糖心视频

is out to reduce the amount of administrative work health care providers do so they can spend more time with patients. The San Francisco-based startup, which was founded in 2020 and just raised $20 million in new funding, is starting with medical licensing and credentialing.

Subscribe to the Crunchbase Daily

The company鈥檚 platform provides an automated way to enable health care organizations to license their providers in new states, verify and monitor credentials, and achieve in-network coverage with insurance payers.

led the investment, with , and , as well as a group of individual investors, including Tom Lee, , , , Daniel Gross, Peter Reinhardt, , , and the founders of , , and also participating in the round.

The investment includes both a $3 million seed and $17 million Series A, according to Medallion founder and CEO .

The company has signed prominent clients in the health care sector, including Ro, and .

鈥淲e will continue executing on our road map and have some exciting new automations coming out soon, as well as building out our go-to-market team to scale,鈥� Lo said.

He said he came up with the idea for Medallion while visiting last year with , CEO of telehealth startup Ro, who expressed pain points in managing medical licensing and how antiquated the process was.

鈥淚t was an inception moment for me, and we launched a couple months after that,鈥� Lo added.

Health care professionals need to hold a medical license for the state in which they practice, but for telemedicine purposes, in order to prescribe medication to someone they need a license in the state in which the patient resides. According to Lo鈥檚 research, just 14 U.S. physicians held licenses in all 50 states as of 2018.

鈥淢edallion alone is licensing several dozen physicians and nurse practitioners in all 50 states currently,鈥� he said.

More than . Since being founded in 2020, the company鈥檚 revenue has tripled quarter over quarter, according to Lo. He estimates Medallion鈥檚 platform has saved its customers 80,000 administrative work hours, based on an average of 15 hours to complete paperwork manually and another 10 hours on the insurance side per enrollment.

Lo said the funding will be used to grow Medallion鈥檚 team. The startup currently has 30 full-time employees and plans to double that over the next year. Lo is also looking at R&D, go-to-market and operations as other areas to invest in.

As part of the investment, , an investor at Spark Capital, is joining Medallion鈥檚 board.

This investment is Sandman鈥檚 second health care investment, and she was also involved in Spark鈥檚 funding of , which is developing infrastructure for health insurance. She said she considers Medallion similar to Noyo in that it is building infrastructure, but for the digital health space.

She found Lo to be 鈥渟uper sharp,鈥� and with Optum Ventures joining the round, Sandman said he is in a good position to execute on his longer term vision.

鈥淭he health care industry as a whole is going through a strong transformation, and every specialty is being reimagined,鈥� Sandman said in an interview. 鈥淭he problem Medallion is trying to solve is one that is ripe for technology and innovation so that it is just as easy to hire a provider as it is to hire an employee.鈥�

Illustration: