Last month, Safeguard consolidated its life sciences and technology portfolios, and said it wants to grow healthcare IT to one-quarter of its investments, with investments informed by the need to reduce the cost of healthcare and empower consumers to make more informed health decisions.
In addition to Medivo, Safeguard, based in Wayne, Pennsylvania, has one other healthcare IT company in its portfolio — AdvantEdge Healthcare Solutions, a physician billing system software provider in Warren, New Jersey.
Medivo has a national network of clinicians and IT, and is HIPPA compliant. Its goal is to improve and increase access to lab testing, identify patients who need testing and assist them to get those tests. It also sets out to educate patients about test results and provides that information to primary care physicians.
Dr. Gary J. Kurtzman, managing director in the life sciences group at Safeguard, is joining Medivo’s board of directors.
Medivo has an online, HIPAA-compliant platform that connects patients to a nationwide network of physicians, lab service centers and home testing services. The financing will support product development and expansion of sales and marketing.
The U.S. lab testing industry is estimated to be more than $50 billion and is expected to double by 2020, Safeguard said in a statement.
Although laboratory costs make up a small percentage of healthcare costs, lab results have a substantial effect on the critical decisions that clinicians make, the statement said.
Sundeep Bhan is the co-founder and CEO ofMedivo, a serial entrepreneur who also co-founded Medsite, an online pharmaceutical marketing and services company, which was sold toWebMD in 2006.