Acceptance Of Telemedicine Drives Investment
By Christine Kern, contributing writer
Telemedicine is gaining traction amongst the healthcare community and, as it does, brings in millions of dollars in capital.
With the acceleration of healthcare costs, employers, payers, and health systems are actively looking for new care delivery methods that will allow them to effectively treat patients in the most cost effective care setting. That care setting may be a patient’s home, and telemedicine is an effective way to deliver care there.
As a result of this growth, telemedicine vendors are finding it easier to raise capital. One such vendor, Teladoc announced it has raised $50.2 million in fresh capital which it will use to reinforce its leadership position and support the acceleration of its growth strategy.
Teladoc provides telephone and video teleconferences to address routine health issues that might otherwise be treated in an ER or urgent care center. Patients are evaluated by a health professional, and if a referral or prescription is needed, they can be arranged for during the call.
“Teladoc has experienced phenomenal growth. After doubling revenue in each of the last two years, we look to accelerate this trend,” said Jason Gorevic, CEO of Teladoc. “This sizeable investment will allow us to quickly develop new products and services … while simultaneously expanding into new markets and distribution channels.”
Teladoc is set to pursue further growth both organically and through additional strategic partnerships and targeted acquisitions. The company is anticipating record-setting growth in January 2015 on the heels of its strongest selling season ever. A year ago it acquired Consult-A-Doctor, which works with small- and medium-sized employer health plans. Earlier this year, it purchased Ameridoc.
Teladoc is anticipated to complete more than a quarter-million medical consults across the U.S. this year, with an average physician call-back time of less than 16 minutes. Some of the largest healthcare companies and insurers use Teladoc services including Blue Shield of California; Cash America; Gallup; Highmark Inc.; Ignite Restaurants, the holding company for Romano’s Macaroni Grill, Brick House Tavern + Tap and Joe’s Crab Shack; Rent-A-Center; and T-Mobile.