Doctor On Demand raises $75 million
Doctor On Demand, “the nation’s leading virtual care provider,” has secured $75 million in Series D financing led by General Atlantic, with participation from existing investors. This latest round brings the company’s total funding to ~$235 million.
Founded in 2012, Doctor On Demand enables access to physicians, psychiatrists, therapists and a care coordination team via video visits, voice and messaging. Patients can access care in all 50 states with an average wait time of 10 minutes, 24 hours a day, 7 days a week.
Following “robust growth” in 2019, Doctor On Demand experienced accelerated momentum in the first half of 2020, with the COVID-19 pandemic driving increased demand for the company’s integrated medical and behavioral health services. The company more than doubled its covered lives in the past six months, propelling Doctor On Demand to its 3 millionth virtual visit.
While COVID-19 has driven a sharp increase in utilization of Doctor On Demand’s urgent care and behavioral health services, more than half of the company’s 2020 future growth is focused on the continued expansion of its Virtual Primary Care offering. This service enables health plans and employers to deliver cost-efficient, comprehensive virtual care inclusive of integrated behavioral health, 24/7 everyday & urgent care, and chronic care management to their populations while reducing costs.
“Doctor On Demand is a virtual care pioneer in both video-based consults and virtual primary care, with a differentiated clinical model and behavioral health offering that allows the company to efficiently scale and provide value to patients, providers, and payers alike. We believe virtual care has reached an inflection point, with significantly increased adoption levels, and that Doctor On Demand is well positioned to capture the sustained growth of the broader industry. We are thrilled to invest in Doctor On Demand’s continued innovation and partner with Hill and the management team as they help shape the future of healthcare delivery.” – Robbert Vorhoff, Managing Director and Global Head of Healthcare at General Atlantic.
“COVID-19 awakened the industry to the benefits of virtual care as a means to reach all patient populations, and at the same time, demonstrated the high quality of care that can be delivered in a virtual-first setting. Doctor On Demand will remain dedicated to delivering high-quality, compassionate care to our patients, and innovative, cost-effective solutions to our partners as we continue to expand access and launch new capabilities.” – Hill Ferguson, CEO of Doctor On Demand.
