TimeDoc Health Recaps Year of Growth, Market Penetration, as Virtual Care Adoption Heats Up
Company highlights new partnerships and expanded staffing services entering 2023
CHICAGO, Jan. 17, 2023 /PRNewswire/ -- TimeDoc Health, a best-in-class solution provider for virtual care management, chronic condition management and remote patient monitoring, has capped a year of steady growth and adoption through key healthcare partnerships. The company, which raised a $48.5M Series B round in March 2022, is now serving more than 100,000 patients through its SaaS and hybrid services model.
"Last year was a breakout year for us, in terms of customer acquisition, but more importantly due to the widespread realization that virtual care is the path forward for healthcare organizations building more accessible delivery systems for patients," said TimeDoc Health Chief Executive Officer Will Boeglin. "We have learned from new and existing clients that chronic care management and remote patient monitoring are optimized with a team-based, tech-enabled approach. Next year, we plan to expand our platform's capabilities to ensure clinical teams are working with the most substantive patient data to inform decision-making."
Existing partnerships, like Transitions Care and Southwest Community Health Center, have been pivotal to the company's strategy to reach more patients in rural and suburban populations, where access to care can be limited. A recent partnership with Rainelle Medical Center across sites in West Virginia was born of necessity, with the organization needing a tool to monitor at-risk patients and allocate resources to symptomatic patients who struggle with transportation as a barrier to care.
"We partnered with TimeDoc Health as a way to immediately increase connectivity with those furthest away from our physical locations," said Sabrina Ford, director of nursing at Rainelle. "The most important thing for us is delivering timely, effective care and our system is empowered by technology and specialized staffing that optimizes our operation even when the circumstances are unpredictable."
This year, the company eyes continued expansion with FQHCs, community health centers, and medical practices targeting a wide range of providers who struggle with digital chronic conditions management, patient engagement, and staffing shortages. The latter threatens to derail the healthcare industry in the coming years, if not addressed properly. A 2021 report from Mercer, a global investment research firm, forecasts a shortage of more than 3 million "lower-wage" workers in the next four years, limiting the ability to deliver quality at-home care.
More oversight from government agencies, like the Centers for Medicare and Medicaid Services (CMS), also looms in the years ahead, potentially incentivizing providers to adopt new hybrid care models to enhance safety and access in underserved communities. It presents an opportunity for TimeDoc Health to continue its growth trajectory and appeal to a broad range of stakeholders in the industry.
"Every day we're encouraged by the data that flows through our platform," said TimeDoc Health Vice President of Care Management Sarah Cameron, LCSW. "Whether it's a decrease in emergency department utilization for a provider or a safe reduction in a patient's blood pressure enabled by remote patient monitoring, we are getting closer to creating the national healthcare system that we all deserve. This year will get us another step closer."
TimeDoc Health, based in Chicago, Illinois, is a leader in virtual care management for healthcare organizations. The company enables providers to deliver truly continuous, comprehensive care by helping them establish care management programs for patients with chronic health conditions. The solution combines a care management SaaS platform with care coordination services for chronic care management, remote patient monitoring, and behavioral health integration. For more information, visit www.timedochealth.com.
Contact:
James Coates
Senior Vice President, Marketing
[email protected]
TimeDoc Health
SOURCE TimeDoc Health
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