St. Louis startup SteadyMD, which provides telehealth infrastructure for health care providers, has expanded with the acquisition of a firm focused on medical licensing and payer enrollment.
SteadyMD said Tuesday it has purchased BlocHealth, which provides software designed to simplify the process for clinician licensing and payer enrollment for health care providers. Financial terms of the deal were not disclosed. The deal calls for both SteadyMD and St. Petersburg, Florida-based BlocHealth to continue to operate under their current names.
Founded in 2016 by CEO Guy Friedman and Chief Operating Officer Yarone Goren, SteadyMD provides health care providers with clinicians and technology to run telehealth operations. Its customers include health care groups, employers, diagnostics companies, pharmacies, health care payers and digital health companies. SteadyMD initially began with a focus on providing primary care to consumers before shifting to its business-to-business model.
Friedman said SteadyMD’s acquisition of BlocHealth will help boost its own internal efforts around clinician licensing and payer enrollment, and will also help its customers that have their own doctors with their licensing needs. The addition of BlocHealth also creates a business unit that can bring in new customers and revenue for SteadyMD, Freidman said.
“On its own, (BlocHealth) is a good way for us to engage with new clients,” he said. “Them knowing we have the capability to license and credential providers is incredibly valuable. Now you have the SteadyMD core offering as well as this business unit around licensing and credentialing. It enhances our product to the customers.”
With the deal, SteadyMD says it's the first telehealth provider to have a "50-state clinician workforce and a full-service licensing and credentialing platform available to its customers.”
“We’re excited about joining the SteadyMD team,” said Jared Taylor, founder of BlocHealth. “Together we will have an end-to-end solution for health care administration. Our customers can effortlessly store and use their credentialing data in one place.”
Friedman said he met Taylor when he appeared on Taylor’s podcast, “Slice of Healthcare” in April 2020.
Friedman declined to disclose how many employees are joining SteadyMD through the acquisition, but he said the St. Louis firm has a total headcount of about 100. In 2021, SteadyMD raised $25 million from investors that included actor Ashton Kutcher’s Sound Ventures and Anne Wojcicki, co-founder of 23andMe.
