Sunrise, Florida-based MDLive, which offers telehealth services including patient-to-physician remote visits via mobile devices, raised $50 million from Bedford Funding. This brings the company's total funding to at least $73.6 million.
Existing investors include Sentara Healthcare, Sutter Health, Heritage Group, and Kayne Anderson Capital Advisors.
The company said it would use some of the funds to make acquisitions and to forge additional strategic alliances. MDLive has made at least one high-profile acquisition in the past: Last year it acquired online therapy provider Breakthrough Behavioral.
MDLive sells its telehealth service to employers, health plans, and providers which, in turn, offer it to their employees, members, and patients. The company also markets video visits directly to consumers. The service is available on desktop computers, mobile phones and tablets.
The app has a symptom navigator that consumers can use to learn more about what condition they might have and from there they can make an appointment to speak with a physician. Medical issues MDLive doctors commonly treat include allergies, asthma, bronchitis, cold and flu, ear infections, UTIs, and sinus infections.
Earlier this month, Walgreens, which partnered with MDLive last December to offer telemedicine services in two states, added three more states to its rollout. Walgreens customers can access the video visits from inside the Walgreens mobile app on either Android or iOS devices. Any time of day, a board-certified physician will be available to consult on a range of acute conditions, and even to prescribe medications, for $49.
In April, MDLive partnered with Microsoft to deliver telehealth services through Microsoft’s Skype for Business offering.
MDLive's funding is only the latest round for video visits companies in the past few weeks.
Another telemedicine service provider, Doctor On Demand, raised $50 million just last week. Earlier this month Seattle-based Carena, which also offers a video visit service for health systems, raised $13.3 million, and the very next day news broke that Israeli pharma company Teva had invested “tens of millions” of dollars in one of Doctor On Demand’s other competitors, American Well.
The rapid-fire announcements are likely driven in part by Teladoc's recently disclosed IPO plans.
Teladoc’s SEC filings disclose that Teladoc plans to raise $119 million in its IPO, which could be worth as much as $136.9 million for the company and its investors if it is priced at the high end of its range. The company also disclosed that it had recently acquired Stat Health Services, which also offers the online doctor visit service Stat Doctors, for $30.5 million.