Medibank invests $10 million in health tech company Medinet

Medibank has invested $10 million in health tech company Medinet to support the growing role of virtual health in Australia – part of its strategy to drive better health outcomes by supporting more preventative and integrated care.

The award-winning digital platform was launched in 2019 and is already being used by a number of GP clinics in Australia. 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.

An average of 10,000 users a day currently pass through the app, which is among the top 5 most downloaded healthcare apps in Australia. The investment will enable Medinet to further develop and scale its technology and operational capability to provide more services to more GPs and their patients.

Medibank Group Executive – 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,” Dr Wilson said.

People are looking for the same level of choice and convenience in their healthcare that they get in other parts of their lives. The COVID 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’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.”

Data released^^ today also shows the significant uptake of telehealth services over the past two years. Initially introduced by the Federal Government as a temporary measure in response to COVID, more than 100 million telehealth services have now been provided to around 17 million people in Australia.

Medibank is already using Medinet’s digital platform to connect international students to an online network of GPs. This service is integrated into both the Medibank and ahm apps used by these students to help them access GP consultations in a variety of languages.

The investment will also support the key role that GPs play in the health system, particularly in the areas of prevention, early detection, ongoing care and support.

“GPs are a critical part of our world-class health system and supporting their virtual capability will reinforce this. 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,” Dr Wilson 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.”

^ Australia’s Health Reimagined (2022). Deloitte, Digital Health Cooperative Research Centre, Consumers Health Forum of Australia and Curtin University ^^ www.health.gov.au/ministers/the-hon-greg-hunt-mp/media/telehealth-hits-100-million-services-milestone