How Optum and Oscar’s Schlosser are using Medallion

Optum and Oscar’s Schlosser have teamed up to back Medallion’s recent $30M Series A round. This investment enables Medallion to develop more advanced AI-powered solutions to reduce administrative pain points for payers.

By leveraging a blend of innovative AI-powered technology and product design, the new funds will help Medallion to automate much of their internal processes, reduce manual labor cost, and offer new ways to optimize administrative operations.

Overview of Optum and Oscar’s Schlosser

Optum and Oscar’s Schlosser are two of the largest healthcare technology companies in the United States. Optum, is part of a larger parent company called UnitedHealth Group, and provides health services and technology solutions to over 130 million individuals. It is one of the top five healthcare providers in the U.S., providing healthcare services and information technology solutions.

Oscar’s Schlosser is a venture-backed health plan and technology company that works with employers to offer health care coverage. To date, they have raised over $600 million from investors such as Alphabet, Founders Fund, Thrive Capital, General Catalyst, and Khosla Ventures.

Both companies have recently backed Medallion’s $30 million funding round to reduce patient administrative pain points. Medallion is a health tech company that provides software that allows providers and payers to interact more efficiently, reducing costs associated with traditional processes like pre-authorizations and claims processing. The software also helps streamline billing rules compliance processes. In addition, it improves patient outcomes by reducing manual data entry errors through automation, saving time and money and reducing administrative burden on provider staff members.

By leveraging their relationships with Optum and Oscar’s Schlosser, Medallion seeks to provide superior service experience for their customers while expediting payment cycles between providers and patients.

The Problem

Medical administrative tasks are complicated, laborious, and costly. As a result, there are countless opportunities to reduce human handoffs and improve healthcare administration’s speed, accuracy and cost efficiency. To this end, Optum and Oscar’s Schlosser have teamed up to invest in Medallion’s $30M round to reduce administrative pain points.

Let’s explore this problem further.

Pain Points in Healthcare Administration

The healthcare industry is faced with a variety of administrative challenges that can result in administrative pain points. From claims processing and prior authorization, to coding and billing, administrative tasks within the healthcare industry require accurate data to be collected, secured, and managed promptly.

To reduce such administrative pain points experienced across the healthcare industry, Optum and Oscar’s Schlosser have come together to back startup Medallion with a 30 million dollar round. Medallion aims to streamline processes by providing real-time medical records access via its toolset, allowing providers to track complex patient records across healthcare facilities. This tool can help physicians quickly find information they need while reducing delays due to manual document searches or staff shortages, allowing them to spend more time with patients.

Medallion also provides customizable templates for documentation completion and secure collaboration capabilities for remote workers sharing data across multiple locations. In addition, its analytics tools can help identify billing errors or possible inconsistencies before they result in delayed payments or denied claims. The goal is to reduce administrative pain points by helping consolidate patient information in one place so care teams can access relevant historical data quickly and accurately while lowering overhead costs associated with routine paperwork.

Optum, Oscar’s Schlosser back Medallion’s $30M round to reduce administrative pain points

In a joint effort, Optum and Oscar’s Schlosser have invested in Medallion to reduce administrative pain points. As a result, medallion is a complete solution to help reduce the administrative strain of manual medical coding, quality assurance and regulatory compliance.

This $30M Series C round comes at an ideal time when healthcare industry is looking for ways to increase efficiency and reduce costs. This article will cover why Optum and Oscar’s Schlosser have backed Medallion with this funding, and how it could benefit the healthcare space.

Medallion’s $30M Round

Optum Ventures, the corporate venture capital arm of United Health Group’s Optum health services and technology business, announced that it is leading a $30M financing round for Medallion, a healthcare payments startup. Oscar’s Schlosser, an early-stage venture capital firm, and several unnamed angel investors participated in the round.

Medallion provides healthcare organizations with a cloud-based platform that automates administrative tasks related to medical billing, health plan payments, provider collaboration and patient financial engagement. This comprehensive solution was created to eliminate the cumbersome complexities of modern healthcare business operations.

The company plans to use its new funds to expand operations globally and accelerate product development. By leveraging its cross-functional platform and seasoned technology teams, Medallion strives to improve providers’ overall financial performance while reducing administrative burdens throughout the healthcare system. With Optum’s support, this innovative technology has tremendous potential in transforming how insurance companies process their claims.

How Optum and Oscar’s Schlosser are Using Medallion

Optum Ventures and Oscar’s Schlosser have recently announced their support for Medallion, a healthcare technology platform, with a $30 million round of funding.

The funds will help Medallion develop its technology and reduce administrative pain points for healthcare IT departments.

This article examines how Optum and Oscar’s Schlosser use Medallion to their advantage and how their investments are helping to make a difference in the industry.

Automating Administrative Tasks

Optum and Oscar’s Schlosser have made Medallion a key player in reducing customer administrative pain points. Medallion, which develops tools to automate mundane administrative tasks and save time for medical professionals and patients, recently secured $30 million in a round of financing led by Optum Ventures and Oscar’s Schlosser.

