Telstra and Seven West Media are investing $10.4 million for a stake in online consumer health directory, HealthEngine.
Both companies will each invest $5.2 million through a combination of cash and value-in-kind to secure their stake in the business.
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Telstra and Seven West Media believe HealthEngine is well-placed to capitalise on the growing demand for healthcare in Australia, a sector that generates annual revenue of more than $100 billion.
Telstra media group managing director, Rick Ellis, said the HealthEngine investment aligned with its strategy of developing new growth businesses, providing and growing capability in mHeath and eHealth. "This investment fits with both our Sensis digital marketing services business and Telstra Health, our new health business unit. HealthEngine will be an important asset as we build capability in this area," Ellis said. "This new partnership will help HealthEngine accelerate its growth and take a clear leadership position in the market at a time when consumers look to online and mobile booking." HealthEngine CEO, Dr Marcus Tan, said the investment by Telstra and Seven West Media would enable the company to grow more quickly into the emerging electronic health records, online health transactions and telehealth markets.
The health directory includes an appointment booking service Open Appointments and the site receives more than 450,000 unique visitors each month.
To date, the Open Appointments service has offered 600,000 health appointments with more than 2,000 practitioners at 400 health practices across the country. Patients are able to make appointments 24/7 online or via HealthEngine's mobile app.