June 18, 2015
Video chatting these days is almost as easy as breathing. It’s just always an option and you can connect with somebody who lives virtually anywhere on the planet. Honestly, I think we take it for granted sometimes: it’s insanely astounding.
I’m so enthralled with it because I think there are so many practical applications outside the world of long distance relationships and saying”Hi” to mom and dad. Take, for example, the San Francisco based company Doctor on Demand.
They’ve built out a healthcare service that provides video visits with board certified physicians, psychologists, and other providers via smartphones, tablets, and computers. It’s a brilliant way to leverage video call technology, and apparently I’m not the only one who thinks that.
In fact, Tenaya Capital, Qualcomm Ventures, Dignity Health, Venrock, Shasta Ventures, Anne Wojcicki, and Sir Richard Branson all agree. Together they’ve all funded Doctor on Demand’s Series B round to the tune of $50 million.
Part of what caught the investor attention is the projected growth of telemedicine, which is expected to grow to $4.5 billion by 2018. And Doctor on Demand will use the funds to continue the rapid expansion of their top rated telemedicine service to meet that market trajectory.
“We launched Doctor On Demand to improve access to some of the best healthcare providers in the country,” says Adam Jackson, cofounder and CEO of Doctor On Demand. “Subscription fees are wasteful and make it much harder for legacy telemedicine programs to generate positive ROI. Our No Subscription (PEPM) Fee, pay-as-you-go model fully aligns us with our partners. Plus, patients love the quality of our providers and the simplicity of our technology, which drives extremely high utilization.”
As Jackson tells it, Doctor on Demand is addressing two crucial needs in the industry. On one hand they’re confronting the skyrocketing costs of healthcare while on the other hand they’re tackling the issue of limited access to quality doctors.
To date Doctor on Demand has accrued a base of over 200 clients, the first of which was Comcast. They’ve also partnered with national health plans like United Healthcare and the Blue Cross Blue Shield Association, giving in-network Doctor on Demand access to more than 25 million Americans.
Those are some staggering numbers, and here’s one more for you: the recent funding round brings their total capital raised to $74 million. Going to the doctor might never be the same again, but I’m totally cool with that.
Image Credit: Doctor on Demand’s Facebook page
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