HealthSpot, the telemedicine company that abruptly ceased operations at the end of 2015, is liquidating rather than trying to reorganize. The failed Dublin, Ohio-based startup filed Chapter 7 papers Wednesday in U.S. Bankruptcy Court in Columbus, Ohio.
According to the filing, HealthSpot had assets of $5.2 million and liabilities of $23.3 million. The company had raised approximately $48 million over four years, according to a report in Columbus Business First.
Solera Health’s Playbook To Beat Rising Employer Expenses
Solera Health is working to streamline employer contracting with health tech.
HealthSpot generated just $1.1 million in revenues over three years, though $600,000 of that came in 2015.
As some had speculated, the majority of assets, about $3.5 million, were attributed to inventory, namely HealthSpot’s pricey telemedicine kiosks. HealthSpot had built 191 kiosks, 137 of which had never been deployed. The other 54 are still sitting unused in public spots, including Cleveland Clinic sites and Rite Aid stores, Columbus Business First reported.
HealthSpot attorney David Whittaker, in the Columbus office of Bricker & Eckler, confirmed to MedCity News that the Business First account was accurate to the best of his knowledge.
Major creditors include Internet service provider Cox Communications and prominent HealthSpot investor Xerox.
Transforming Clinical Content with Ambient & Generative AI
Sheila Bond, MD, talked about the latest trends regarding integration of AI in healthcare.
View HealthSpot’s financial report to the bankruptcy court here.
Photo: Flickr user Rachael Voorhees