Virtual healthcare startup Medici raises $24M as telehealth surges during pandemic
Virtual healthcare startup Medici Technologies LLC said today it has raised $24 million in a new round of financing.
The money will be used to expand the company’s virtual healthcare platform at a time when its offering is rapidly growing in popularity thanks to the coronavirus pandemic. The Series B round was led by Medici’s current investors, which include Barry Sternlicht, chairman of Starwood Capital Group; Howard Jenkins of Publix; Kenneth Griffin, chief executive of Citadel; and Nathan Kirsh, head of Jethro.
Medici sells a virtual healthcare platform, compliant with the Health Insurance Portability and Accountability Act, that enables patients to meet their physicians virtually over the internet. The platform uses a private, secure connection for its video conferencing and messaging tools to ensure patient confidentiality at all times, and comes with additional patient management features for healthcare professionals that can be access from any device. The company also offers up to $1 million of malpractice insurance coverage to help reassure patients of the quality of care it offers.
Medici said the telehealth industry is being transformed by the coronavirus outbreak, leading to a massive jump in virtual visits to the doctor. Indeed, the company said it expects virtual healthcare visits to top 1 billion by the end of the year as a direct result of the outbreak, which has forced millions of Americans to stay at home for all but essential trips outside. Already, the company has seen new patient registrations increase more than 15-fold from February to April.
Medici CEO Clint Phillips said one reason for this is that, unlike other telehealth platforms, Medici’s platform enables patients to see their own doctors rather than a stranger.
“Unlike Zoom or FaceTime, Medici allows you to text, ePrescribe, Refer, group chat, bill, translate, triage, keep your number private, your consults organized, and gives $1m liability insurance to physicians,” Phillips said. “Backing from our quality investors speaks volumes to the impact we are making and how we are improving healthcare through our technology.”
Medici said it plans to use the new funds to accelerate its growth and the impact it has on its approach to patient care.
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