DALLAS--(BUSINESS WIRE)--Teladoc Medical Services, the nation’s leading telehealth company, announced a $4M investment to fund its next phase of growth. Existing investors, Cardinal Partners and HLM Venture Partners made the investment to continue to drive the Company’s market-leading position in the telemedicine marketplace.
“Teladoc has excellent business momentum and is rapidly expanding its customer base,” says Thomas McKinley, partner at Cardinal Partners. “We are particularly impressed by the Company’s large national presence, extraordinary patient satisfaction scores, and high-quality provider network. For those Americans who have difficulty accessing routine care, Teladoc delivers a cost-effective, high-quality, convenient solution.”
Teladoc offers access to a national network of board-certified physicians providing telehealth consultations 24/7, with its physicians using detailed clinical histories to remotely diagnose and recommend treatment. The Teladoc model is designed to handle a significant portion of non-emergent medical cases and can resolve routine medical issues in a fraction of the time and cost often spent accessing care from urgent care facilities, emergency departments, or physician offices.
Marty Felsenthal, partner at HLM Venture Partners, adds, “Teladoc continues to exceed our expectations for market performance, and is the clear front-runner in the telehealth space. The leadership team has created a recipe for success by delivering a solution that responds to increased market demands for convenience, improved access to primary care, and lower costs.”
Jason Gorevic, CEO of Teladoc, concludes, “Cardinal and HLM are widely recognized for their strategic healthcare investments, and we plan to optimize their relationships, insights and expertise to accelerate our strong growth. Their investment in Teladoc demonstrates high confidence in Teladoc and our ability to remove barriers to patient care.”
Founded in 2002, Teladoc is a nationwide network of licensed, board certified primary care physicians, providing telehealth visits on demand. Teladoc physicians have access to the member’s (CCR-compliant) electronic medical record and can remotely diagnose and treat minor non-emergency medical problems. All Teladoc physicians are carefully credentialed and covered by medical malpractice insurance. Teladoc members have access to locally-licensed physicians 24 hours-a-day, 365 days a year. Teladoc currently provides access to a physician, on average, in less than 30 minutes with a 97 percent approval rating from member patients. Contact: 800.835.2362 or www.TelaDoc.com
About Cardinal Partners
Cardinal Partners is leading venture capital partnership focused exclusively on healthcare investing. Cardinal is committed to the belief that innovation and excellence in healthcare will simultaneously improve the lives of millions, while also rewarding investors with extraordinary returns. As veteran company-builders, Cardinal principals partner with entrepreneurs, scientists, clinicians, engineers and inventors in the challenging task of growing great companies from great ideas. Over the course of their careers, the Cardinal Partners team has invested in over one hundred growth companies. Since 1997 alone, companies funded by Cardinal have a cumulative market valuation exceeding $6 Billion. For more information, visit www.cardinalpartners.com.
About HLM Venture Partners
HLM Venture Partners is a leading venture firm providing capital to emerging companies focused on health care service, health care information technology and medical devices. HLM Venture Partners supports entrepreneurs as they turn innovative ideas into market-leading businesses, offering guidance on financial structuring and mergers, resource allocation and deployment, strategic planning, strategic introductions and recruitment. For more information, please visit www.hlmvp.com.