Please ensure Javascript is enabled for purposes of website accessibility
Upcoming Event

Best Places to Work in Virginia

Hamburger Menu Hamburger Menu

Tag: telemedicine

Herndon telehealth company to be acquired

Herndon-based acute care telemedicine provider SOC Telemed Inc. has entered into a definitive agreement to be acquired and taken private by California-based health care investment firm Patient Square Capital, it announced Thursday.

SOC Telemed stockholders will receive $3 in cash per share, which represents a 366.1% premium over SOC Telemed’s closing share price on Wednesday, the last full trading day prior to the transaction announcement. As of 4:52 p.m. Thursday, shares were trading for $2.82.

Shareholders will vote to approve the transaction in a special meeting. Stockholders collectively holding about 39% of the outstanding shares of common stock have entered into an agreement to vote their shares in favor of the transaction, which is expected to close in the second quarter of this year.

SOC Telemed CEO Dr. Chris Gallagher will continue to lead the company following the transaction’s close. Gallagher became CEO in September 2021 and was previously co-founder and CEO of Access Physicians, which SOC Telemed acquired in March 2021.

“Today’s announcement validates SOC Telemed’s market-leading technology-enabled clinical services platform for acute care telemedicine, which we have deployed across more than 1,000 facilities nationwide,” Gallagher said in a statement. “The last several years have revealed the critical ways that technology can expand access to care, improve clinician efficiency and enable more cost-effective care delivery. … We believe that as a private company, with the expertise and support of the team at Patient Square Capital, SOC Telemed will be best positioned to meet the growing needs of patients, physicians and our hospital partners.”

The agreement includes a 30-day “go-shop” period that allows the SOC Telemed Board of Directors and its advisers to solicit and consider alternative offers from third parties.

Founded in 2004, SOC Telemed operates the Telemed IQ platform for virtual patient care. It reported revenues of almost $58 million in 2020.

Reston-based SOC Telemed buys Texas telehealth practice for $194M

Reston-based SOC Telemed Inc. announced this week it has purchased Texas-based medical practice Access Physicians for $194 million in cash and stocks. The acquisition will create the largest acute care telemedicine provider in the United States.

According to SOC Telemed, the combined company is estimated to have earned $107 million to $113 million in pro forma annual revenue in 2021, and it serves almost 1,000 facilities, including more than 700 hospitals, in 47 states.

“Access Physicians and SOC Telemed’s technology-enabled, multi-specialty clinical solutions and customer base are complementary and serve to capitalize on the growth opportunities in acute care telemedicine,” said John Kalix, CEO of SOC Telemed. “As we work to address health inequities, our combined organization creates a single partner for customers to optimize care delivery.”

Along with SOC Telemed’s current services in neurology, psychiatry, critical care and pulmonology, it will now provide service in the areas of infectious diseases, cardiology, maternal-fetal medicine and nephrology, specialties from Access Physicians.

In addition to the $194 million deal, there is additional potential consideration based on performance, the company said.

Subscribe to Virginia Business.

Get our daily e-newsletter.

 

Reston telemed company announces leadership changes

Reston-based telemedicine technology provider SOC Telemed on Monday announced executive leadership appointments and promotions, effective Jan. 4.

Hai Tran, who currently serves as chief financial officer and chief operating officer, has been promoted to serve as president and COO. Chris Knibb will join the company as its new CFO.

With more than 20 years of experience, Tran has been with SOC Telemed for the past five years. He earned his bachelor’s degree in electrical engineering from the University of Virginia and his master’s degree in business administration from the University of Richmond.

“As 2020 comes to an end, the need for accessible health care is ever more obvious. I am thoroughly impressed with the existing executive team at SOC Telemed and humbled to be joining a company leading in telemedicine innovation,” Knibb said in a statement. “It is my goal to continue Hai’s efforts as CFO and utilize my background in improving the financial performance of companies to support our long-term strategic plans.”

Knibb was most recently the CFO and COO of Agilis Systems, a GPS fleet management company. He earned his bachelor’s degree in accounting from the University of South Florida.

In November, SOC Telemed opened at $10 per share on the Nasdaq stock exchange. The company announced its public offering on Friday following its merger with Healthcare Merger Corp. (HCMC), a special purpose acquisition company.

Subscribe to Virginia Business.

Get our daily e-newsletter.

Tazewell County directs $363K in CARES funding to Carilion Clinic

As Southwest Virginia continues to see a spike in COVID-19 cases, the Tazewell County Board of Supervisors announced Tuesday it is allocating $363,000 in federal CARES Act funding to Roanoke-based Carilion Clinic to be used to expand telemedicine and COVID-19 testing, as well as to improve access to primary care and specialty care services.

“The [Tazewell] Board of Supervisors remains committed to supporting our emergency health response by strengthening testing resources across our community,” Mike Hymes, Tazewell County Board of Supervisors member and a board member of Carilion Tazewell Community Hospital, said in a statement. “We appreciate Carilion Tazewell Community Hospital’s partnership and are grateful for the sacrifices its employees make on a daily basis to battle the coronavirus.”

