December 4, 2009
TelaDoc Medical Services (www.teladoc.com), the nation's leading provider of telehealth medical consults, announces a $9M investment to fund its next phase of growth. Lead investor, HLM Venture Partners (www.hlmvp.com), was joined by healthcare specialist Cardinal Partners (www.cardinalpartners.com) along with existing investor, Trident Capital (www.tridentcap.com).
"We are very excited to partner with TelaDoc," says Martin R. Felsenthal, partner of HLM Venture Partners. "By many accounts, as many as 20 percent of Americans lack a family doctor and as many as one-third have difficulty getting timely appointments for routine care. Any meaningful health care reform providing increased access to the 50 million uninsured Americans should only exacerbate these access issues. We are confident that this capital will enable TelaDoc to build on its market-leading position in the telemedicine sector. We are particularly pleased with the Company's large national presence, extraordinary patient satisfaction, and high-quality provider network."
TelaDoc is a national network of board-certified physicians providing telehealth consultations 24/7, with its physicians using detailed clinical histories to remotely diagnose and recommend treatment. The TelaDoc model is designed to handle a significant portion of non-emergent medical cases and can resolve routine medical issues in a fraction of the time and cost often spent accessing care from urgent care facilities, emergency departments, or physician offices.
Jason Gorevic, CEO of TelaDoc, adds, "This investment signals strong market confidence in TelaDoc and its ability to remove barriers to patient care, which is an important component in all versions of health care reform. We are very excited to add HLM and Cardinal to our team, and we appreciate Trident Capital's continued support of the Company. We look forward to leveraging our investors' strategic relationships, insight and expertise to help TelaDoc achieve its full potential. Our investors understand that TelaDoc's solution means efficiency and cost-effectiveness. This funding will help us to build on our ongoing initiatives to enhance the primary care physician-patient relationship and create meaningful and measurable change in the quality and cost of health care for millions of Americans."
Founded in 2002, TelaDoc is a nationwide network of licensed, board certified primary care physicians, providing cross coverage services on demand. TelaDoc physicians have access to the member's (CCR-compliant) electronic medical record and can remotely diagnose and treat minor non-emergency medical problems. All TelaDoc physicians are carefully credentialed and covered by medical malpractice insurance. TelaDoc members have access to locally-licensed physicians 24 hours-a-day, 365 days a year. TelaDoc currently provides access to a physician, on average, in less than 30 minutes with a 97 percent approval rating from member patients. For more information, visit www.TelaDoc.com.
About HLM Venture Partners
HLM Venture Partners is a leading venture firm providing capital to emerging companies focused on health care service, health care information technology and medical devices. HLM Venture Partners supports entrepreneurs as they turn innovative ideas into market-leading businesses, offering guidance on financial structuring and mergers, resource allocation and deployment, strategic planning, strategic introductions and recruitment. For more information, visit www.hlmvp.com.
About Cardinal Partners
Cardinal Partners is one of the leading venture capital partnerships focused exclusively on healthcare investing. Cardinal is committed to the belief that innovation and excellence in healthcare will simultaneously improve the lives of millions, while also rewarding investors with extraordinary returns. As veteran company-builders, Cardinal principals partner with entrepreneurs, scientists, clinicians, engineers and inventors in the challenging task of growing great companies from great ideas. Over the course of their careers, the Cardinal Partners team has invested in over one hundred growth companies. Since 1997 alone, companies funded by Cardinal have a cumulative market valuation exceeding $6B. For more information, visit www.cardinalpartners.com.
About Trident Capital
Trident Capital is a leading venture capital and private equity firm committed to empowering entrepreneurs to build innovative and industry leading businesses. Founded in 1993, Trident has more than $1.5B of capital under management across six funds. Trident has invested in more than 150 companies since inception. The firm focuses on investments in the Enterprise Services and Software, Health Care IT, Internet and CleanTech sectors. Within their targeted sectors, Trident invests across multiple stages, from early startup to expansion stage investment to growth capital and buyouts. Trident has investment offices in Palo Alto, CA and Westport, CT. For more information visit www.tridentcap.com.
SOURCE: TelaDoc Medical Services