SOC Telemed

Virginia-based SOC Telemed is an acute care telemedicine provider that offers specialty consultations to hospitals, physician groups, correction facilities, and other healthcare organizations via its Telemed IQ cloud-based software platform. The company provides 20 clinical service types including neurology, psychiatry, critical care, pulmonary, infectious diseases, cardiology, maternal-fetal medicine, and nephrology. Telemed IQ enables healthcare providers to offer telemedicine services either with their own clinical team or in conjunction with SOC Telemed’s affiliated network of board-certified physicians and specialists. 

Following the acquisition of Texas-based multi-specialty telemedicine company Access Physicians, the company became the largest pure-play acute telemedicine provider, serving nearly 1,087 facilities including 193 facilities serviced by Access, as of September 2021. Founded in 2004, SOC Telemed’s clients include MedStar Health, Huntsville Hospital, Prime Healthcare, Beauregard Health System, Sound Physicians, and SCP Health. 

In 9M 2021, the company’s revenue grew 53% YoY to USD 66.5 million due to increased total consultations (up 1.7x YoY to nearly 366,000). Operating loss, however, nearly doubled to USD 40.5 million. Growing pressure on hospital emergency departments due to the Delta variant and a change in its product commercialization timeline led SOC Telemed to revise its revenue expectations upwards to a range of USD 91.5–93.5 million in 2021, implying a growth rate of 58%-61% YoY, while the adjusted EBITDA loss is expected to range from USD 21.5 million–22.5 million.

In April 2022, it was acquired by the healthcare investment company Patient Square Capital. The deal valued SOC Telemed at nearly USD 304.2 million. With the deal, SOC Telemed became a privately held company with the ability to further bolster its clinical capabilities and solutions as well as expand its market reach.