TimeDoc Health Raises $48.5M from Aldrich Capital Partners to Optimize Virtual Care Management Capabilities
The deal will put TimeDoc Health in a position to grow its workforce in 2022, with plans to hire additional care coordination staff, sales and marketing personnel, and developers to expand the company’s technology capabilities. Aldrich joins the board of directors alongside existing investor, Vocap Partners.
“Part of our founding thesis is the belief that providers have too much to do and not enough time to do it. And the people this really impacts are their most vulnerable patients. They are not equipped with the time, tools, and resources they need to make virtual care management programs stick,” said TimeDoc Health Chief Executive Officer Will Boeglin. “Over the last seven years, our physician and technology leaders have worked diligently to keep patients and providers engaged in these programs for the long-term. We’re excited for our next phase of growth and to be aligned with experienced partners like Aldrich Capital who understand the market and importance of digital health innovation.”
TimeDoc Health, which staffs and delivers virtual care management solutions for providers, has proven its model with hundreds of healthcare organizations, helping to improve clinical and financial outcomes. During the pandemic, the company has been instrumental in helping providers increase their bandwidth and overall quality of care for more than 70,000 patients – while also delivering significant revenue for reimbursable remote patient monitoring and chronic care management services.
“For providers to be financially viable in a post-pandemic healthcare environment, they need enterprise technology and services that help solve the health needs of patients while not in the office,” said Mirza Baig, managing partner of Aldrich Capital. “TimeDoc Health is not only a leader in this space, but they have a vision for the future of care delivery, which doesn’t need to be restricted to an office or hospital setting.”