Building a white label tool for telemedicine services nabs OnCall Health $6 million
As medical providers across the world turn to digital delivery of consultations and services, OnCall Health a Toronto-based provider of back-end services for telemedicine is having a moment.
The company, which competes with services like Truepill to offer physicians, pharmacies and other potential point of care services a way to consult online, has grown exceptionally quickly since the onset of the COVID-19 pandemic.
OnCall Health’s services include the ability to schedule a video or text appointment with a physician, hosting those video consultations on its secured servers, and the integration of back end billing systems so physicians can get paid.
Services like OnCall and TruePill’s have increased exponentially since the advent of lockdown orders put in place to combat the COVID-19 pandemic. In a sign of how hungry investors are for these kinds of deals, Truepill just raised $75 million to expand its own health services offerings.
“Since COVID-19, telemedicine has shifted from a nice-to-have revenue source for primary care, mental health, and home care and chronic conditions to a need-to-have,” said Base10 Partners principal Chris Zeoli, who led the investment into OnCall.
Joining Base10 in its $6 million investment into OnCall were several existing investors from the company’s $2 million seed round, including Ripple Ventures, Panache Ventures, and Stout Street Capital.
The bulk of the company’s customers come from small and medium-sized physician’s practices, according to Zeoli. Roughly 500 of the company’s existing customers consist of offices with less than ten practicing doctors.
Capturing this long tail is important because it actually represents a huge proportion of healthcare providers.
“OnCall provides everything that healthcare brands like pharmaceutical companies, insurers, and direct to consumer digital health startups need to get into the space and launch their own virtual care programs, often for the first time,” said Nicholas Chepesiuk, founder and CEO of OnCall Health. “Meanwhile, we are well positioned to help conventional healthcare clinics and systems adopt virtual care technology in the context of their operational processes. In the past year we have been able to roll out our technology with two global insurance companies, several leading pharmaceutical brands, and many rapidly growing digital health startups.”
OnCall now has over 30 employees and supports 7,000 primary care, mental health, and paramedical service providers across North America.