Doctor On Demand has closed a $50 million round of Series B financing to fuel the rapid expansion of its telehealth video visits platform. The round was led by Tenaya Capital along with investors Qualcomm Ventures, Dignity Health, and 23andMe CEO Anne Wojcicki. Existing investors, Venrock, Shasta Ventures, and Sir Richard Branson also participated in the round. To date, Doctor On Demand has now raised more than $74 million in total funding.
Available on iPhone, iPad,Android and desktop, the Doctor On Demand offers immediate, video-based access to top physicians and psychologists for just $40 per visit, with no subscription fees for partners. Today, more than 200 employer customers now work with Doctor On Demand to offer physician and psychologist video visits through employee health and wellness programs.
With these employer relationships and Doctor On Demand’s partnerships with national health plans, such as United Healthcare and now through the national Blue Cross Blue Shield Association, more than 25 million Americans have in-network or subsidized access to Doctor On Demand. No Subscription (PEPM) Fee business model, has made Doctor On Demand the telemedicine partner of choice for an increasing number of companies. Partners only pay when their employees or members have a Video Visit.
“Doctor On Demand has helped us reduce healthcare costs by helping our employees avoid unnecessary urgent care and emergency room visits,” said Paul Henry, Vice President of Total Rewards for The Brink’s Company. “From an employer perspective, there really is no risk. With Doctor On Demand’s pay-as-you-go business model, you only pay for what you use.”
The global telemedicine market for technologies, including hardware, software & services, stood at US$ 17.8 Billion in 2014, and is anticipated to grow at a CAGR of 18.4% during 2014-2020.
