First Stop Health has received $2.2 million in additional angel financing. The business is a convenient and affordable telehealth and advocacy service available to employers and to consumers.
Telehealth and advocacy service First Stop Health announced it has received $2.2 million in additional angel financing.
“First Stop Health is serving members across the country with telehealth and patient advocacy services,” said First Stop Health CEO and co-founder Patrick Spain. “The latest investment will be used to scale our efforts to sell our services to employers. All employees and employers benefit from quick, convenient and affordable access to more than 350 physicians 24/7/365. However, self-insured companies can benefit immediately by realizing savings in the first month of implementation.”
Because reductions in claims fall right to the bottom lines for self-insured companies, First Stop Health’s telehealth service can typically save up to three times its cost, Spain said. The company creates customized employee engagement programs for each employer. “Unlike traditional telehealth companies that have low single-digit employee participation rates, First Stop Health targets participation rates of 20 percent or more in the first year,” Spain added.
Since its launch of the telehealth and advocacy service for employers last year, First Stop Health has established a client base of employers spanning a variety of industries, including technology, media, transportation, oil field services, law and nonprofit organizations.
Driven by the urgent need for cost containment and physician shortages, the U.S. market for telehealth is expected to grow eightfold from $240 million to $2 billion in the next five years, according to the consulting firm IHS.
About First Stop Health
First Stop Health (www.fshealth.com) is a quick, convenient and affordable telehealth and advocacy service available to employers and to consumers. It offers immediate, 24/7/365 phone and email access to more than 350 U.S.-based physicians. First Stop Health members can also get help from expert patient advocates with negotiating medical bills and navigating serious illnesses. In addition, members can use a confidential, secure dashboard to access recordings of calls with First Stop Health physicians; store and share any medical records; and quickly locate nearby physicians, drugstore clinics, urgent care centers and emergency rooms. Adding First Stop Health to employee benefits can reduce employers’ health care costs while improving employee health, productivity and satisfaction. Co! nnect with First Stop Health on Facebook and follow First Stop Health on Twitter: @firststophealth.