MDLIVE Raises $50M

Telehealth provider MDLIVE has raised $50m from a group of investors that includes Cigna and Health Care Service Corp., the parent of five Blue Cross and Blue Shield plans. This latest investment brings the company’s total funding to date to $123.6m.

Founded in 2009, Florida-based MDLIVE is a national provider of telehealth services, serving over 27m people. The company was recently announced as one of the approved providers in Walgreens’ new digital healthcare platform Find Care Now.

“Choice, personalization and affordability are critical to improving the U.S. health care system. Telehealth impacts all three of these factors and we are continuing to invest in MDLIVE as a proven leader in the space. As a result of our partnership with MDLIVE to offer virtual visits with care providers, we have seen improved customer satisfaction, as well as a 17 percent decrease in total medical cost and 36 percent decrease in emergency department utilization for that population.” – Global Leader for Strategy & Business Development at Cigna, Tom Richards.

“We are proud to be partnering with one of the nation’s most experienced telehealth investors in Health Velocity Capital and with two of the nation’s six largest health plans in Cigna and HCSC. This investment is a testament to the great results our team has delivered for our clients, and these relationships cement our standing as the nation’s go-to telehealth platform. We look forward to using this funding to help further accelerate our industry-leading consumer and clinician experience as well as accelerate the growth of the company.” – CEO of MDLIVE, Rich Berner.