Medallion, a San Francisco-based healthcare infrastructure company, secured $43 million in new funding to expand its AI-powered platform and launch CredAlliance, a national clearinghouse designed to streamline provider credentialing. The round was led by Acrew Capital with participation from Washington Harbour Partners, Sequoia Capital, GV, Spark Capital, NFDG and others. It brings Medallion’s total funding to $130 million.
Medallion’s platform replaces manual workflows in the healthcare back-office with intelligent automation, supporting credentialing, enrollment, onboarding and compliance for about 1 million providers. The company said its technology eliminates hundreds of thousands of hours in administrative work annually.
With CredAlliance, payers can rely on a single shared infrastructure to verify providers once and syndicate the results across networks, avoiding redundant processes that cost the system an estimated $1.2 billion a year, according to Medallion. The clearinghouse is already live with several major national payers, enabling real-time verification that cuts onboarding times and speeds access to care.
Medallion will use the new funding to scale CredAlliance, expand its automation capabilities across state- and payer-specific workflows and grow its go-to-market partnerships. The company reported 106 percent growth in annual recurring revenue and said its technology now supports access to care for an estimated 240 million patients across the U.S.
