GlobalMed eNcounter software showing a remote patient session.
The telemedicine industry trend of growth through acquisition continues with Scottsdale, Arizona.-based GlobalMed buying TreatMD, a Miami-based provider of services linking patients and physicians through on-demand scheduling and other solutions.
GlobalMed was already facilitating some 3.5 million virtual visits annually. Now, with the integration of TreatMD’s platform with GlobalMed’s existing examination and imaging systems, several new functions will be offered. These include on-demand scheduling, insurance eligibility checks, electronic prescribing, home monitoring through wearable devices, credit card payment processing, and workflow automation.
“We didn’t do any of that before,” Joel Barthelemy, GlobalMed CEO and founder, said in a phone interview. “This exponentially multiplies what we can do.”
Standard telemedicine regulations require providers to be licensed in the state where the patient is located. Barthelemy said he thought the first thing existing users will notice is the integration of TreatMD’s new-encounter scheduling platform which matches patients with telemedicine physicians licensed to practice in their state.
Joel Barthelemy, GlobalMed CEO
Barthelemy noted, however, that GlobalMed had been exploring the addition of these functions to its offerings – either through acquiring platforms or creating its own.
“We honestly just leapfrogged two years ahead with this wonderful marriage,” Barthelemy said.
Terms were not disclosed, though Barthelemy said the deal included the exchange of both cash and stock. The acquisition also boosts GlobalMed’s workforce up to around 75 employees. Barthelemy said TreatMD’s Miami office will be maintained and will play an important role in future growth.
“We’re excited about having our office in Miami,” Barthelemy said, describing it as a “jumping-off spot” for expansion into Latin America, the East Coast, and the Southeast United States.
Last month, GlobalMed acquired ORCAS, a Eugene, Oregon-based research and development company with a focus on behavior-modification software applications that are geared toward patient self-management of chronic conditions. GlobalMed noted that ORCAS’ apps were scientifically validated through $65 million in National Institutes of Health Small Business Innovation Research (SBIR) grants received between 1989 and 2016, a company news release noted.
“Our plan is to provide a complete, cohesive continuum of care,” Barthelemy said, adding this includes pre-hospital care, inpatient treatments, post-acute care, services delivered in a doctor’s office, and home care – all on “a lightweight platform that is scalable and customizable.”
TreatMD Cofounder Michael Muchnick
The customization includes specialized physician templates which TreatMD Cofounder Michael Muchnick said allows individual practices to blend the technology into their own specific business model instead of forcing doctors to adapt to the technology.
“Everyone has their own way of doing business,” Muchnick said in an interview, adding that this customization is “a lot more welcoming” and allows for more collaboration.
“One of the first things (GlobalMed users) will notice immediately is the impact on access and the impact on efficiency and convenience,” Muchnick said. “We’re going to be growing off of that. We’re not going to stop there.”
Interoperability with electronic health records is not a problem, according to Muchnick.
“We have the ability to integrate with the top EHRs,” he said. “We don’t see it as an issue.”
Barthelemy said GlobalMed is well positioned for further growth.
“We’re a debt-free company, we haven’t taken outside investment, and we’re profitable,” he explained.
GlobalMed’s success is rooted in its network of telemedicine stations equipped with video conferencing cameras and examination devices. Barthelemy is a former member of the U.S. Marine Corps Reserves and, since 2009, his company has worked extensively with the Department of Veterans Affairs. The VA made wide use of GlobalMed’s CapSure software which saves medical images so they can be transmitted and reviewed remotely, according to a company white paper. Telemedicine is now reported to be one of the VA’s main tools for increasing access and reducing wait times
The company also recently launched GlobalMedTV which creates custom-branded news, entertainment and healthcare-message content to in-hospital televisions. Last month, it also announced that it had entered into a distribution agreement with Deer Jet Medical, a Chinese emergency rescue and medical plane company.
Last June, GlobalMed partnered with the Mbaoua Group to establish operations in Africa, working out of Abidjan, Côte d’Ivoire (Ivory Coast).
“We have servers all over the world,” Barthelemy said. “It’s our goal that everyone will have access to timely quality care.”
TreatMD had made known its own global ambitions for using telemedicine to reduce barriers to care, and Muchnick said this common vision help speed the acquisition deal after an initial contact made only a few months ago on Nov. 7.
“It’s not just for the wealthy,” Muchnick said. “It’s about access. We really want to provide everybody the ability to get proper care at a faster rate.”
Barthelemy also had glowing praise for the TreatMD team.
“If you’re going to change the world, you’re going to need partners,” he said.
