A Chicago startup that’s helping physicians better care for chronically-ill patients has raised a round of funding as it expands and improves its B2B software platform.
TimeDoc Health announced Wednesday that it raised $2.5 million in a funding round led by Grand Ventures, a Grand Rapids, Mich.-based venture firm that invests in early-stage companies. Champaign, Ill.-based Serra Ventures and Columbus-based Break Trail Ventures also participated.
TimeDoc, founded in 2015, provides healthcare organizations with a software that helps them remotely coordinate care for chronically-ill patients on a continuous, monthly basis. The startup’s tech helps physicians monitor patients outside of face-to-face office visits, which saves time and cuts costs.
Additionally, TimeDoc says its platform helps to increase patient compliance and adherence to care and medication routines, and results in more patients attending appointments and being prepared for them.
With the new financing, TimeDoc says it will expand its platform to service behavioral health needs and improve the software’s ability to monitor patients remotely. The startup also plans to double its staff within the next 12 months.
TimeDoc says its platform is being used by healthcare organizations in more than 30 states. The startup’s clients include Optimus Healthcare, AllCare Health and StayWell Health Care. Earlier this year, TimeDoc enrolled its 20,000th patient.
"Grand Ventures recognizes that we are making tremendous strides with our growing client base and understands the value this can generate for patients and our healthcare system as a whole,” said TimeDoc co-founder and CEO Will Boeglin in a statement. “This is about more than just business; it's about helping in the fight against rising healthcare costs.”
