Miami-based TreatMD, a telemedicine company that uses a platform approach to connect patients and physicians around the world, has been acquired by site-to-site telemedicine technology group GlobalMed. Terms of the deal were not disclosed.
“The addition and integration of TreatMD into the GlobalMed family cements our position as the only vertically integrated solution that spans the complete care of a patient; from the clinic, to urgent care, to the ER or long-term care facilities and at home, ultimately minimizing readmissions," E. Patrick LaVoie, COO of GlobalMed, said in a statement.
TreatMD launched in 2014 and is completely self-funded. The company takes a different approach to telemedicine than many other startups. They provide what they call an "on-demand healthcare platform" that physicians can set themselves up on. They can set their own rates and whether they are available for phone, video, or in-person visits. Then patients who sign up with TreatMD can search for providers in a particular geographic area or medical specialty and be connected with physicians on the platform. Physicians can also integrate readings from patients' wearables and mobile health devices into visits if they choose. TreatMD had plans to create a mobile app, but hasn't actually launched one.
"The TreatMD on-demand healthcare platform embraces all visit types, telehealth engagements, dozens of mHealth devices, and patient management and monitoring solutions in an interactive, searchable, and map-based interface -- and on an International scale," the company writes on its website.
GlobalMed is an older telemedicine company, founded in 1989. The company has mostly focused on creating hardware and software to enable site-to-site telemedicine within hospitals and health systems. The acquisition could signal a move for GlobalMed further into the patient-facing telemedicine space. Certainly, GlobalMed is aquiring TreatMD to expand its available services.
“This is a very exciting time for TreatMD and the on-demand Healthcare sector," TreatMD cofounder Michael Muchnick said in a statement. "The opportunities are endless now that GlobalMed can offer all aspects of an on-demand consultation program, both domestically and globally. GlobalMed, when combined with a scalable, robust and integrated healthcare software platform, is uniquely positioned to assist payers, MCOs, ACOs, hospital systems, and physician practices. We are truly honored that GlobalMed saw us as a candidate to add additional value to their already industry-leading status."