Grand Rounds and Doctor On Demand Join Forces
Grand Rounds and Doctor On Demand’s Telehealth Services
Two venture-backed health tech companies, Grand Rounds and Doctor On Demand, are merging. Grand Rounds was most recently valued at $1.34 billion and Doctor On Demand was last valued at $820 million. Though exact figures have not been released, the two companies say they have hundreds of millions of dollars in combined annual revenue.
Grand Rounds provides a platform which helps people with specific conditions and diagnoses find care. The services are provided as a benefit for employees from employers. Doctor on Demand is a telehealth provider which pairs patients with professionals who can help with their mental and physical health needs.
Tackling Problems with Healthcare Systems
Both companies want to combat the lack of coordinated healthcare for patients in the US. The companies’ leadership has expressed frustration with the way patients have to navigate finding providers and determining if care is covered by their insurance.
Both companies are focused on streamlining the patient experience. Together, they hope to make sure that navigating healthcare systems does not add stress for people already dealing with difficult health situations.
Competition From Larger Rivals
The remote healthcare industry has seen a surge in new customers and investors over the past year. People have been more concerned about their health while many have also been feeling wary of in-person doctors’ visits.
The new company will compete with several larger rivals including Teladoc (TDOC), which has a market capitalization of nearly $31 billion, and Amwell (AMWL), which is valued at over $5 billion. As more people receive COVID-19 vaccines and feel comfortable returning to in-person doctors offices, these telehealth companies will all be working to retain customers and build sustainable business models.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.