Medallion, an artificial intelligence-powered platform provider that automates manual back-office management duties, today announced it has raised $43 million in new funding.

The funding round was led by Acrew Capital, with participation from more than a half-dozen investors, including Washington Harbour Partners, Sequoia Capital, GV, Spark Capital and NFDG. With this cash injection, the company has raised more than $130 million to date.

The company provides AI-enabled infrastructure that replaces manual workflows for healthcare organizations, automating credentialing, enrollment and compliance management. These are traditionally time-consuming, repetitive tasks that require reading paperwork, cross-checking sources and then inputting data among multiple systems.

The company said it works as a unified system of record for provider data that allows customers to verify credentials, stay in-network and connect patients with providers more efficiently. “In a system where inefficiency and clinician burnout are systemic, our mission is to eliminate the operational waste that stands in the way of care,” said founder and Chief Executive Derek Lo.

Lo also announced, alongside the funding, that the company is launching CredAlliance, a shared credentialing infrastructure system for payers.

Credentialing is the process by which new healthcare employees are evaluated to ensure they’re suitable for working in a specific setting by reviewing their qualifications. It requires verifying and validating education, training, licensing and experience and more to ensure that they meet the necessary standards for the field and jurisdiction. It’s a complicated legal process that involves many moving parts, background checks, personnel and even malpractice insurance.

With the new product, instead of requiring a healthcare plan to repeat the same onboarding process for each provider — doctor, nurse, technician and the like — which duplicates effort, the service verifies providers once and then syndicates the results across a network. According to the company, this redundant work costs the healthcare system more than $1.2 billion annually.

In the United States, there are more than 4 million providers, each contracted with an average of 19 payers, netting out to more than 25 million credentialing events annually. This company says this generates a tremendous amount of duplication of effort. In addition to the duplication, each event requires the collection of data, file creation, and human input such as committee oversight — all of which add to the total cost.

“Medallion is delivering what the healthcare industry has needed for years: a scalable, intelligent infrastructure layer that automates the administrative burden behind care delivery,” said Vishal Lugani, co-founder and general partner of Acrew Capital.

The company said using its solutions, it can onboard providers more than 40 times faster than traditional processes, cutting time from eight days to under two hours. The company also introduced advanced automations, including AI phone agents and tools that allow the ingestion of data without human intervention.

CredAlliance is already available and live with major national healthcare payment providers and insurance networks. Some of the company’s customers for the new system include CareSource, a health insurance network that covers more than 2 million people, and Valor Health Plans, a Medicare Advantage health insurance plan that specializes in nursing home care.

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