BOSTON, Jan. 9, 2020 /PRNewswire/ -- David Hines, CEO and Founder of clinical advocacy firm ConsumerMedical, announced today the closing of an equity investment in InfiniteMD (IMD). As a strategic investment partner, ConsumerMedical will support IMD's growth and innovation and will become a shareholder in the Company. Terms of the transaction were not disclosed.
Both companies are leaders in the second opinion services, clinical advocacy and decision support industry, now valued at more than $3.6 billion and rapidly expanding. More than 76 percent of large employers offer one or more advocacy programs to their participants. The relationship will enable ConsumerMedical to continue to expand its virtual second opinion capabilities and further strengthen its position in the growing advocacy support marketplace.
"We have been partnering with InfiniteMD this past year to create the leading clinical advocacy platform with the highest quality virtual, multi-modal expert medical opinion services available," said Hines. "This investment marks the positive recognition of IMD's ability to deliver top-notch virtual second opinion services globally for our participants and customers. Like us, IMD's focus is optimizing quality of care while providing an outstanding member experience to individuals and families as they face some of the most important decisions of their lives."
Together, the two companies bring unique synergies and services to the marketplace. ConsumerMedical serves over four million individuals today through some of the nation's largest employers, health plans, and private exchanges. IMD provides U.S. and global capabilities in expert medical opinions by leveraging its proprietary platform and a network of over 2,000 of the nation's top physicians in their respective fields.
IMD provides ConsumerMedical participants with access to highly-recognized physician leaders around the country who can review medical records, answer questions and give an opinion on a diagnosis via written report or video. Participants and their families have the option to interact with physicians over live video, team-based multidisciplinary video, and asynchronous video— the most modalities available in the industry.
The investment marks a significant expansion of the two companies' initial business alliance announced in the Spring of 2019. ConsumerMedical cites a key reason for the investment as IMD's high-quality network and platform and accelerating the technology roadmap.
"At InfiniteMD, our mission is to empower individuals and families with immediate access to the best experts in the world through our leading technology platform that expedites the second opinion process and collaborative interaction," said Babak Movassaghi, PhD, MBA, CEO of InfiniteMD. "We welcome the deepening of our great partnership with ConsumerMedical. The synergies we bring to this growing field will enable both organizations to set the standard for the second opinion and clinical advocacy marketplace."
About ConsumerMedical ConsumerMedical is a leading clinical advocacy, decision support and expert second opinion company serving over four million individuals through some of the nation's largest employers, health plans and private exchanges. The company has been serving patients and payers for more than 24 years. As a Medical Ally, ConsumerMedical guides participants throughout their healthcare journey with compassionate, high-touch support and deep clinical expertise. ConsumerMedical offers a fully integrated suite of solutions including Medical Decision Support®, Surgery Decision Support®, Expert Medical Opinion, Claims Advocacy and more, helping individuals and families navigate the healthcare system while improving outcomes and reducing costs. ConsumerMedical's results have been validated continuously by independent actuaries. www.consumermedical.com
About InfiniteMD InfiniteMD is a virtual expert opinion leader that provides consumers from around the world direct access to the best physicians in the United States via remote video and written consultations using its proprietary platform. Headquartered in Boston, Massachusetts, InfiniteMD works with physicians from institutions like Harvard Medical School-affiliated hospitals and other clinical centers of excellence that rank within the Top 20 Hospitals, per U.S. News and World Report. A cornerstone of InfiniteMD's service is support for global consumers, which includes the international collection and translation of medical records, as well as providing medically trained interpreters during video consultations. www.InfiniteMD.com