TelaDoc Medical Services has raised an undisclosed amount of private equity funding from Trident Capital. The Dallas-based company provides around-the-clock access to telephone consults with trained primary care doctors who diagnose medical problems and, when necessary, prescribe medication.
With TelaDoc Medical Services (www.teladoc.com) now positioned as the leading platform in telehealth, an emerging and fast growing industry aimed squarely at reducing medical costs, promoting convenient access to care and addressing a shortage of clinical capacity, the company announced that it has received an investment from Trident Capital, a leading growth-oriented private equity firm with over $1.5B of capital under management (www.tridentcapital.com).
“We see TelaDoc as the clear-cut leader in this exciting area with an impressive and growing list of customers, a high-quality board of directors and advisors, a scalable delivery infrastructure and a very experienced management team,” says Arneek Multani, a principal in Trident Capital's Palo Alto office. “We're excited about the growth opportunities that exist for TelaDoc as the retailization of healthcare continues to gain importance to both healthcare payers and consumers alike.”
TelaDoc is a cost containment model that relies upon the simplicity of a telephone to provide consumers with affordable, convenient access to TelaDoc's national network of state-licensed primary care physicians (PCPs) who are trained and experienced with telehealth services. TelaDoc provides around-the-clock access to cross coverage, telephone-based consultations with trained primary care doctors who have a patient's medical record. TelaDoc consulting physicians diagnose non-emergency medical problems and recommend treatment including prescribing medication when applicable.
According to Michael Gorton, chief executive officer of TelaDoc, “TelaDoc is a proven approach for health plans, self-insured employers and third party administrators to reduce healthcare expenditures while promoting a healthier, more productive workforce. As TelaDoc approaches the two million member benchmark, this investment from Trident Capital will fuel initiatives to support further expansion.”
TelaDoc consultations are provided for a flat fee and integrate well with most consumer-directed health programs. Health plan customers regard TelaDoc as a solid extension of their existing provider networks and value its capabilities to feed claims electronically into claims systems. A key differentiator of the TelaDoc offering is an electronic health record (EHR) that is available free of charge to both patients and physicians.
“We built TelaDoc as a member-centric model to support traditional healthcare delivery and strengthen the medical home, factors which have contributed to our exceptionally high patient satisfaction rates,” adds Gorton. “We continuously dedicate resources to enhancing the consumer experience, such as bringing in data to augment the individual's personal health record. As consumers become increasingly more empowered to participate in the healthcare decision-making process, and as employers, payers and third party administrators continue to identify services that will improve quality with reduced spending, it is projected that this telehealth model will enjoy even greater adoption.”
TelaDoc Medical Services is a Texas corporation founded in 2003. TelaDoc is a national physicians' association licensed in 50 states, providing consumer members with affordable, around-the-clock access to telephone consults with trained primary care doctors who diagnose medical problems and, when necessary, prescribe medications. Contact: 800.835.2362 or www.TelaDoc.com.
About Trident Capital:
Trident Capital is a leading growth-oriented private equity firm committed to empowering entrepreneurs to build innovative and industry leading businesses. Founded in 1993, the firm manages over $1.6 billion of capital in a focused effort to develop world class information services and software business. Our team has invested in more than 100 companies since inception, including market leaders such as Resolution Health, CSG Systems, Viant, Mapquest and iRobot.
Trident invests in companies independent of size or stage of growth. We leverage our experiences, industry expertise and contacts to guide talented entrepreneurs to market success.