Doctor on Demand, a virtual care platform raises funding of $74 Million
Doctor on Demand received Series C funding in a round led by Princeville Global and Goldman Sachs Investment Partners raising a total of $160 million to date.
Easy-to-access healthcare services are a dream for millions of people who live in remote areas, or who have limited mobility for any reason. At the same time, the increasing healthcare costs do not warrant access to an experienced care provider for many. This is where the upcoming telemedicine service providers come to the rescue. And some of them, like Doctor on Demand, continuously receive positive feedback for the seamless service it provides.
Doctor on Demand is a San-Francisco based company that recently received $74 million in Series C financing round led by Princeville Global and Goldman Sachs Investment Partners. Since its inception in October 2012, the company has raised a total of $160 million in a total of five rounds of funding. Previous investors such as Venrock, Tenaya Capital and Shasta Ventures also participated in the current funding round.
Doctor on Demand is available as a mobile app on the iTunes and Google Play Store and also on the browser on desktops.
It provides an affordable face-to-face virtual consultation with the leading physicians and psychologists in the country. The doctors’ consultation is charged at $40 per visit while also providing fully integrated laboratory services.
All the more, the services are available round the clock, which is an integral factor when it comes to healthcare consultation.
“This trend of consumerization, which we’re leading, is really going to result in much greater patient-driven healthcare experiences, which will save the patient a lot of money,” says company chief executive Hill Ferguson.
“Most people have no idea they can see a board-certified physician on their phone from their bed while they’re sick at two in the morning with a five-minute wait time,” he says.
Doctor on Demand has its own team of healthcare experts that are available for video consultation round the clock. Each doctor sees about four patients an hour on an average.
The company has overseen immense growth in the period of five years because of the cost-effective and high-quality services it provides.
Matt Krna, managing partner at Princeville Global will be joining Doctor On Demand’s board of directors. He said, “Doctor On Demand is playing an important role in transforming the telemedicine industry, a market estimated to reach over $100 billion globally by 2025. By providing a superior patient experience through its seamless technology and clinical quality, Doctor On Demand is perfectly positioned for expansion. We’re thrilled to be leading the company’s Series C financing.”
Apart from the physical healthcare, the company also provides access to psychologists that offer mental health services to a continuously increasing number of people.
Doctor on Demand lays down the list of conditions that can be availed on the portal and the other ailments that require immediate medical assistance.
The services are now covered by most of the leading insurance providers, even though the portal had no tie-up with insurance agencies to begin with. It has a total customer base of about two million people countrywide and has at least twenty healthcare partners.
Apart from individual clients, it is a healthcare provider for many big organisations who want to provide their employees with the best healthcare services at a time when these services are not easily affordable by the common man.
Image credit: www.doctorondemand.com
