Telemedicine services are increasingly embraced by Americans as a convenient alternative to a trip to the doctor’s office. According to Vitals.com, the average waiting time to see a doctor is 19 minutes and 16 seconds in the US . SnapMD has built the platform toto power telemedicine for the masses. The company simplifies ambulatory as well as hospital care with aHIPAA-compliant powerful back end that eliminates inefficiencies associated with the medical process, which means better care for everyone.
LA TechWatch spoke with CEO Dave Skibinski about the startup, its recent funding round, and how it plans to grow.
Who were your investors and how much did you raise?
SnapMD closed an extension of its Series A financing in the amount of $3.25M, bringing the total capital raised to date to $9.15M. Participating investors included in the original syndicate – Shea Ventures, TYLT Ventures, Jacaranda Capital, and Whittier Ventures.
Tell us about your product or service.
The SnapMD Virtual Care Management (VCM) telemedicine platform allows providers to extend their reach of care through telemedicine by leveraging secure live video, audio and chat consultations between ambulatory patients and their primary care and specialty care physicians as well as provider-to-provider consultations. As a white-label software platform with all of the features and functions needed to practice any form of medicine appropriate for virtual care, the VCM platform delivers an easy-to-use experience for the patient encounter, suitable for most departments across a health system – and with powerful back-end systems to manage the digital health enterprise.
What inspired you to start the company?
SnapMD was born out of the Master’s Medical Management Program at the University of Southern California. Our company was founded to empower existing care providers of all sizes to offer virtual visits as a complement to health systems care models.
How is it different?
SnapMD differentiates itself by offering a complete and robust virtual clinic that can be configured to individual medical group and health system needs. The Virtual Care Management platform provides an easy to use, cloud-based, white-label software telemedicine platform that includes all of the features and functions needed to numerous service lines. In fact, SnapMD now supports over 45 types of clinical use cases.
What market you are targeting and how big is it?
SnapMD is currently a great fit for medical groups, health systems, and integrated delivery networks.
What’s your business model?
SnapMD is the VCM telemedicine software leader, enabling healthcare providers to engage their patients via a secure, HIPAA-compliant, cloud-based telemedicine platform. SnapMD’s robust, private-label, VCM application is specifically designed to give healthcare organizations another option to improve access to care by launching virtual care telehealth services under their brand utilizing their highly qualified,
patient-trusted providers. SnapMD VCM is licenses to support the wide variety of care givers that are now involved in managing patients.
Do you have a vision for the future of telemedicine?
Our vision is that telemedicine will be accessible in all health systems to all patients on a national scale. As patients become healthcare consumers, they will seek more accessible and convenient means to get care. SnapMD will enable healthcare providers of all types to introduce virtual health services to meet this new expectation.
We feel this is a tipping point year for telemedicine. The number of RFPs in to SnapMD has grown significantly and healthcare IT requirements have become more well defined in recent months. All over the country, health systems and ambulatory care providers have learned from early iterations of telemedicine and are now prepared to offer it themselves.
What was the funding process like?
SnapMD is fortunate to have knowledgeable and committed investors. Our investors immediately aligned with our vision and mission, and have continued to support the company. In fact, over half of our investors have invested two or more times in SnapMD.
What are the biggest challenges that you faced while raising capital?
The greatest challenge is meeting investor expectations of revenue and platform users in an emerging market that is heavily regulated and where medical risk is a prime concern when offering new services.
What factors about your business led your investors to write the check?
First, we have developed a highly skilled, committed and experienced team. Second, our business model and commercialization strategy is sound and we have been able to demonstrate its market fit. Third, we have developed a best of breed product.
SnapMD is unique from all other telemedicine offerings as it is a true private-label, cloud-based solution for a wide variety of virtual care services. We also provide comprehensive workflows accessible from a single intuitive interface. Our VCM platform delivers powerful back-end systems to manage all aspects of the digital health enterprise.
What are the milestones you plan to achieve in the next six months?
SnapMD has have three primary goals in 2017. First, continue to innovate and bring to market the best clinical platform for telemedicine. Second, help our current and new customers successfully launch their initial service, and expand that new capability throughout that service line. Third, expand utilization across more service lines with our clients. And fourth, secure more medical group and health system/integrated delivery network clients.
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
Continue to build your network of contacts for investors and partners. Ask for introductions from your trusted advisors and industry contacts, and take every meeting that is offered. If you are well informed in your market, and respectful of people’s time, most meetings will open another door.
Where do you see the company going now over the near term?
Broadly speaking, we want to establish our beachhead in our core market segments with the simple goal of helping our customer enhance patient care.
What is your favorite restaurant in LA?
I love Musso and Frank. They have been providing a fabulous dining experience and great meal for decades. A cocktail at the bar with the classic bartenders is a pleasure everyone should enjoy.