MDLIVE Raises $50 Million in Funding Round
Florida based telehealth firm, MDLIVE has raised $50 million in its latest round of funding, which it says it will use for its continued expansion. The digital transformation of healthcare is much needed as the rise of chronic disease continues to plague America. According to renowned cardiologist, Simon Stertzer, taking care of heart health is important as heart disease is a leading killer in the US and worldwide. Advances in telemedicine will increase access to care for all patients to seek early intervention and live healthier lives.
The funding round was led by Cigna, Health Care Services Corporation, Health Velocity Capital, Novo Holdings A/S, Industry Ventures, Sentara Healthcare, Sutter Health, Heritage Group, and Bedford Funding.
Cigna, at its second quarter earnings report, faced questions of potential conflict of interest over its funding of MDLIVE. This is because Cigna runs American Well, a direct competitor to MDLIVE.
In a statement, HCSC said it was continuously scanning the healthcare market in search of innovative partners.
HCSC Vice President of Market Solutions, Tom Meier was quoted saying they looked forward to working with MDLive “to virtualize, automate optimize much of the care our members receive via innovative solutions, such as Sophie, MDLive’s AI based personal digital health assistant”.
The $50 million funding for MDLIVE, which claims to provide virtual healthcare for 27 million Americans, is on trend with the recent uptick in investments in digital healthcare. Healthcare startups are poised to reshape the patient experience and deliver value.
Medtech Drive reported that in the first half of the year, digital health had received $3.4 billion in investments, with telehealth getting 21 percent of that funding.
MDLIVE describes itself “a pioneer in the digital delivery of high-quality, convenient, cost-efficient virtual care for medical, dermatological and behavioral health conditions.”
MDLIVE provides its patients with all day access to its network of doctors and therapists through secure online video and smartphone mobile applications.
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