Medibank backs health startup Medinet with $10 million

Health insurance fund Medibank Private has taken a minority stake in telehealth app Medinet with a $10 million investment.

Published: Jul 17 2023 - 2 minutes

Health insurance fund Medibank Private has taken a minority stake in telehealth app Medinet with a $10 million investment.

The app offers 24/7 telehealth consultations with a GP as well as door-to-door prescription delivery.

The funds will be used to scale and develop the platform’s technology.

Founded in 2019 by a group health care professionals, Medinet is now used by an average of 10,000 Australians daily in collaboration with GP clinics nationally.

Using Medinet’s MyPractice app, GPs can offer consults with their patients over video, audio and chat, and generate digital referrals to specialists, pathology and imaging.

Medibank Private had already partnered with Medinet so international students from non-English speaking backgrounds had access to a GP.

Medibank CEO Health Services Dr Andrew Wilson said Medibank is getting behind digital platforms and services designed to meet the changing needs and preferences of the community.

“In many respects, healthcare in Australia is disjointed and we see an enormous opportunity to better connect different parts of the health ecosystem using digital technology,” he said.

“Medinet’s platform supports this by giving patients the ability to make an appointment and connect with a GP virtually, to access scripts and referrals generated during the consult, and to have their medication delivered straight to their home.”

Dr Wilson said GPs play a critical role in prevention and early detection of illness.

“The use of virtual care alongside face-to-face services supports access, which is key to continuity of care and a GP’s relationship with their patient,” he said.

“Many Australians are living with conditions that could be prevented. Getting in front of these health issues is good for our customers, the community, and for the sustainability of the health system as a whole.”

Dr Wilson said the pandemic has accelerated the use and acceptance of technology-enabled healthcare, with recent research showing that 70% of Australians are willing to use virtual healthcare services.

Medinet previously raised $3 million in angel funding.

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Medinet acknowledges the many Traditional Owners of the lands on which we operate throughout Australia, and recognise First Nations Peoples’ continued connection to land, waters and community. We pay our respects to the Gadigal People of the Eora Nation on whose lands our Medinet office stands, and extend this respect to their Elders past, present and emerging.