Industry Update - March 27

Timedoc Health raises $48.5 million

Company: 

• The company offers virtual care management solutions to providers overseeing patients with chronic health conditions, working with approximately 120 providers across 35 states.

Problem Space:

• Chicago-based TimeDoc helps the overstretched, overworked primary care physician better manage their chronic care patients in between appointments as per the co-founder and CEO Will Boeglin says. 
• Ensuring virtual care programs stick can ultimately contribute to fewer hospitalizations.

The Products:

• Unlike other care coordinators, TimeDoc works directly with PCPs, and offers a broad array of services, including virtual care. 
• The three lines of business are chronic care management, remote patient monitoring, and the integration of behavioral health with primary care.
• 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.

Future Plans:

• Currently operating in 35 states, the company plans to use the capital injection to expand operations and support new hires. 
• It will add to its 150 care coordinators today with 20 to 40 new hires a month, along with other new staff, Boeglin says. 
• TimeDoc will grow its enterprise customer base by partnering with more traditional health systems, innovative primary care providers (such as those with value-based care-centric models), and accountable care organizations. 
• "Our big goal is to be helping 1 million patients a month by end of 2025," the CEO says.Who pays?

Afterlife raises $22 million

Avive raises $22 million

Antidote Health raises $22 million.