Telepsychiatry startup 1DocWay has been acquired by specialty pharmacy operator Genoa, a QoL Healthcare Company, for an undisclosed sum. With the deal, the purchaser has launched a new telemedicine division, Genoa Telepsychiatry.
Tukwila, Washington-based Genoa, which got its clunky corporate name from a 2014 merger with QoL Meds, provides behavioral health and long-term care pharmacy services at 280 locations nationwide. The company said the 1DocWay acquisition is meant to address growing demand for mental health services.
“The shortage of psychiatrists is a major issue in the behavioral health industry, and the addition of 1DocWay’s team and tools will help us provide a solution to this challenge,” said Mark Peterson, Genoa’s executive vice president for strategy and corporate development. “We believe telepsychiatry can be a key answer, as its early adopters have touted its acceptance and efficacy in delivering accessible and quality mental healthcare.
1DocWay, founded in 2011 and based in New York, has been in rapid growth mode. CEO Samir Malik said his company had doubled its service area in the last eight months. Over the summer, 1DocWay raised $1.7 million and hired new staff to help expand into additional states. It now operates in 11.
Malik said the sale will give 1DocWay access to clinics Genoa serves in 38 states plus the District of Columbia. His company had partnered with Genoa in the past.
“Their pharmacy model has proven to add significant clinical value around medication adherence, with rates unheard of in the industry; that commitment to quality and performance-driven care aligns with our mission and values,” Malik added.
For an interview with Malik about the acquisition, follow this link.
