MDLive receives $50m funding to go on acquisition trail
July 1, 2015
MDLive, a Florida-based virtual health company, has closed on a $50m investment from Bedford Funding. This funding will enable the company to continue its organic growth and expand its acquisition strategy and consumer reach to further its vision of building a fully integrated, end-to-end virtual health system.
Bedford Funding joins previous investors Sentara Healthcare, Sutter Health, Heritage Group and Kayne Anderson Capital Advisors.
"Through the development of an integrated virtual health system, MDLive will address the challenges faced across the continuum of health care, from patient to payer," said Randy Parker, president and chief executive officer of MDLive. "By providing convenient, high-quality, cost-effective care that seamlessly transitions from the virtual to the in-person setting, we are reinventing health care delivery and setting a new standard for health care services in this country."
MDLive provides millions of Americans with access to virtual health care services using partnerships with established industry leaders, including Walgreens, Microsoft and major health systems across the country. The company provides virtual consultations with US board-certified physicians and licensed therapists.
"Few industries are as in need of transformative change as health care in the United States," said John Sculley, vice chairman of the board of directors of MDLive and past CEO of Pepsi and Apple. "We believe MDLive's virtual health system model is best positioned to address some of health care's greatest challenges, including access, quality and cost."
By providing access to health care through an HIPAA-compliant cloud-based platform, patients, health care providers and the health care system can benefit through improved outcomes and overall cost savings.
"Bedford Funding is pleased to play a role in advancing MDLive's virtual health system, which offers an exciting way to address patient, provider and system-wide needs," said Charles Jones, managing partner and founder of Bedford Funding. "We view this as an important first investment in a growing partnership with MDLive to fundamentally change health care in the United States.”
Founded in 2009, MDLive provides integrated virtual health services, offering online and on-demand health care for consumers, employers, payers, hospitals, physician practice groups and accountable care organisations.