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.
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