A telemedicine company will be relocating to Birmingham on the back of an investment from the Alabama Futures Fund (AFF).
The local fund has invested in Amtekh Inc., which does business as MomentMD. The Oviedo, Florida-based company has developed an end-to-ed, decentralized telemedicine platform designed to optimize personal health care, with an emphasis on serving uninsured, high-deductible health plans patients and higher education student patient populations.
The funding allocation, of an undisclosed amount, is the 13th investment from the AFF since its launch in 2018. AFF served as the lead investor on the round with participation from other U.S.-based investors. Redhawk Advisory, LLC (“Redhawk”) serves as the investment manager of AFF and advised AFF on the MomentMD deal.
"As founders, we could not be more grateful to continue our journey with AFF as we deliver on our mission to be the decentralized digital health platform of the world,” said Abanob Farag, chief executive officer and co-founder of MomentMD.” Birmingham offers a strong start-up ecosystem to grow MomentMD, and the AFF team is a consistent source of guidance and expertise.”
MomentMD said in a release most remote health care providers focusing on the employer-sponsored health care market or providing services that focus primarily on acute medical issues typically addressable by an urgent care provider. The average telemedicine subscriber or health care plan participant typically only has access to an 800 number or weblink which, in turn, gives them access to the physician or nurse practitioner “on call” at a particular time.
Patients using the MomentMD platform can receive access to primary care, acute care, mental health services and dental health care. The company does not require patients on its platform to be insured, and access to the platform can be purchased by either paying a one-time transactional fee or by paying a monthly subscription. Also, the platform includes access to participating health care specialists all over the country.
“Most telemedicine solutions focus on filling minor service gaps for large health care systems or employer-sponsored health insurance plans. MomentMD is aiming to provide access to high-quality, personalized care to anyone, regardless of their circumstances,” said Matt Hottle, partner at Redhawk. “Patients can find specialists through the MomentMD platform who become long-term partners in their health, not just transactional practitioners who are traditionally limited to addressing minor or acute illness. MomentMD’s approach represents a major advancement in the relevance of telemedicine.”
Patient interaction through the platform is appointment-based, which allows participating health care practitioners to schedule visits in advance and provides patients with an experience similar to a traditional doctor visit. Additionally, the company provides its participating health care practitioners access to HIPAA-compliant cloud-based medical records for platform patient users.
