TimeDoc Health Secures $5.7 Million Series A Financing Round
Aims to Meet High Demand for Virtual Care Management Services
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.
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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.