MedVirginia Inc. — a patient health record data exchange company — has raised $2.6 million by selling stock to outside investors, according to a notice the company filed recently with the U.S. Securities and Exchange Commission.
The Richmond, Virginia-based company is doing business as Clareto.
The company said, in a separate announcement of the new round of funding, that it wants to use the financing to expand sales of patient health information to life insurance underwriting operations.
Health care providers started the company in 2000. The company launched MedVirginia Solutions, a health information exchange aimed at health care providers, in 2006.
The Social Security Administration began using the company’s services in Social Security Disability Insurance claim determinations in 2009.
Clareto has already been offering life insurers access to the kind of electronic health data covered by the Health Insurance Portability and Accountability Act privacy and patient consent rules, the company says.
The company says it wants to use the new funding to turn its health information exchange program into a national data exchange player.
Dave Dorans, the company’s chief executive officer, said in a statement that his company sees expanding life insurance underwriters’ access to electronic health data as a way to increase Americans’ use of life insurance, by simplifying the underwriting process.