The Vocap team is excited to welcome the latest addition to our portfolio, TimeDoc Health, which provides a leading Virtual Care Management solution empowering healthcare providers to continuously care for their chronically affected populations. Vocap led TimeDoc’s Series A round of $5.7M, which will be used to accelerate the company’s leadership in the rapidly emerging chronic care management sector.
The market opportunity:
When you look at the formidable challenges facing our healthcare system, chronic condition management (e.g. heart disease and diabetes) sits at the very core in big bold letters. Roughly 75% of our aggregate healthcare spend is dedicated to treating chronic conditions. The U.S. has both a growing at-risk, aging population (Chronically ill Medicare patients are expected to double from 40 million to 80 million by 2030) and a critical shortage of primary care practitioners, the best positioned to help these patients keep their chronic conditions under control. Already overwhelmed primary care doctors, among other physicians, are continually being asked to provide more service to more patients.
The current provider-based delivery model is not keeping up with the evolving demands. The need for enhanced, continuous healthcare access has become evident as a means to reduce costs and improve outcomes. CMS has clearly affirmed this notion with the establishment and subsequent expansion of substantial reimbursement programs aimed at incentivizing this type of continuous care. Having watched this space closely for the past few years – including the accelerating effect of the recent COVID crisis – we believe virtual care management is about to grow up.
Chronic Care Management (CCM) typically refers to care provided outside of regular doctor office visits to patients with multiple chronic conditions and is reimbursable by Medicare and Medicaid. TimeDoc, specifically, supplies physician groups with the software tools, processes and qualified people to transform their practices from an episodic / reactive / in-person care model to a proactive / continuous / virtual-care based model. This translates to meaningful incremental profit to the practice and, over time, better patient outcomes.
Unlike other vendors, TimeDoc meets clients wherever they are on the CCM capabilities curve, from fully outsourced to software only. This unique flexibility is enabled by the company’s best-in-class technology and detailed care plans which allow a practice’s in-house care managers and TimeDoc’s care managers to work seamlessly together to service patients without missing a beat. TimeDoc rarely loses a competitive deal and this has a lot to do with it.
As with any venture investment, the founding team is a critical part of our thesis. Ambitious, articulate, and thorough, the TimeDoc team continues to demonstrate a strong command of their business and market opportunity. We are excited to help them further incorporate complementary industry experience and skillsets to drive the company to the next level and beyond.
In our view, this is a perfect combination of the right team attacking the right market opportunity with the right solution at the right time. Vocap looks forward to supporting the company with our operating and financial experience as it scales its category leadership.