Posted on 14 Apr, 2022 in

News

Consultmed raises $1.2 million to transform patient referrals.

Consultmed has closed its first venture capital round, raising $1.2 million. Sydney-based VC, Investible, led the round, which was supported by healthcare professionals who use Consultmed’s digital product. The funds will be used to expand its digital platform across hospitals and healthcare networks in Australia.
Founder Dr Vikram Palit said that seeing industry professionals invest in Consultmed marked an important validation of the idea. “It’s been amazing to see so many GPs and specialists get behind the product and participate in this round. And with VC backing and the considerable experience of the Investible team, we have the capital and expertise to effectively scale-up over the next two years,” he said.

In Australia, more than 80% of medical referrals to specialists are still sent by fax, according to Consultmed. This is something that Sydney-based GP Dr Matthew Lam finds frustrating. “Most of my patients are surprised when I hand them a paper referral or tell them that I am going to fax it to the local hospital,” he said. “As a GP, I can use Consultmed to send a referral digitally, and be comforted in the knowledge that the specialist on the other side has actually received it, in real-time. This also reduces medical errors and risk to patient safety … paper referrals are misplaced or lost all the time.”

Dr Lam also said the end-to-end interface improves two-way communication practices for healthcare professionals. “I can also ask for specialist advice and guidance through the app. This is really helpful because I can better manage my patients locally, and save them a trip to the hospital,” he said.

Investible investment manager Joanna Ng said Consultmed has the potential to transform how doctors work and improve patient care. “By improving specialist efficiencies, Consultmed is already bringing huge benefits to Australia’s healthcare system. We look forward to supporting the team as they scale,” she said.

Read the full article here

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