MDLIVE, a provider of virtual health services based in Sunrise, announced Wednesday that it has recently closed on a $50 million investment from private equity firm Bedford Funding, which specializes in the software industry.
Bedford Funding joins previous investors Sentara Healthcare, Sutter Health, Heritage Group and Kayne Anderson Capital Advisors. According to the MoneyTree Report on venture capital, MDLIVE attracted $23.6 million of funding in 2014.
Funding will help MDLIVE expand its acquisition strategy and consumer reach to further its vision of building a fully integrated, end-to-end virtual health system, said Randy Parker, CEO. "By providing convenient, high-quality, cost-effective care that seamlessly transitions from the virtual to the in-person setting, we are reinventing healthcare delivery and setting a new standard for health care services in this country," Parker said.
MDLIVE, with more than 200 employees, provides millions of Americans with access to virtual doctor visits utilizing partnerships with established industry leaders, including Walgreens, Microsoft, and major health systems across the country. By providing convenient access to healthcare through a HIPAA-compliant cloud-based platform, patients, healthcare providers and the healthcare system benefit through improved outcomes and cost savings, the company said.
John Sculley, vice chairman of the board of MDLIVE and past CEO of Apple and Pepsi, said few industries are in need of transformative change as healthcare in the U.S. In an interview earlier this year, he said a typical virtual office visit can cost a third of a live one: “We have experienced incredible customer satisfaction. We are growing like crazy -- it’s a South Florida company that is at the sweet spot of a fundamental change in healthcare. And it's completely supportive of customers making choices for better services.”