TimeDoc Health Raises $48.5M from Aldrich Capital Partners to Optimize Virtual Care Management Capabilities
The deal will put TimeDoc Health in a position to grow its workforce in 2022, with plans to hire additional care coordination staff, sales and marketing personnel, and developers to expand the company’s technology capabilities. Aldrich joins the board of directors alongside existing investor, Vocap Partners.
“Part of our founding thesis is the belief that providers have too much to do and not enough time to do it. And the people this really impacts are their most vulnerable patients. They are not equipped with the time, tools, and resources they need to make virtual care management programs stick,” said TimeDoc Health Chief Executive Officer Will Boeglin. “Over the last seven years, our physician and technology leaders have worked diligently to keep patients and providers engaged in these programs for the long-term. We’re excited for our next phase of growth and to be aligned with experienced partners like Aldrich Capital who understand the market and importance of digital health innovation.”
TimeDoc Health, which staffs and delivers virtual care management solutions for providers, has proven its model with hundreds of healthcare organizations, helping to improve clinical and financial outcomes. During the pandemic, the company has been instrumental in helping providers increase their bandwidth and overall quality of care for more than 70,000 patients – while also delivering significant revenue for reimbursable remote patient monitoring and chronic care management services.
“For providers to be financially viable in a post-pandemic healthcare environment, they need enterprise technology and services that help solve the health needs of patients while not in the office,” said Mirza Baig, managing partner of Aldrich Capital. “TimeDoc Health is not only a leader in this space, but they have a vision for the future of care delivery, which doesn’t need to be restricted to an office or hospital setting.”
About TimeDoc Health
TimeDoc Health, based in Chicago, Illinois, is a leader in virtual care management for healthcare organizations. The company enables providers to deliver truly continuous, comprehensive care by helping them establish care management programs for patients with chronic health conditions. The solution combines a leading SaaS platform with care coordination services for chronic care management, remote patient monitoring, and behavioral health integration. For more information, visit www.timedochealth.com.
About Aldrich Capital Partners
Aldrich Capital Partners supports disruptive innovation in healthcare IT, fintech, and application software by investing equity capital in privately held growing companies. Founded by experienced investors and operators, who were also successful entrepreneurs, the founders of Aldrich Capital have been responsible for over $1 billion in technology investments since 1999. Both an operations partner and board-level advisor, ACP brings its portfolio companies strategic insight and access to a broad network of relationships built over 50 combined years of entrepreneurship and investing. Aldrich Capital Partners was founded in 2014 and has offices in Silicon Valley and the Washington, DC metro area. Learn more at www.aldrichcap.com.