Health

Digital health startup Medallion raises another $30M


Digital infrastructure startup Medallion raised $30 million from buyers together with UnitedHealth Group’s enterprise arm and key figures from Cityblock, Oscar Well being and Roivant Sciences, the corporate announced Wednesday.

Medallion, which gives providers that automate clinician licensing and insurance coverage community compliance duties for digital well being corporations, provides that new Sequence B cash to the $20 million it beforehand raised sinced its founding in 2019. The San Francisco-based firm is valued at $200 million, CEO Derek Lo stated.

Traders within the newest spherical embrace Oscar Well being CEO Mario Schlosser, Cityblock Well being CEO Iyah Romm and Stripe Chief Product Officer Will Gaybrick. UnitedHealth Group’s Optum Ventures, which participated within the Sequence A spherical, made an extra funding throughout the Sequence B. Sequoia Capital is the lead investor within the newest spherical and companion Andrew Reed will be a part of Medallion’s board. Earlier buyers embrace executives from GitHub and Phase and former San Francisco 49ers quarterback Joe Montana.

“The largest [return on investment] is not velocity, it is having found out easy methods to run all these processes effectively,” Lo stated. “That permits our purchasers to extra predictably and reliably get to market quicker, and that may be thousands and thousands of {dollars} in ROI. As a result of if a program or a brand new market launch is delayed by even a month, that may actually be thousands and thousands of {dollars} of income misplaced.”

Medallion was born from a telehealth increase that continues. Through the first three quarters of this yr, telehealth firms raised $6.6 billion in funding, based on knowledge from Fashionable Healthcare’s Digital Health Business and Technology.

The corporate got here into being simply in time for the COVID-19 pandemic to make digital drugs extra widespread. Over the previous yr, Medallion’s clients have quadrupled to almost 100, and embrace startups akin to Firefly Well being, Carbon Well being and Ginger. The corporate’s income has quintupled, Lo stated. In 2022, Medallion goals to triple its income, he stated.

Now, Medallion is aiming to broaden past digital well being to incumbent healthcare payers and suppliers by advertising itself as an information-management platform. “Each single supplier that desires to see coated lives needs to be in-network with insurance coverage payers, and that is the overwhelming majority of clinicians in all the nation.”

Infrastructure startups centered on streamlining the insurance coverage business have more and more gained traction in digital well being.

Insurer MVP Health Care invested an undisclosed sum in October to launch Belong Well being, “a built-for-purpose firm” that entered the market to assist regional payers supply Medicare Benefit and Particular Wants Plans.

Digital well being startup nirvanaHealth final month launched Aria Medicare, a cloud-based platform that goals to function a one-stop store for well being plans seeking to get into the fast-growing and profitable privatized authorities program for seniors. Aria Medicare markets itself as “Medicare Benefit-in-a-box” and runs on Amazon’s cloud.

Firefly Health introduced ib October that it is reworking its digital main care supplier providers to a digital-first well being plan for small- to medium-sized employers seeking to sidestep conventional insurance coverage.



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