SOC Telemed: Delivering Critical Care via Telemedicine

SOC Telemed: Delivering Critical Care via Telemedicine

 Hammad Shah, CEO, SOC Telemed
Attracting and retaining skilled clinicians has always been a pain point for U.S. hospitals. Today, ensuring the availability of a specialist in times of need is an ongoing issue for most hospital systems. The shortage of doctors, which the healthcare industry has historically faced, becomes even more severe in the context of specialties such as neurology and mental health. For most hospital networks, securing doctors for consultation, diagnosis, and treatment administration— especially for critical conditions—is a race against the clock. Virginia based SOC Telemed addresses these challenges by providing a cutting-edge technology stack for telemedicine, as well as highly qualified doctors.

Founded in 2004 by a group of neurologists to fill gaps in the availability of and access to qualified neurologists, SOC Telemed brings together physicians and patients through its technology platform, Telemed IQ. Today the company is the largest provider of teleNeurology solutions to hospitals in the country. “SOC Telemed breaks down geographical barriers to make physicians readily available for both general consultation and emergencies,” says Hammad Shah, CEO. A hospital can connect to SOC Telemed via phone or video conferencing on any web-enabled device. “Once they connect with us, they provide information on the kind of assistance they require, and our algorithms determine the best physicians at hand and assign the consultation. As part of our implementation, we agree in advance on the criteria used to rank physicians for availability for consultations and can adjust those rankings at any time. This makes for a very responsive partnership, fueled by technology and data,” adds Shah.

SOC Telemed has commercialized its own telemedicine delivery platform, Telemed IQ, which powers the company’s telePsychiatry, teleNeurology and teleICU offerings.

The flexible, scalable, and proven enterprise-wide telemedicine platform redefines specialty care. Built on a foundation of deep clinical expertise, Telemed IQ enables providers to deploy, optimize and scale a telemedicine program rapidly, seamlessly, and cost-effectively across all care sites. Additionally, the platform gives hospitals the ability to customize their own telemedicine program, utilizing their own set of physicians and hardware along with that of SOC Telemed.

SOC Telemed breaks down geographical barriers to make physicians readily available for both general consultation and emergencies

During a recent implementation of Telemed IQ, a large hospital in Alabama was able to extend its geographic reach into rural branches. Using SOC Telemed to supplement its existing neurologists, the health systems’ team leveraged SOC Telemed to accurately identify which patients needed to be transported to the hub hospital. In yet another instance, a hospital system gained a full-fledged telePsychiatry force in just three weeks through a honed and rapid implementation process, thus enabling the treatment of an influx of patients.

The leader in acute care telemedicine, SOC Telemed recently expanded the national reach of its telePsychiatry resources with the acquisition of behavioral health telemedicine company JSA Health. The combined entity is now the largest acute telePsychiatry practice in the U.S. and provides increased access to high-quality telePsychiatry care for a wide variety of settings, including areas experiencing detrimental shortages of psychiatry doctors.

Looking ahead, SOC Telemed sees many avenues of growth. The company’s Telemed IQ platform will help hospitals build and optimize their own telemedicine programs. But, Shah also sees continued growth in SOC Telemed's established segments. “We are positioned as the largest provider of teleNeurology, telePsychiatry and behavioral health. We will continue to expand in those areas, along with teleICU and other specialties,” concludes Shah.

SOC Telemed News

SOC Telemed and HCMC Announce Customer Commitment to Invest in PIPE

Reston, VA - Healthcare Merger Corp. (HCMC) and SOC Telemed (SOC), the largest national provider of acute care telemedicine, today announced that Bon Secours Mercy Health (BSMH) has committed to make a private investment (PIPE) that will close concurrently with the proposed business combination (the Business Combination) among HCMC, Sabre Merger Sub I, Inc., Sabre Merger Sub II, LLC, and SOC.

Hai Tran, chief financial officer and chief operating officer of SOC, commented, We are thrilled with this strategic investment, and we appreciate the confidence that Bon Secours Mercy Health has placed in us. We value this relationship and look forward to continuing to collaborate for years to come.

Bon Secours Mercy Health is committed to the continual improvement of our clinical operations to ensure we provide the best care for our patients and residents, said Rebecca Lenz, chief care delivery officer, Bon Secours Mercy Health. This strategic investment supports our health systems work in reimagining our care delivery model focused around providing high value, quality care of which telemedicine is an integral part.

The private investment by BSMH will be on the same terms as the previously announced commitments by certain institutional investors for $165 million in common stock of the combined company. Proceeds from the PIPE will be used to partially fund the cash consideration to be paid to SOC stockholders at the closing of the Business Combination and for general working capital purposes following the closing.

The special meeting of HCMCs stockholders to approve the Business Combination will be held virtually on Friday, October 30, 2020, at 9 a.m. Eastern Time. The consummation of the Business Combination is expected to follow shortly thereafter, subject to final stockholder approval and satisfaction of other customary conditions.