MedAdvisor takes over rival in $5.5m deal

Technology

MedAdvisor takes over rival in $5.5m deal


Medadvisor CEO Robert Read.

• David Swan
• The Australian
• 12:09PM October 31, 2016
• David Swan
  
  Reporter
  @swan_legend
  

ASX-listed e-health start-up MedAdvisor has acquired its competitor Healthnotes for $5.5 million, a move that will more than double the number of patients on its platforms.
MedAdvisor, which began life as a medication adherence app but is now expanding to e-health services like online script renewals, raised $8 million to fund the purchase and CEO Robert Read said the acquisition would mean 45 per cent of all of Australia’s pharmacies would now be connected to the MedAdvisor platform.
“The more patients on the platform, the more revenue that can be generated as many campaigns are charged on a per-patient basis,” Mr Read said, adding the acquisition of Healthnotes will increase MedAdvisor’s path to profitability.
“We will more than double patient numbers to exceed 500,000. Healthnotes also has a presence in the GP market which is something we have recently built technology for and were looking to get in.”
Mr Read said 50 per cent of Australians have a chronic disease, which means a lot of people taking regular medication. MedAdvisor helps patients and carers remember to take their pills, fill their scripts and see their doctor when they are running low.
“Patients love how the smarts work to give them visibility of all their medications, the supply they have left and an ability to order from pharmacy to avoid waiting,” Mr Read told The Australian.
“The connectedness to a patient’s GP also helps create a medical home for patients so their primary healthcare providers are fully informed and they have easy access to engage with them.”
Healthnotes founder and managing director Ashley Falting and executive director Saurabh Mishra joined the MedAdvisor management team as part of the acquisition.