Chicago-based telehealth startup TimeDoc Health was founded years before the pandemic and used by doctors and practices treating chronically ill patients. Now, with new funding, as reported by Axios, TimeDoc is looking to expand and grow its presence even as the pandemic wanes.
On Monday, executives from TimeDoc told Axios that the startup closed a $48.5 million Series B funding round led by Aldrich Capital Partners. Prior to this latest funding round, TimeDoc closed a $5.7 million Series A round in 2020 and two seed rounds in 2018 and 2019 that totaled $4 million, according to Crunchbase.
TimeDoc was founded by Will Boeglin in 2015 when he was a medical student at the University of Chicago. That same year, the startup was accepted in the University of Chicago’s accelerator program, New Venture Challenge. Within a year, TimeDoc was implemented into its first medical practice and enrolled 1,000 patients. Now, the platform has over 50,000 patients and hopes to reach 1 million patients by 2025.
TimeDoc’s virtual care platform lets doctors monitor patients between appointments and is particularly helpful in monitoring patients suffering from chronic conditions. The platform works by connecting TimeDoc’s software to the systems already used in medical facilities. After enrolling patients, TimeDoc’s care management teams will continuously connect with patients and report any feedback on the platform that is then shared with the patient’s doctor.
With the new funding, the Chicago-based startup will add 150 new care coordinators, according to Axios. Boeglin told Axios that the company plans to onboard between 20 and 40 new hires every month.
TimeDoc will also use the new capital to partner with more medical facilities and expand its operation into more states. Currently, the platform is only available in 35 states.