By using Medallion’s platform, health organizations can quickly automate manual processes such as appointment scheduling, appointment reminders, and task tracking, typically handled through manual means or paper forms. As providers are increasingly required to handle larger volumes of patient data while ensuring data security and privacy requirements are followed, utilizing automated technologies helps alleviate some of the mundane workloads while maintaining necessary protocols. Moreover, resources can be freed up to offer enhanced customer service leading to better care experiences.

The automation technology provided by Medallion works within an existing health organization’s IT infrastructure to seamlessly automate daily administrative tasks that can help streamline processes between staff members across an entire healthcare system or hospital network. It also helps enable care teams with actionable insights into the most pressing patient issues by leveraging AI-based analytics tools which can help enable more efficient deployments of care staff members when needed.

Ultimately, this software-driven approach is designed to reduce time spent on mundane tasks from hours per day/week/month to minutes without sacrificing accuracy or compliance requirements; allowing more time for frontline care activities thus improving overall patient outcomes with more personalized services centered around those specific needs.

Improving Clinical Workflows

Optum and Oscar’s Schlosser are leveraging Medallion’s expertise in the healthcare space to help accelerate the transition from traditional care delivery processes to patient-centered, value-based care.

The focus of these strategic partnerships is to streamline critical clinical workflows. Medallion’s cloud-based platform helps providers minimize administrative burden by providing a comprehensive suite of digital tools and resources that maximize time spent with patients instead of time spent on paperwork.

Medallion users benefit from an intuitive user experience, cloud scalability, and an extensive network of financial integrations that fractionalizes half a trillion dollars in healthcare transactions. The platform also includes integrated analytics capabilities powered by AI/ML algorithms to help providers identify unseen issues and understand patient needs, increasing revenue collection rates through automated claims settlement technology.

In addition, Optum and Oscar’s Schlosser are collaborating on benchmarks for a new class of service offered by Medallion — Enterprise Self Service — that centralizes all billing, payment processing, data source connections and automation tools for Providers in one unified system. With this service suite, customers can gain greater insights into their operations while reducing costs associated with manual processes such as medical billing administration or collections management.

Enhancing Patient Experiences

Optum, a leading health services and data and analytics business, Oscar’s Schlosser, an early-stage venture capital firm backed by Harvard Medical School, and Medallion, an AI claims processing company reducing administrative pain points for healthcare providers, have joined forces to enhance patient experiences.

Medallion recently raised $30M in a strategic round of funding led by these two investors to continue innovating their claims processing technology.

Medallion’s mission is to help healthcare providers reduce the risks, costs and time associated with the claims process. The platform was designed with real-time visibility over the entire lifecycle of each claim or encounter by automating manual process steps such as form completion and validation. The automation helps reduce paper costs for healthcare providers so that more money can be focused on patient care rather than administrative duties.

The partnership between Optum and Oscar’s Schlosser will allow Medallion to improve upon their existing platform capabilities such as real-time insights into financial operations and workflows, offering greater transparency and efficiency across all stakeholders in the healthcare industry. Additionally, they are working on introducing higher levels of automation features based around activities such as verifying eligibility status quickly or streamlining payment processes which will offer great value to customers purchasing Medallion’s product and providers who use it to submit claims accurately and quickly.

Conclusion

The Optum and Oscar’s Schlosser investment into Medallion will help reduce administrative pain points in healthcare. The $30M round of funding should bring a larger focus to administrative workflows and help reduce the time a user has to spend on mundane tasks.

This investment should lead to a more efficient and productive working environment.

Summary of Optum and Oscar’s Schlosser’s Partnership with Medallion

Optum and Oscar’s Schlosser have announced the completion of Medallion’s $30M Series B round. This unification combines two healthcare giants to produce a unique product that reduces administrative pain points across the industry. The partnership combines Optum’s robust technology and Oscar Schlosser’s innovative health insurance products to create a comprehensive health care system that addresses the challenges that providers, insurers and administrators face.

Medallion is leveraging artificial intelligence and advanced automation capabilities to simplify providers’ interactions with their patients while reducing administrative workloads. It helps practices quickly process claims, increase accuracy, address payer dispute management, free up staff time and reduce charge discrepancies. Medallion also focuses on claim reconciliation and payment processing improvements for large provider networks and independent practices.

Optum’s strategic investment in Medallion repositions the company as a vital player in healthcare IT infrastructure development, signaling Optum’s commitment to providing high-quality care solutions that enable providers to better serve their patients in a value-based environment. Similarly, Oscar Schlosser is demonstrating its dedication towards innovating healthcare delivery through new technologies combined with its expansive insurance network coverage.

Optum, Oscars Schlosser back Medallions $30M round of funding stands as an example of how two industry giants are coming together to reduce administrative pain points across various sectors of healthcare delivery platforms by providing industry players with an AI-driven platform capable of automating mundane tasks while integrating seamlessly with existing technologies such as EHRs, practice management systems and revenue cycle solutions.

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Jay Stallings

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