Telemedicine Company Leverages Investment to Build Private Physician Network, Expand Technology Platform and Triple Revenue.
Chicago-based First Stop Health, LLC, the nation's leading high-utilization telemedicine provider, today announced finalizing its latest seed round at $2.1 million, bringing total funding to date to $5.6 million.
The latest round of seed investment was led by existing investors, including company co-founders Patrick Spain and Dr. Mark Friedman, and several family offices and angel investors from the Midwest and Texas. New investors included several technology entrepreneurs and a European investment group.
During 2015, First Stop Health used portions of the new capital to build a proprietary physician network and triple sales. In 2016, the company is using the investment to enhance its physician network, expand sales and marketing efforts, and build technology enhancements around its physician, client and member platforms.
"Telemedicine can play a key role in transforming what is currently a less than patient-centric healthcare experience into a delightful one. As patients are being asked to bear an ever increasing burden of the cost of healthcare, a high utilization telemedicine plan can limit the financial impact for both the patient and the employer and be a wonderful patient experience at the same time," explained First Stop Health’s CEO Patrick Spain. “Members can have their non-emergency medical issues addressed by doctors within a matter of minutes without spending any of their own money; for many members, it is truly a transformational experience.”
Critics of telemedicine have long focused on its extremely low utilization rates. Unlike its competition, First Stop Health has achieved high utilization across its customer base – 4 to 7x higher than typical industry rates. First Stop Health is the only provider in the telemedicine industry delivering a hard dollar ROI to its clients.
About First Stop Health
Chicago-based First Stop Health is a quick, convenient and affordable telemedicine and advocacy service available to employers and their employees. It offers immediate, 24/7/365 phone and online access to their U.S.-based, national physician network that provides members with advice, diagnosis and treatment, including – when necessary – prescriptions. In addition, First Stop Health helps employers and their employees manage and reduce major medical claims. Connect with First Stop Health on LinkedIn, Facebook and Twitter (@firststophealth).