SOC Telemed, a national provider of acute care telemedicine solutions, has announced it has completed its acquisition of Dallas-based Access Physicians, a multi-specialty acute telemedicine provider, via a cash and stock purchase transaction valued at approximately $194 million, with additional potential consideration based on performance.
Combining the two companies “furthers SOC Telemed's position as the largest pure-play provider of acute care telemedicine in the nation,” according to company officials who made the announcement this week. With an ability to serve as the single solution provider of acute care telemedicine, the combined company now delivers acute telemedicine to almost 1,000 facilities, including over 700 hospitals, across 47 states—or three times the facilities as next pure-play participant, they added.
The Reston, Va.-based SOC Telemed says it will combine the enterprise strength of their Telemed IQ platform and four established service lines in neurology, psychiatry, critical care, and pulmonology with Access Physicians' offerings in infectious disease, cardiology, maternal-fetal medicine, nephrology and others. Together, “they offer a comprehensive acute telemedicine portfolio to meet the challenges of a market struggling with physician specialty shortages and inequities in access to specialized care. The ability to offer new clinical service lines for both companies' existing customers will allow the combined company to meet the demand for a single partner for acute care solutions,” officials stated.
Indeed, as healthcare systems continue to face significant challenges around clinician shortages, health inequity, and physician burnout, organizational leaders contend the combined company is uniquely positioned to address those needs with its more than 750 available clinicians and HITRUST-certified technology platform. They say the combined clinician base provides customers with greater access and coverage, which in turn can have a larger impact in addressing inequities in access to care and ensuring optimal patient quality regardless of geography.
The combined company is estimated to have approximately $107 to $113 million in pro forma annual revenue in 2021.
"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," John Kalix, CEO, SOC Telemed, said in a statement. "As we work to address health inequities, our combined organization creates a single partner for customers to optimize care delivery."
"We believe the growth of clinician-initiated telemedicine will continue," Kalix added. "As the largest pure-play acute care telemedicine company, SOC Telemed is well positioned to become the single solution provider in acute care telemedicine, expanding access to critical specialty care through innovative technology and outstanding clinical quality."
