TimeDoc Health, a virtual care management platform, announced Monday that it has raised $48.5 million to grow its workforce and increase the company’s technological capabilities in its bid to lighten the administrative load for physicians, support clinical decision-making and assist with care coordination.
The haul from a Series B round led by Aldrich Capital Partners will help the Chicago-based company expand its hybrid virtual and in-person care model. TimeDoc’s solution combines an SaaS platform with care coordination services for chronic care management, remote patient monitoring and behavioral health that is integrated into primary care.
The startup, founded in 2015, plans to hire additional care coordination staff, sales and marketing personnel and tech developers. In total, it expects to bring on about 350 new employees in 2022, said CEO Will Boeglin in an email provided by a representative.
“As a physician-founded company, we are constantly searching for ways to leverage technology to lessen the administrative burden on clinicians,” Boeglin said. “We are developing solutions that automate the administrative aspects of care coordination and remote monitoring. Also, we are building out analytical capabilities to enable our clinicians to make more informed clinical decisions when treating their chronically ill patients.”
The funds will help TimeDoc create a full-service solution for chronic disease management, remote patient monitoring and behavioral health management, according to the company. The company is currently in 35 states and expects to expand into additional states this year as it looks to offer solutions to more providers and reach more patients.
To help health organizations transition to virtual care management, the startup offers tech and staff support. TimeDoc emphasizes that health organizations can rely solely on the company’s solutions or use those as a supplement to in-house care management approaches, whichever is preferred. The aim is to offer a solution that meets healthcare organizations where they are.
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“Our flexible technology plus services model is one of our key differentiators,” Boeglin said. “We’ve intentionally designed our solutions to ensure providers can use their care coordinators, ours or a hybrid of both.”
Other companies like SnapMD and VirtualHealth also offer virtual care management platforms that allow health providers to continue to engage with patients outside hospital and clinic walls and support care coordination. And increasingly virtual and home-based care are being offered for a broader range of medical services, extending the reach of health providers and making it easier for patient to access care.
For its part, TimeDoc offers a customized combination of human and tech resources, depending upon what health organizations need.
“We can deploy as a tech-only solution for their teams, or as a hybrid solution where both TimeDoc Health affiliated care coordinators and the provider’s teams can use the platform in what we call a ‘co-sourced’ model,” Boeglin said.
The startup has worked to optimize its tailored approach since its founding. As a result, Boeglin said most of its customers continue to rely on TimeDoc in some capacity rather than ultimately trying to do everything in-house.
Photo: elenabs, Getty Images
