August 1, 2018

Cigna's telehealth partner inks $50M investment

Bloomfield health insurer Cigna's telehealth partner said it closed a $50 million investment to grow its virtual health platform.

MDLIVE Inc., which bills itself as one of the country's largest telehealth platforms, announced Wednesday that it secured financing from an investor group that includes venture capital firm Health Velocity Capital, existing investors Cigna and Health Care Service Corp., as well as Novo Holdings A/S and consulting firm Industry Ventures.

Tom Richards, Cigna's global leader for strategy and business development, said Cigna customers' virtual visits with MDLIVE have improved customer satisfaction and led to a 17 percent decrease in total medical cost, as well as a 36 percent drop in emergency department utilization for that population.

MDLIVE's telehealth platform serves more than 27 million Americans and provides virtual visits with U.S. doctors, counselors, psychiatrists and dermatologists.

MDLIVE's current investor pool includes Sentara Healthcare, Sutter Health, Heritage Group and Bedford Funding.

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