Medibank Expands Digital Healthcare with Medinet Buyout

Medibank is doubling down on digital healthcare by acquiring full ownership of Medinet, a technology platform it initially backed with a $10 million investment in 2022.

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Pick & Scroll News
March 04, 2025

Medibank is doubling down on digital healthcare by acquiring full ownership of Medinet, a technology platform it initially backed with a $10 million investment in 2022. The move aims to enhance Medibank’s ability to provide virtual GP services, but it also reflects the broader trend of health insurers investing directly in medical infrastructure.


Medinet launched in 2019 and quickly gained traction among Australian GP clinics through its MyPractice app. The platform enables consultations via video, audio, and chat, along with digital referrals for pathology and imaging. By 2022, it was one of the top five most downloaded healthcare apps in the country, averaging 10,000 daily users.


Medibank’s initial investment secured a 3.85 per cent stake through a convertible note, allowing the company to support Medinet’s growth and integration into its broader healthcare strategy. Now, with full control, Medibank looks to scale the platform further, improving digital healthcare access while strengthening its position in the sector.


Financially, Medibank reported a slight 0.8 per cent dip in net profit to $340.3 million for the six months to December, despite a 6.1 per cent revenue increase to $4 billion. Rising management and operating expenses were factors, and the company expects industry growth to moderate in the coming year.


The acquisition fits within Medibank’s ongoing efforts to invest directly in healthcare assets. The company has previously partnered with private equity firms and financial institutions to explore new acquisitions, including a bid for day surgery provider Cura Group in 2023. Meanwhile, ongoing GP shortages and government initiatives, such as a $358.5 million fund for Medicare Urgent Care Clinics, continue to shape the sector.


As healthcare costs rise and providers face staffing challenges, private health insurers like Medibank are under pressure to increase payments for patient services. By expanding its footprint in digital health, Medibank aims to stay ahead in a rapidly evolving landscape.