San Francisco-based Doctor on Demand has helped consumers rethink healthcare throughout the COVID-19 pandemic. The company was founded in 2012, but has become a powerhouse within healthcare’s new landscape since the CDC started recommending virtual visits over in-office appointments to avoid exposure to waiting room germs.
In the first half of 2020, Doctor on Demand increased its patient population by more than twofold, with its 3 millionth virtual visit. Its medical and behavioral health capabilities currently cover more than 98 million customers. The company employs over 700 doctors, and reportedly has over 1,000 physicians waiting to join.
Doctor on Demand is not alone in the field – dozens of telemedicine outlets have been created in the past decade. However, their consistently novel approaches and ability to stay just ahead of the curve have assured their place at the forefront of the market. They were the first virtual healthcare company to include lab testing services, and the first of the telemed leaders to cater to Medicare Part B beneficiaries, who number approximately 33 million.
Recently, they secured $75 million in a Series D funding round led by General Atlantic. This brings their total funding to date up to $240 million. The company stated that the influx in capital will be used to invest in the expansion and growth of its virtual care model. With behavioral health visits increasing by 180% this year, even industry leaders are motivated to scramble to make sure their innovations keep them at the top of their game.
"By early March, every aspect of our business accelerated, sales, our new payer and employer pipeline swelled, demand from patients. We decided that now is a good time to pull everything in by a year and invest ahead of our schedule," Doctor on Demand CEO Hill Ferguson recently said in an interview.
So far, 2020 has seen record levels of investments in virtual healthcare – over $5.4 billion in the first half of the year. The pandemic showed those who were previously slow to adopt telehealth technology that virtual care could provide a quality of care on par with in-person visits, and has the ability to reach a wider audience. Even after the pandemic subsides, telemedicine will continue to have a strong foothold in patient care.