TelaDoc Medical Services Secures $9M Funding Led By HLM Venture Partners
DALLAS, Texas/BOSTON, Mass. – December 3, 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.”
Source: TelaDoc Medical Services