Medallion is setting up a national clearinghouse to streamline a healthcare credentialing process that costs more than $1 billion annually.

Doctors can only practice medicine in states where they’re licensed. Then each insurer they work with needs to verify their credentials. It’s a messy and time-consuming process that costs more than $1 billion each year. Miss a deadline? Forget working with that insurer in that state till you’ve fixed the error. Misplaced a form required for the signoff process? Ditto.

Medallion’s Derek Lo figures that his software can cut through the system’s redundancies, slashing the time and cost of paperwork designed to prevent quacks from practicing medicine and safeguard patients that’s spiraled into something wasteful and burdensome. “It is an extremely duplicative process,” Lo told Forbes. “It doesn’t make sense to credential the same doctor 20 times and to do it every three years across all these plans. There should be a single clearinghouse to standardize this.”