First Stop Health, a telemedicine company generating what it calls “the highest utilization in the industry,” has just announced its latest funding round of $1.6 million.
First Stop Health has raised total capital of $7.2 million to date. Funds raised in this round will be used to accelerate the company’s growth.
First Stop Health co-founder and CEO Patrick Spain (co-founder and former CEO of Hoover’s) and co-founder and Chief Medical Officer Dr. Mark Friedman led the latest round of investment.
They are joined by a dozen other long-time individual and family office investors and a new group of investors with operational experience in the employment benefits industry.
“So much money has been thrown into telemedicine, frequently with little improvement – much less any transformation to show for it,” Spain said. “First Stop Health has proven that it can grow rapidly by delivering value both to its employee members and their employers by providing the highest utilization in the telemedicine industry and guaranteeing its clients a positive ROI.”
Over the past two years, we’re told that First Stop Health has leveraged its capital to expand its sales and marketing efforts, scale its customer care operations, and build out a technology platform that has allowed the company to delight a rapidly increasing membership base (400% growth in 2016). In 2017, the company will use its new capital “to deepen its industry-leading engagement, expand strategically into adjacent services in telehealth, and expand its sales and technology capacity.”