Healthcare has always been great at one thing: drowning innovation in paperwork. Try credentialing a doctor the old way and you’ll see why medical teams spend more time chasing faxes than treating patients. Derek Lo saw that circus in action and decided the only way forward wasn’t more hands, it was sharper brains, powered by AI. That was the birth of Medallion back in 2020, and five years later the company just raised $43 million in fresh capital led by Acrew Capital, with Washington Harbour Partners, Sequoia Capital, GV, Spark Capital, and NFDG stacking in behind them. That brings Medallion’s total raise to $130 million. The valuation sits at roughly $440 million, but the bigger number is this: 1 million providers already rely on Medallion, which covers about 10 percent of the U.S. healthcare workforce. That reach touches 240 million patients. Credentialing may sound like a back-office chore, but at this scale it’s national infrastructure.
The numbers don’t lie. Provider onboarding that used to drag on for eight days now takes under two hours. Enterprise recurring revenue is up 106 percent. More than 250 health systems, payers, and virtual care innovators, names like Tampa General Hospital, Oak Street Health, CareSource, Headspace, and Ginger, have signed on. Medallion isn’t just greasing the wheels; it’s rewiring the machine. With CredAlliance, the company’s national clearinghouse, they’ve introduced something this industry never thought possible: a shared credentialing infrastructure that scales across payers. That’s like getting Wall Street to agree on lunch plans, except it saves healthcare a piece of the $1.2 billion burned annually on redundant credentialing.
None of this happens without a leadership team that knows how to grind and scale. Derek Lo drives as Founder and CEO, Eric Johnston steers Finance and Strategy, Christine Chiu runs Operations, Lauren Mitri Abalos sharpens the narrative as VP of Marketing, and Adrianna De Battista pulls talent into the orbit. Add in voices like Scott Turkow on strategic partnerships and Armaan Sarkar pushing engineering, product, and design, and you see why investors like Andrew Reed from Sequoia and George Pantazopoulos from Optum Ventures are doubling down.
This raise is fuel to expand Medallion’s AI automation across thousands of payer, state, and provider-specific workflows while scaling CredAlliance and pushing new offerings like Privileging, Integration Engine, and CAQH Management. It’s about speed, trust, and precision. In a market where four million providers need credentialing and compliance just to keep care moving, Medallion is not nibbling at inefficiency, it’s cutting it out like a surgeon who actually read the chart.
