Medibank Private (ASX:MPL) has acquired full ownership of healthcare technology firm Medinet and its MyPractice platform, following an AU$10 million investment in 2022, that gave the insurer a 3.85% stake in the company, according to a Tuesday report by the Australian.
At the time of the initial investment, the MyPractice app, which allows general practitioners to offer video, audio, and chat consultations with patients, had 10,000 daily users and ranked among the top five downloaded healthcare apps in the country, per the report.
With full control, Medibank aims to scale Medinet's technology and operational capacity further, providing additional services to GPs and improving patient care, the report added.
Medibank did not immediately respond to a request for comment by MT Newswires.
Shares of the company fell 1% in recent Tuesday trade.
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Price (AUD): $4.38, Change: $-0.050, Percent Change: -1.13%
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