Telehealth company Teladoc has announced that it has acquired medical consultation firm Best Doctors for a deal totaling $440 million in cash and stock.
Teladoc’s telehealth platform serves as a single solution for addressing a variety of medical conditions, from non-critical, episodic needs to chronic, complicated medical conditions. By leveraging the portfolio of healthcare solutions from both Best Doctors and Teladoc, members will have one virtual, patient-centric way to resolve their healthcare issues, improving outcomes and reducing costs, company officials said in a press release.
The Best Doctors global network consists of more than 50,000 medical experts in more than 450 medical specialties, while Teladoc’s network of more than 3,100 board-certified, state-licensed physicians and therapists who are available 24/7. The deal, which is expected to close in July, includes the purchase price consists of $375 million cash and $65 million of Teladoc common stock.
“At Teladoc, our vision has always been to provide the central, trusted source for consumers to find resolution to the broadest array of healthcare needs, on their terms,” Teladoc CEO, Jason Gorevic said in a statement. “Now with Best Doctors’ network of world-renowned experts in over 450 specialties, global footprint, and exceptional analytic capabilities, we are taking a monumental step towards making that vision a reality.”
On this year’s Healthcare Informatics 100 list, which ranks the top 100 vendors based on health IT revenue from the previous year, Teladoc placed 76th with a reported revenue of more than $123 million.
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