Now that doctors are finally using iPads and digitizing patient records, healthcare startups are really gaining traction. Sundeep Bhan, CEO and co-founder of Medivo, benefitted from this in November when his company raised $7 million in a Series A round led by Safeguard Scientifics. Medivo is a data and lab testing service company that connects patients to a network of physicians.
Medivo’s core product, PatientPath, launched in February, which helps patients and physicians better analyse lab results and schedule follow-up appointments based on tests. It’s a free service to physicians and patients; health plans and pharmaceutical companies cover the costs.
Bhan says his company is currently deciding whether or not to raise additional funds from investors, and is weighing strategic partnerships with clinical research organisations (CROs) and larger traditional healthcare companies. By the end of 2012, the company expects to double its revenue and go from 25 to 50 employees. He predicts the company will make around $100 million in five to seven years.