Aims to Meet High Demand for Virtual Care Management Services
CHICAGO, May 5, 2020 /PRNewswire/ — TimeDoc, Inc., the Virtual Care Management platform that enables the leading healthcare providers to manage their chronic care population, has completed a $5.7 million Series A round of financing. Vocap Investment Partners led the investment round, with participation from existing and new investors Grand Ventures, Serra Ventures, Waterline Ventures, Impact Engine, Break Trail Ventures, Chaifetz Group, and Pat Welsh, co-founder of Welsh, Carson, Anderson & Stowe.
“We are excited to have both the financial support and domain expertise of our new investors. They will help us accelerate our vision of building the premier chronic management solution in the market. Our investor syndicate brings strong experience, perspective and relationships with marquee health care organizations,” said Will Boeglin, CEO of TimeDoc.
TimeDoc has experienced significant growth over the past couple of years as it has focused on building the industry’s leading software platform for virtual care management programs. Clients include hospitals, physician group practices, and Federally Qualified Health Centers that leverage the TimeDoc software for Chronic Care Management and Behavioral Health Monitoring.
“We have studied the virtual care management space for a few years and came to the conclusion that TimeDoc’s product-market-fit is distancing them from the competition,” said Vinny Olmstead, Managing Director of Vocap Investment Partners. “The company has accomplished a great deal with very little capital and a small sales team. Will, along with co-founders Chris Knoff and John DiCosola, are building what we believe will be the category leader in the space.”
The COVID-19 pandemic has brought heightened challenges over the past few months to TimeDoc’s clients. Specifically, the need to provide care for their most vulnerable demographic: elderly patients with multiple chronic conditions. By leveraging the TimeDoc platform, providers have even been able to save their employees’ jobs by repurposing staff to conduct virtual check-ins and provide medical guidance.
“Our software solutions support our provider clients and their patients in a significant way during this pandemic. This success has been a silver lining for our team in what has been an otherwise challenging time for us all,” said Will Boeglin, CEO of TimeDoc.
TimeDoc plans to use the new capital to accelerate sales resources, strengthen Electronic Health Record (EHR) integrations, roll out Remote Patient Monitoring, and develop tools to improve outcomes for their chronically ill patients.
“TimeDoc has developed technology solutions that enable providers to deliver an exceptional quality of care to patients dealing with complicated diseases. Physicians today have large patient panels and require more time to manage their patient’s needs. By leveraging TimeDoc’s software, and software enabled service offerings, clinicians can focus on their core practice functions, and provide a better care model to their patients,” said Robbie Greenglass, Managing Director of Waterline Ventures.
This investment brings TimeDoc’s total funding since launching in 2016 to over $8 Million. Vocap Investment Partners Managing Director Vinny Olmstead will join TimeDoc’s Board of Directors, alongside current outside board member Tim Streit of Grand Ventures.
About TimeDoc Health
TimeDoc Health, based in Chicago, Illinois, is a leader in Virtual Care Management for healthcare providers. The company enables providers to deliver truly continuous, comprehensive care by helping them establish care management programs for patients with chronic and behavioral health conditions. The solution combines a care management SaaS platform with virtual care management services to provide the personal touch often missing in healthcare.
About TimeDoc HAbout Vocap Partnersealth
Vocap Investment Partners provides venture capital and operating expertise to rapidly growing technology companies in high potential verticals, including: Enterprise Software, Healthcare Tech, Marketing Tech, Media and Entertainment, and Internet.
About Waterline Ventures
Waterline Ventures is a Boston based venture capital fund focusing on investments in the healthcare technology and services sector. Waterline Ventures invests in companies that are improving the way care is delivered. Increasing costs, inconsistent quality, and inadequate access to healthcare create the need for innovation. Companies that address these issues stand to create tremendous value while improving people’s lives across the country and around the world. There is a massive and growing opportunity for technological transformation in healthcare. Waterline’s family of entrepreneurs are leading the change within the healthcare system.
About Impact Engine
Impact Engine is a Chicago-based venture capital and private equity investment firm focused on driving positive impact in economic empowerment, education, environmental sustainability, and health while seeking competitive financial returns. The firm was included on the 2019 and 2020 ImpactAssets50 lists, which recognize outstanding impact investment funds with a demonstrated positive social, environmental and financial impact. Impact Engine is women-owned and led and brings the community together to build the impact investing field.