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The health care industry is sick, but increasing numbers of startups are applying their tricks and treatments to nurse it back to heath.
Health startup Medivo has raised $15 million to expand its health monitoring platform that connects doctors, consumers, and clinical labs. The company’s vision is to save and improve lives through faster and easier access to quality health care.
Its applications are designed to improve the level of understanding and communication between patients and providers. Patients get free, secure access to symptom-tracking tools and lab results along with simple explanations of those results. The system also helps patients understand connections between symptoms and factors like diet and medication and automatically reports that information back to the doctor.
Medivo organizes a patients’ lab results for providers so they can identify who needs office visits and prioritizes visits by who needs care the most. The condition management services analyzes patient data to see who needs what lab tests and which patients require urgent follow-up care.
The platform includes modules for physicians and patients with diabetes, dyslipidemia, hepatitis C, gout, low testosterone, irritable bowel disease, hereditary angioedema, and chronic myelogenous leukemia. This financing will support expanding the network of labs and modules to include obesity, rheumatoid arthritis, hepatitis B, HIV, colon cancer, breast cancer, prostate cancer, myelofibrosis, multiple myeloma, growth hormone deficiency, osteoporosis, hypothyroidism, and multiple sclerosis.
The team has extensive experience in using technology to improve patent care and clinical outcomes. CEO and cofounder Sundeep Bhan was the founder Medsite, a online portal for continuing medical education that was acquired by WebMD in 2006. Cofounder Dr. Destry Sulkes worked as an executive in health care IT for over 15 years. He saw the potential in using data analysis to bridge gaps between patients and their providers, and he’s led medial education programs helping doctors in this area. Cofounder Jason Bhan is a practicing family physician who previously founded Ozmosis, a physician’s network and resource for medical knowledge.
The three came together to form Medivo in 2010. In the past year, the startup has significantly expanded its reach and increased its professional network. It closed a $7 million Series A round in 2011. Merck Global Health Innovation Fund led this $15 million second round, with participation from existing investors Safeguard Scientifics and MentorTech Ventures.
It’s a good year to be a health startup. Digital health incubator Rock Health recently released data that forecasts a record year for digital health deals. Remote patient monitoring, personalized health, and cloud-based electronic health records technologies are all attracting attention from strategic and VC investors. In the first quarter of 2013, some big deals went down. HealthCatalyst raised $41 million from Kaiser Permanente Ventures, Norwest Venture Partners, and Merck Global Helath Innovation invested $20 million in mobile health company PatientSafe Solutions.
Medivo is based in New York.
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