Don’t let it be said that a telemedicine startup that bills itself as an ATM for healthcare is lacking in optimism.
The top executive with Columbus, Ohio-based HealthSpot told Columbus Business First that the startup projects that it’ll hit $1 billion in annual revenue within five years. Even with the telemedicine market expected to boom in the coming years, that seems like a tall order for what it is now a relatively obscure, unknown and early stage company.
Regardless, HealthSpot has some prominent (and deep-pocketed) backers and believers to help it reach that goal.
Cardinal Health (NYSE:CAH) — a $100 billion company in its own right — confirmed to Columbus Business First that it has taken a minority stake in HealthSpot and is marketing the startup’s medical-care kiosks to independent and regional pharmacy customers. A Cardinal spokesman told the media outlet that HealthSpot’s kiosks “allow retail pharmacies to offer their patients all the benefits of an in-store clinic, at a fraction of the cost.”
HealthSpot’s investors and advisers also include former Gartner CEO Manny Fernandez, MemberHealth founder Chuck Hallberg and former Cleveland Clinic CEO Floyd Loop. The company has raised about $6 million in investment funding over 18 months.
HealthSpot will make its money by taking a cut of the $60 per-visit fee from its 9- by 5-foot telemedicine kiosks, as well as charging a leasing fee to customers that host the sites, such as pharmacies, nursing homes or large employers.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
HealthSpot envisions patients using its kiosks for a variety of primary care needs — minor illnesses, skin conditions, allergies and the like. Each kiosk comes equipped with high-definition videoconferencing capabilities, plus integrated digital medical equipment that can sends doctors diagnostic information like temperature and blood pressure.
