Health IT, Startups

SnapMD raises $5.3M to support sales pipeline for telemedicine

It raised a fresh round of capital from Shea Ventures, TYLT Labs and Whittier Ventures.

moneyTelemedicine startup SnapMD has raised a fresh round of capital from Shea Ventures, TYLT Labs and Whittier Ventures to accelerate business development in direct sales and through channel partners, according to a company statement.

The company will also allocate some of the funding to its product development plans such as expanded data integration capabilities and to help scale its mobile app solutions.

The company’s business involves putting telemedicine in the hands of hospitals and physician practices. Healthcare providers use its Virtual Care Management telemedicine platform to conduct scheduled virtual consultations for patients receiving ongoing treatment, according to its website. They can also do on-demand consultations to help reduce avoidable visits in urgent-care facilities or emergency room, provide remote medical services such as in-school virtual clinics, and do consults with other physicians.

Its white labeled technology is designed to help healthcare facilities extend the reach of their healthcare services.

SnapMD CEO Dave Skibinski said in a statement: “With this investment, SnapMD is well positioned to continue to build our sales pipeline, continue to add best-of-breed talent to our team, and solidify our plans for future iterations of our technology.”

There is something of showdown happening in the telemedicine world between companies that recruit their own doctors and companies like SnapMD that work with health systems and practices. Co-founder and COO George Tierney said  feedback it received from health systems and the investment community validates its approach, according to the statement.

“Telemedicine is a robust communication tool that should be placed in the hands of existing providers of care. This has been SnapMD’s approach from its founding, so it is certainly satisfying to see and hear the consensus forming around our view,” Tierney said.

The company predicts that the number of patients accessing telehealth services this year will double from 2013 levels.

Photo: Flickr

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