Miramar, Fla.-based telemedicine company MDLive announced Sept. 14 it closed a $50 million crossover equity investment to expand its virtual primary care platform.
Five things to know:
1. Global investment firm Sixth Street Growth backed the $50 million in funding, joining a group of investors including Cigna Ventures, Sacramento, Calif.-based Sutter Health and Norfolk, Va.-based Sentara Healthcare.
2. The $50 million in funds will be used to expand MDLive’s digital health platform as well as for the launch of additional telehealth products and services.
3. MDLive provides virtual care to more than 45 million members; fueled by the COVID-19 pandemic, the company’s virtual visits increased by more than 95 percent and total bookings grew by more than 300 percent during the first six months of 2020.
4. Through July, MDLive completed almost 1 million patient visits and posted increases across all service lines, including 500 percent in year-over-year growth for behavioral health, more than 350 percent for dermatology and more than 80 percent for primary care.
5. In a separate transaction from the $50 million raised, MDLive also secured $25 million in debt expansion from other investors.
More articles on telehealth:
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5 ways to fuse telehealth into primary care beyond the pandemic
Kaiser Permanente launches virtual healthcare plan: 6 details
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