TimeDoc Health, a virtual patient management and outreach platform, scored $48.5 million in a Series B funding round led by Aldrich Capital Partners.
This comes roughly two years after the Chicago-based company closed its $5.7 million Series A round. According to Crunchbase, this new infusion of cash brings the startup’s total raise to just under $40 million.
WHAT IT DOES
The company pitches its technology as a way to help providers communicate with their patients in between visits.
TimeDoc got its start in chronic care management but has expanded to include services for behavioral health, COVID-19 vaccine outreach and remote patient monitoring. The system is able to integrate into a provider’s EHR system.
Providers can also use the service to help identify the best patient fits for the program and help patients onboard. Once a patient enters the program, the service can help create a virtual care management plan and provide clinicians with templates to upload their own plans.
There is also a care manager assigned to patients who helps coordinate care. TimeDoc is able to document and connect charges to an EHR system.
TimeDoc’s main clients are community health centers and medical groups and practices.
WHAT IT’S FOR
The company plans to use the money to expand its care coordination staff, as well as its sales, marketing and developer teams, according to the company’s release.
“Part of our founding thesis is the belief that providers have too much to do and not enough time to do it. And the people this really impacts are their most vulnerable patients. They are not equipped with the time, tools and resources they need to make virtual care management programs stick,” Will Boeglin, TimeDoc Health CEO, said in a statement.
“Over the last seven years, our physician and technology leaders have worked diligently to keep patients and providers engaged in these programs for the long term. We’re excited for our next phase of growth and to be aligned with experienced partners like Aldrich Capital who understand the market and importance of digital health innovation.”
THE LARGER TREND
Care management is a popular focus of digital health companies. Many traditional telehealth players are jumping into the sector. For example, in February Teladoc announced the launch of a new chronic care management program, called Chronic Care Complete. At the beginning of 2022, MDLIVE launched a health-monitoring program geared towards patients with chronic conditions.
There are also a number of startups working in the space. Lyn Health emerged out of stealth mode in December with a focus on managing patients with multiple chronic conditions.