Tomato Systems announced on the 29th that it has completed a 5% stake in MedCare Partners (MCP), a US medical group, and is poised to enter the US healthcare market. This investment was made jointly with Tomato Systems' US subsidiary, CyberMDCare. The company plans to capitalize on this investment by expanding into the US insurance insurtech sector, in addition to its existing remote patient monitoring (RPM) business.
This investment is based on a contract CyberMDCare signed with Medicare Partners Health Plan of Texas, an insurance company under MCP, to develop an insurance system. Building on this agreement, the two companies are jointly developing an automated Annual Wellness Visit (AWV) system and a Korean-style health screening platform.
CyberMDCare is developing an AWV automation system that redesigns the Korean health screening model to fit the American system, and is building an integrated healthcare management platform by linking it with existing RPM services.
Additionally, CyberMDCare plans to build a medical operation platform that integrates AWV, RPM, video consultation, treatment/prescription code entry, and chronic disease management (CCM) functions.
Through this equity investment, both companies anticipate synergies in insurance operations and medical services. Tomato Systems will secure a stable, long-term revenue base by participating in the insurance operations revenue structure through its partnership with MCP. Furthermore, collaboration with MCP's medical network is expected to expand its RPM and AWV service contracts, further expanding its telemedicine business.
Lee Sang-don, Chairman of Tomato Systems, said, "This investment is part of a strategic partnership to develop CyberMDCare's integrated healthcare platform. We will work with local US insurers to secure US government approval for the CMD program and lay the foundation for the global expansion of the Korean healthcare model." He added, "By incorporating AI medical technology, we will lead the US healthcare IT and insurance platform markets."
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