June 24, 2015
Investment to Accelerate Expansion of MDLIVE’s Virtual Health System
SUNRISE, Fla., June 24, 2015 – MDLIVE, the nation’s leader in the rapidly growing virtual health market, recently closed on a $50 million investment from Bedford Funding. This funding will enable MDLIVE 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 to invest in the most comprehensive virtual health network in the United States.
“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 convenient access to virtual health care services they know and trust utilizing partnerships with established industry leaders, including Walgreens, Microsoft, and major health systems across the country. The company provides virtual consultations with U.S. board-certified physicians and licensed therapists. By providing convenient access to health care through a HIPAA-compliant cloud-based platform, patients, health care providers and the health care system benefit through improved outcomes and overall cost savings.
“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 challengesâ€“ including access, quality and cost.”
“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.
About Bedford Funding:
Bedford Funding is a private equity firm providing long-term capital to businesses in the consolidating and fragmented technology industry with experienced industry focus in the software and IT services segments. With proven success as operating executives, the firm’s leadership team has a keen understanding of the opportunities inherent in technology enterprises. Bedford Funding was founded in 2006 with launch of its initial fund, Bedford Funding I, and recently raised Bedford Funding II in December 2011. Bedford Funding makes investments worldwide from its headquarters located in White Plains, New York. For more information, please visit the company’s website at www.bedfordfunding.com.
Founded in 2009 and headquartered in Sunrise, Florida, MDLIVE is a leading provider of integrated virtual health services, offering online and on-demand health care that benefits consumers, employers, payers, hospitals, physician practice groups and accountable care organizations.
MDLIVE has established a business-to-business-to-consumer model to bring to patients the confidence and assurance of trusted services across their health care needs, from health care provider to pharmacy. By combining the power of leading health care systems, health IT leaders and retail health partners with MDLIVE’s HIPAA-compliant cloud-based Virtual Medical Office platform, consumers can access the care they desire, transitioning from virtual to in-person offerings as needed.
MDLIVE’s virtual health system makes it possible for patients, health care professionals and plan administrators to collaborate seamlessly and securely. This approach also enables payers and providers 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.