A platform uses technology to take care of healthcare administration
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The startup estimates it has already saved 80,000 hours of administrative work
Spotted: Telehealth is undoubtedly on the rise – catalysed by COVID-19. In 2020 the global telehealth market recorded an astonishing growth rate of 135.2 per cent. But despite its stellar success, the burden of administration remains a barrier to further growth in telehealth in the US.
US healthcare professionals who see patients in person must hold a medical licence in the state where they practice. But in the case of telemedicine, to prescribe a drug, the healthcare professional must hold a licence in the state where the patient lives. For company’s seeking national coverage, this means that their doctors must hold a licence in all 50 states – a massive administrative undertaking.
San Francisco-based health tech startup Medallion has just raised $20 million in new funding (around €17.66) to tackle this problem. Founded in 2020, the company is on a mission to reduce the amount of administrative work health care providers do so they can spend more time with patients.
To do this, the platform automates the laborious process of medical licensing and credentialing. Healthcare providers can use the platform to licence their providers in new states, verify and monitor credentials, and organise coverage with insurance payers. Medallion has already extended its services to healthcare companies Ro, Ginger, and Bicycle Health.
Derek Lo founded Medallion after realising that only 14 US physicians held licenses in all 50 states during 2018. “Medallion alone is licensing several dozen physicians and nurse practitioners in all 50 states currently,” he explains.
On average, the company estimates that it takes 15 hours to complete licensing paperwork manually and another 10 hours on the insurance side – for each enrolment. By automating the process, the company believes that their platform has saved customers 80,000 hours of administrative work so far.
Other recent innovations that aim to make the healthcare industry more efficient include an online marketplace that tackles fake pharmaceuticals, and a one-stop platform making healthcare more affordable in developing countries.