Mar 21, 2022 - Economy

TimeDoc clocks in $48 million

Illustration of a stethoscope with a clock attached.

Illustration: Shoshana Gordon/Axios

TimeDoc Health has clinched $48.5 million in a Series B round, the company tells Axios exclusively. Aldrich Capital Partners led the round.

Why it matters: Primary care physicians (PCPs) are considered the quarterback of health care, but don’t have the time to manage and engage their sickest, most complex patients as needed. TimeDoc seeks to close those gaps in care.

  • Chicago-based TimeDoc helps “the overstretched, overworked primary care physician better manage their chronic care patients in between appointments,” co-founder and CEO Will Boeglin says.
  • Ensuring virtual care programs stick can ultimately contribute to fewer hospitalizations.

How it works: Unlike other care coordinators, TimeDoc works directly with PCPs, and offers a broad array of services, including virtual care.

  • The three lines of business are chronic care management, remote patient monitoring, and the integration of behavioral health with primary care.
  • “You see [other players] going direct-to-consumer, bypassing the patient’s doctor,” says Boeglin.

What’s next: Currently operating in 35 states, the company plans to use the capital injection to expand operations and support new hires.

  • It will add to its 150 care coordinators today with 20 to 40 new hires a month, along with other new staff, Boeglin says.
  • TimeDoc will grow its enterprise customer base by partnering with more traditional health systems, innovative primary care providers (such as those with value-based care-centric models), and accountable care organizations.
  • "Our big goal is to be helping 1 million patients a month by end of 2025," the CEO says.

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