What You Should Know:
– SOC Telemed, today announced the acquisition of Dallas-based Access Physicians in a deal valued at $194 million in cash and stock to become the largest pure-play provider of acute telemedicine in the country.
– The company will deliver care to almost 1,000 facilities including more than 700 hospitals in 48 states. In addition to an expanded national footprint this deal will expand clinical service lines including infectious disease, cardiology, maternal-fetal medicine, nephrology and more in addition to SOC Telemed’s core services of neurology, psychiatry, critical care and pulmonology.
– SOC’s technology platform, Telemed IQ is the backbone which lets providers securely deploy, optimize and scale telemedicine programs. Together, they offer a comprehensive acute telemedicine portfolio to meet the challenges of a market struggling with physician specialty shortages and inequities in access to specialized care. The ability to offer new clinical service lines for both companies’ existing customers will allow the combined company to meet the demand for a single partner for acute care solutions.
– The combined company is estimated to have approximately $107-$113 million in pro forma annual revenue in 2021.