At the outset of the pandemic, Carilion transitioned to telehealth appointments, a practice that has continued to be made available to patients as needed. 

“Access to health care regularly comes up as a top need in our Tazewell Community Health Assessment,” Carilion Clinic President and CEO Nancy Howell Agee said in a statement. “That’s why we will use the CARES Act funds to build on our existing telemedicine network and improve access to high-quality care close to home.”

In October, Carilion also received a $947,983 U.S. Department of Agriculture Distance Learning and Telemedicine grant to help the health system with its Telemedicine Expansion and Optimization Project, which will offer new ways for patients to use telehealth services. Virtual care centers will be established at the Carilion Family and Community Medicine sites in Galax and Wythe County and at Carilion Tazewell Community Hospital to offer telemedicine tools allowing rural patients to connect to specialty care. 

“In a world where you can order nearly anything online with next-day delivery, you shouldn’t have to take a day off work to travel for care,” Agee said in a statement. “Today’s gift will help us make that future a reality.”

With 13,000-plus health care employees, Carilion Clinic is the largest Roanoke Valley employer. Also in the health system’s plans is a $1 billion expansion, including a $500 million overhaul of Roanoke Memorial that would make it one of Virginia’s largest hospitals.

Subscribe to Virginia Business.

Get our daily e-newsletter.

Reston telemedicine company goes public

Reston-based telemedicine technology provider SOC Telemed on Monday opened at $10 per share on the Nasdaq stock exchange. The company announced its public offering on Friday following its merger with Healthcare Merger Corp. (HCMC), a special purpose acquisition company.

Merger transaction details were not disclosed.

“Today marks an important milestone for SOC Telemed in our pursuit of delivering rapid access to virtual specialty care when patients are at their most vulnerable,” SOC Telemed CEO John Kalix said in a statement. “Virtual care is a critical component of today’s health care industry and SOC Telemed is well-positioned to accelerate its penetration of the broad and fast-growing acute telemedicine market. I am confident in our ability to expand and benefit from the trends that are driving rapid adoption of telemedicine.”

Stockholders approved the merger at a special meeting on Oct. 30. SOC Telemed trades as TLMD on the Nasdaq. The company is led by CEO John Kalix and Chief Operating Officer and Chief Financial Officer Hai Tran. Steve Shulman, HCMC’s former CEO, will serve as chairman of the SOC Telemed Board of Directors.

“Today marks a tremendous opportunity for the SOC Telemed team and the future of virtual care,” Paul Ricci, who served as interim CEO prior to the merger, said in a statement. “With its solid technology platform, an enhanced leadership team and now rapid access to capital, SOC Telemed is ready to serve the continued demand for acute telemedicine.”

 

Subscribe to Virginia Business.

Get our daily e-newsletter.

 

Reston telemedicine company to go public

Reston-based telemedicine provider SOC Telemed announced Monday it plans to go public through a merger with a “blank check” company, Healthcare Merger Corp. (HCMC) — a transaction that would value SOC at $720 million. 

The combined company will operate as SOC Telemed and be listed on the Nasdaq. HCMC is a Nasdaq-listed public investment company.

“This business combination strengthens SOC Telemed and will allow it to further penetrate the broad and fast-growing acute telemedicine market,” SOC interim CEO Paul Ricci said in a statement. “Telemedicine is at a pivotal moment as the country continues to navigate the COVID-19 crisis. As hospital leaders struggle with the problems of acute capacity management, physician scarcity and cost optimization, it has become clear that virtual care will continue to be a critical component of the health care industry’s ability to deliver better care to patients.”

Its management team will be led by Ricci, President John Kalix and Chief Operating Officer and Chief Financial Officer Hai Tran. At the completion of the transaction, Ricci will step down as interim CEO and HCMC President and CEO Steve Shulman will become SOC Telemed’s chairman of the board of directors and Kalix will be become CEO of the company. Tran will continue as COO and CFO. Private equity firm Warburg Pincus LLC will remain as SOC’s largest shareholder.

“SOC operates a scaled and differentiated acute care telemedicine platform,” Shulman said in a statement. “This transaction will enable the company to capitalize on substantial opportunities to expand and grow and benefit from the accelerated adoption of telemedicine as a result of COVID-19.”

SOC provides services to 847 facilities, which includes 543 acute care hospitals in 47 states.

 

Subscribe to Virginia Business.

Get our daily e-newsletter.

Reston’s SOC Telemed names new Chief Medical Officer

Dr. Jason Hallock was named as Reston-based acute-care telemedicine company SOC Telemed’s chief medical officer, the company announced Wednesday.

Hallock has more than 20 years of health care experience working in hospital systems. In his new role, he will oversee management of clinical and medical objectives. He most recently worked for US Acute Care Solutions, where he was a system medical director. Before that, Hallock was a senior partner and board member for Infinity HealthCare.

“With a proven track record as an influential and transformational leader who delivers on both clinical and administrative objectives, Jason’s background and diverse experience will help SOC innovate and expand our presence in hospitals across the country,” SOC Telemed CEO Hammad Shah said in a statement.

SOC Telemed was founded in 2004 and has approximately 200 employees. The company provides telemedicine technology to hospitals and health systems.