TimeDoc Health Raises $2.5M to Accelerate Innovation and Scaling of Chronic Care Management Platform
Grand Ventures led the raise with participation from Serra Ventures and Break Trail Ventures
CHICAGO, Aug. 7, 2019 /PRNewswire/ -- TimeDoc Health, Inc. provides healthcare organizations with technology and digital nursing services to coordinate care for their chronically-ill patients on a continuous, monthly basis. The TimeDoc Care Management platform is being used by healthcare organizations in over 30 states who are participating in various care management programs including Medicare's Chronic Care Management program (99490 / G0511), Comprehensive Primary Care Plus, Patient-Centered Medical Home, and state-wide opioid use disorder programs.
"Many healthcare organizations do not have the technology or staff required to engage and monitor their chronically-ill patients outside of face-to-face office visits. This is a missed opportunity to help the country's most complex patients manage their conditions and curb rising healthcare costs," TimeDoc CEO Will Boeglin said. "Grand Ventures recognizes that we are making tremendous strides with our growing client base and understands the value this can generate for patients and our healthcare system as a whole. This is about more than just business; it's about helping in the fight against rising healthcare costs. We're thrilled to have a partner in the investor community who values that."
While studies show that primary care providers receive a disproportionately small percentage of healthcare reimbursement, the programs that TimeDoc is launching within medical practices help to generate necessary revenues that fund better patient care. Clients such as Optimus Healthcare, AllCare Health, and StayWell Health Care are achieving strong results for their bottom lines and providers using TimeDoc are reporting the following:
- Increases in patient compliance and adherence
- Enhanced relationships with patients
- Increases in patients attending appointments
- Increases in patient engagement and preparedness for appointments
Nancee Barnette, Practice Administrator at Dunbar Medical Associates remarks, "TimeDoc is by far the best tool we've used since we started our EHR in 2007".
2019 has been a banner year for TimeDoc. The company now serves healthcare organizations such as Federally Qualified Health Centers (FQHCs), Rural Health Clinics (RHCs), multi-speciality practices, primary care practices, community hospitals, and independent physician associations in over 30 states. Earlier this year, TimeDoc hit a major milestone by enrolling the 20,000th patient into its care management program and achieving a patient retention rate of over 90%.
The new investment will enable TimeDoc to expand its platform into behavioral health and remote patient monitoring - both services that are underprovided and hold tremendous potential to improve patient outcomes. The company is also expanding internally and anticipates doubling its headcount within the next 12 months.
"It's an exciting time to partner with TimeDoc. We're impressed to see the team they've put together and the results they're driving for their clients. We cannot wait for the product innovations they have planned to come to life over the next 12 months," added Grand Ventures partner, Tim Streit.
About TimeDoc Health
TimeDoc Health, based out of Chicago, Illinois, is a market leader in digital care management solutions for healthcare organizations. Our solution combines a care management platform with digital nursing services to engage, monitor, and coordinate care for chronically-ill patients on a monthly basis. The 20,000+ patients in our program receive truly continuous and convenient care through a dedicated care manager and report increased satisfaction and improved health outcomes. Our 70+ healthcare clients generate new, monthly recurring revenues while providing an enhanced service to their complex patients and preparing for value-based reimbursement models. Learn more at: www.timedochealth.com
Media Contact:
Chris Knoff
TimeDoc Health
844.784.8362
[email protected]
SOURCE TimeDoc
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