation, including AI phone agents and data ingestion tools.
CredAlliance is currently live with major national healthcare payment providers. Customers include CareSource and Valor Health Plans. Competitors in this space include VerityStream and Modio Health.
