This play on the prefix from "medical" is ideally suited to a wide number of medical products, services and companies.
"Colo" could be an abstract suffix, but it can mean a "colocation" – a data centre facility in which a business can rent space for servers and other computing hardware. This could give extra weight to storing medical information, for example.
Medicolo has eight characters and four syllables. Successful brands using four syllable names include Airbnb, Panasonic and Unilever.