MedVirginia, Inc.

MedVirginia, Inc. enhances healthcare data management with its EHR+ solution, streamlining risk assessment for insurers and healthcare providers through effective electronic health record integration and data accessibility. Founded in 2000 and headquartered in Richmond, US, MedVirginia, Inc. specializes in electronic health record management.

The company has undergone strategic shifts to enhance its service offerings and has completed 2 deals to date, with the most recent deal occurring on April 12, 2022. David Dorans serves as the CEO, leading the company in its mission to improve health data accessibility. Clareto’s core offering is its EHR+ solution, a comprehensive and interoperable platform designed to streamline the assessment of risk through efficient electronic health record (EHR) data management. EHR+ enables insurers and data providers to access digital health data without requiring consumer portal credentials or additional identity verification, ensuring a frictionless experience.

The solution facilitates HIPAA-authorization-based access to consolidated and normalized health records, enhancing usability through algorithm-ready data that optimizes decision-making in underwriting processes. Clareto's customers primarily include insurance companies and healthcare data providers, all seeking to improve the efficiency of risk assessment and data retrieval across the EHR life cycle. The company serves markets primarily in the United States, leveraging its robust network and expertise in health data management to connect insurers with essential data sources while ensuring compliance with privacy standards. Clareto operates on a pay-as-you-go pricing model, eliminating implementation or startup fees for its EHR+ solution.

Revenue generation primarily occurs through B2B transactions with insurance providers and data partners who utilize the platform for streamlined access to health records. Clients engage in service agreements that allow them to configure targeted data retrieval strategies according to their specific needs, leading to transactional revenue based on the volume of data accessed. The company’s transactional structure is designed to provide flexibility and scalability, supporting an extensive range of clients within the life insurance sector. EHR+ serves as the flagship offering, designed to foster partnerships and enhance data-driven decision-making for insurers, thereby driving Clareto's growth in the electronic health data market.

With the recent acquisition by Munich Reinsurance America in April 2022, MedVirginia, Inc. is positioned for significant growth. The company plans to expand its EHR+ solution and enter new markets across North America, targeting both insurers and healthcare providers by the end of 2023. The acquisition will facilitate the development of new features and enhancements for EHR+, leveraging additional resources to strengthen its market position.