TimeDoc Health, a virtual care management company, has raised $48.5 million, the company announced Monday.
The series B round was led by Aldrich Capital Partners. The company plans to use the capital to expand its care coordination team, sales and marketing personnel and tech developers.
The company offers virtual care management solutions to providers overseeing patients with chronic health conditions, working with approximately 120 providers across 35 states, executives told Fierce Healthcare. TimeDoc collects data from remote monitoring devices into its platform, which pushes the data into an electronic health record (EHR). It also staffs more than 150 care coordinators that work with patients, capture social determinants of health and make appointments.
“Part of our founding thesis is the belief that providers have too much to do and not enough time to do it. And the people this really impacts are their most vulnerable patients. They are not equipped with the time, tools, and resources they need to make virtual care management programs stick,” said TimeDoc Health CEO Will Boeglin in an announcement.
“For providers to be financially viable in a post-pandemic healthcare environment, they need enterprise technology and services that help solve the health needs of patients while not in the office,” said Mirza Baig, managing partner of Aldrich Capital, in the announcement.
The company’s model has benefited from the pandemic, which accelerated the adoption of remote and virtual care solutions, thus going from a “nice to have” to a "must have,” James Coates, TimeDoc’s senior vice president of marketing, told Fierce Healthcare. Additionally, the company has found medical assistants and licensed practical nurses wanting to continue working in a flexible remote environment, so recruiting and retaining talent has become easier than it was pre-pandemic, Coates said.
“Anyone can provide a device and start capturing data, but only the staff keeps patients engaged and in the program. That's what drives down costs and keeps them out of the hospital,” Coates added.