Although many industries have suffered during the Covid-19 pandemic, telemedicine is one sector that isn’t slowing down. The demand for virtual doctor’s appointments has been growing as lockdowns in many states have forced brick-and-mortar doctor’s offices to stay closed and patients to stay home. Enter Doctor On Demand, a fast-growing telemedicine company that announced on Wednesday a Series D funding round of $75 million led by private equity firm General Atlantic.
The company, cofounded in 2012 by Phil McGraw , has transformed from a website and app for urgent care visits into a virtual primary and mental health care platform that employs more than 700 doctors and has completed over three million patient visits. This new capital brings the total amount of funding for the company to almost $240 million.
"We have just been climbing and climbing since March,” says CEO Hill Ferguson, attributing the company’s growth not only to Covid-19, but to all the pandemic’s ripple effects. Telemedicine services have been around for years, but adoption was slow before the pandemic. Complicated insurance reimbursement processes, apathy from doctors and patient preference for in-person doctor’s appointments dampened interest. Now, says Robbert Vorhoff, a managing partner at General Atlantic, “all those things changed…[Covid-19] dramatically accelerated the development of the market.”
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Love Telemedicine!