CHICAGO--(BUSINESS WIRE)--First Stop Health, a leader in the telemedicine industry, announced today that it has secured $650,000 in additional financing, through a convertible note. First Stop Health has now raised a total of $7.85 million in equity.
This financing reflects additional investments in privately held First Stop Health by existing shareholders, and was led by co-founders, Patrick Spain, the Chief Executive Officer, and Dr. Mark Friedman, the Chief Medical Officer.
“This investment provides the capital for First Stop Health to achieve continued 3-digit percentage growth in top line revenues,” Spain said. “This rapid growth reflects our focus on providing the industry’s highest utilization, with associated cost savings, to our largely self-insured client base of mid-market enterprises,” he added.
The First Stop Health telemedicine service is purchased by employers for employees and their dependent family members.
“The mission of First Stop Health is to provide easy access to convenient, high quality healthcare at an affordable price,” said Dr. Friedman. “Rather than ration care, as so many believe is the future of medicine, First Stop Health provides unlimited access to care at no cost to the employees and the dependent family members of our clients,” he added.
“Employees with insurance are choosing to consult with First Stop Health doctors via telemedicine in place of unnecessarily higher cost, time-consuming visits to physical facilities,” said Dr. Friedman.
First Stop Health offers its clients a contractual guarantee that the cost of the service will not exceed the direct healthcare cost savings realized. “To our knowledge, we are the only participant in the telemedicine industry to offer this type of absolute guarantee,” said Spain.
“Our telemedicine service provides a rare win-win for employees and employers in today’s employee benefits environment. We save money for employers, while improving the lives of members and their families,” Spain added.
About First Stop Health
Chicago-based First Stop Health provides telemedicine services to members 24/7/365 via phone, online video, and mobile apps. With convenient access to U.S.-based physicians in 50 states and the District of Columbia, members receive medical advice, diagnosis and treatment; including prescriptions, when medically necessary. Connect with First Stop Health on LinkedIn, Owler, Facebook and Twitter.