MDLIVE Secures $23.6 Million in Funding led by Heritage Group and Sutter Health
Nation’s Leading Provider of Telehealth Services Continues Momentous Growth
SUNRISE, Fla., January 22, 2014-- MDLIVE, the nation’s leading provider of telehealth services and software, announced today that it has raised $23.6 million in funding from key investors Heritage Group, Sutter Health and Kayne Anderson Capital Advisors. These leading organizations join MDLIVE’s current roster of investors, including Sentara Healthcare and John Sculley, Board of Directors Vice Chairman for MDLIVE and former CEO for Apple and Pepsi Cola. The funding will be used to further build out its healthcare system in the cloud, as well as to integrate a Second Opinion program for patients.
MDLIVE offers the nation’s largest telehealth network with an unsurpassed experienced team of healthcare and technology leaders who are creating a new and unprecedented standard of patient care. MDLIVE provides superb, affordable care anytime, anywhere in a confidential and trustworthy manner, and is well poised to deliver on its mission to provide an incredible customer experience never seen before in healthcare. MDLIVE’s customer-centric approach empowers consumers with the decision support tools and services to get better access to immediate care.
“We are excited to be MDLIVE’s new strategic partner,” said Rock Morphis, Managing Director of Heritage Group. “We look forward to working with the company to expand its already robust offerings and to help build a full service cloud-based healthcare system, making it easier than ever for patients to get access to healthcare on the go.”
This investment expands the portfolio of companies backed by the Heritage Healthcare Innovation Fund, which was established by Heritage Group and a diverse group of the nation’s leading healthcare services firms including, Amedisys, Inc., Cardinal Health, CHE Trinity Health, Community Health Systems, Health Care Service Corporation, Intermountain Healthcare, LifePoint Hospitals, Memorial Hermann Healthcare System, Tenet Healthcare, and UnityPoint Health.
“We live in a busy world, and telehealth gives patients and physicians more options in how they communicate,” said Don L. Wreden, M.D. and Chief Medical Group Transformation Officer at Sutter Health. “Empowering consumers to receive quality care when and where they want it opens new avenues to good medicine.”
The investment recognizes MDLIVE’s major momentum in empowering its customers to better manage and navigate their health on their own terms, as well as enabling providers to create a hub for healthcare that is more accessible, timely and cost effective. MDLIVE has a proven track record of offering a high value healthcare experience and contributing to the overall effectiveness of today’s healthcare delivery systems.
“MDLIVE’s recent advancements position it as a game changer in connected care and will transform the way consumers adopt better healthcare delivery alternatives,” said John Sculley. “It’s an exciting time to be part of this growing category which brings the capability to have quality healthcare no matter where you are.”
“This new funding affirms the industry imperative to broaden the availability of telehealth and to expand on the millions of lives whose access to care we have positively impacted to date,” said Randy Parker, CEO of MDLIVE. “MDLIVE continues to address patients’ demand for basic healthcare services, which have become increasingly difficult to access through traditional venues due to a shortage of primary care physicians nationwide,” said Parker.
Founded in 2006, MDLIVE is a leading provider of telehealth services and software, providing telehealth, online and on-demand healthcare that benefits consumers, employers, payers, hospitals, physician practice groups and accountable care organizations. Headquartered in Sunrise, Florida, MDLIVE works with Board Certified physicians and therapists, nationwide to provide around-the-clock connected care.
The company’s cloud-based Virtual Medical Office software platform makes it possible for patients, healthcare professionals and plan administrators to collaborate seamlessly and securely via voice, video, email and mobile devices. Payers and providers can also utilize the HIPAA and PHI-compliant system to collect and share clinical data from patient medical records, lab results and in-home biometric devices for real-time risk assessments, wellness advice, diagnosis and treatment.
MDLIVE physicians can diagnose, treat and, if needed, write prescriptions (non-controlled substances only) for routine medical conditions 24/7/365 Anytime, Anywhere. Learn more at www.mdlive.com and connect with us on https://www.facebook.com/MDLIVETelehealth to join the telehealth conversation.
To see a brief video about MDLIVE’s connected care delivery services please watch www.mdlive.com/media/storkmdlive.html
About Heritage Group
Heritage Group is a Nashville-based, venture capital firm with over 25 years of experience financing and operating healthcare companies at all stages. Created by a diverse group of the nation’s leading healthcare services firms, the Heritage Healthcare Innovation Fund is a $167M strategic initiative focused on investments in businesses that improve the delivery of healthcare services. For more information on Heritage Group, visit www.heritagegroupusa.com.
About Sutter Health
Serving patients and their families in more than 100 Northern California cities and towns, Sutter Health doctors, not-for-profit hospitals and other health care service providers share resources and expertise to advance health care quality and access. The Sutter Medical Network includes many of California's top-performing, highest quality physician organizations as measured annually by the Integrated Healthcare Association. Sutter-affiliated hospitals are regional leaders in cardiac care, women's and children's services, cancer care, orthopedics and advanced patient safety technology.
For more information about the not-for-profit Sutter Health network, please visit:
SutterHealth.org/about/ | www.Facebook.com/SutterHealth | www.YouTube.com/SutterHealth | www.twitter.com/SutterHealth
About Kayne Anderson Capital Advisors
Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading independent alternative investment management firm focused on niche investing in upstream oil and gas companies, energy infrastructure, specialized real estate, middle market credit, growth private equity and distressed municipal opportunities. Kayne’s investment philosophy is to pursue niches, with an emphasis on cash flow, where our knowledge and sourcing advantages enable us to deliver above average, risk-adjusted investment returns. Kayne manages approximately $24.5 billion in assets (as of 10/31/2013) for institutional investors, family offices, high net worth and retail clients and employs 230 professionals in eight offices across the United States. http://www.kaynecapital.com/
Grayling for MDLIVE
Alessandra Nagy, 310-935-2592 (direct)
Venture Capital Database
Venture Capital Deals Spreadsheet