Even though telemedicine continues to be a relatively small market, the dealmaking with a major strategic partner has been confined to a handful of players but smaller companies are moving into this area too. Video Medicine is one of those companies. In a phone interview, CEO Dr Charles Butler claimed that the Chicago company’s strength comes from a technology platform that’s more sophisticated than potential rivals like MDLive or Teladoc.
The company filed a Form D with the Securities and Exchange Commission this week seeking to raise about $1.1 million. The Chicago based company, which also has an office in Jackson, Wyoming, is developing a telemedicine platform aimed at independent practices from primary care physicians to specialists in areas such as dermatology and hormone therapy. Butler compared its technology metaphorically to a screwdriver. “We are letting practices use our platform whether they want to assemble a radio or build a car.”
Its app is available for IoS and Android networks.
Butler added that the fundraise will support the development of its technology platform and that it has raised $750,000 so far. He disagrees with the idea that technology is no longer a barrier in telemedicine — particularly when it comes to developing a platform that can communicate as easily with mobile devices on iOS networks as Android. But he declined to go into any detail about its technology, except to say that a newer version of its platform coming out in six to eight months “will blow everyone away.”
He said the company is looking for investors that can strengthen its business. Although its website said practices can use a by the minute billing system it offers, Butler said it was also offering a monthly subscription.
