Medallion Knew Secrets

When Medallion launched in 2020, CEO Derrick Lo had already secured a ~$20 million seed round (he got the money before he made a product). Let me explain why.

But first, you’re wondering, what is Medallion? I’m on it. During the pandemic, virtual healthcare became normal. But, before 2020, telehealth and virtual healthcare were not widely accepted by insurance, so patients would go in person. No shot you would CHOOSE to pay out of pocket.

The increase in demand for virtual healthcare led to the development of companies like Keeps, Ro, Headway, and Teladoc. But, the government was dragging its feet.

The Problem 🤔

Getting physicians licensed in multiple states is a horrible process. It takes forever for approval, puts (more) stress on the back office team, is done with snail mail, and limits the number of physicians willing to work with virtual health companies.

Until, one day, Medallion showed up and changed the game. It notifies physicians when their licenses are about to expire and helps them register and manage out-of-state licenses, online and in one dashboard. Go ahead, press that red easy button.

The Secret 🫢

Medallions founder, Derek Lo, has a secret. Before starting his company, he knew the founders of Ro - a major player in the virtual health industry. After Derek sold his first company (Py), he reached out to Ro founders and asked them a great question.

Derek asked what the biggest bottleneck was for their business.

From there, he raised money and built Medallion, knowing that he already had his first client. Ro also supported most of their seed round of funding.

Big Question

Sometimes, you are one question away from an ah-ha moment. Who do you know that might have a problem that needs solving?