Consult A Doctor Closes $5 Million VC Round

Consult A Doctor 24/7, a leading provider of consumer driven telemedicine solutions announced that it closed a $5 million Series A round financing.

MIAMI, FL (PRWEB) February 16, 2010 -- Consult A Doctor 24/7, a leading provider of consumer driven telemedicine solutions that drive down healthcare costs, announced that it closed a $5 million Series A round financing. Consult A Doctor’s financing was led by Morgenthau Venture Partners, and joined by New World Angels and Promociones Bursa, an international consortium of investors in healthcare and technology.

"This financing provides working capital to accelerate the adoption and utilization of our consumer directed telemedicine services and to expand additional cost cutting services such as Consult A Specialist, Labs and a flu program to name a few,” said Wolf Shlagman, Founder and Chief Executive Officer of Consult A Doctor. Shlagman goes on to say “Consult A Doctor’s health care solutions accelerate the transformation to a consumer-driven healthcare revolution that lowers costs while providing greater access to affordable, quality health care - giving more choice, more control and more savings to everyone.”

“We recognize that the completion of this financing represents support for both our business model and the overwhelming demand for lower-cost healthcare services and delivery in the United States and worldwide. Consult A Doctor looks forward to continuing to execute on that strategy and achieving several well-defined milestones in 2010.”

“Numerous research studies in the last 12-24 months indicate that consumer driven telemedicine solutions such as those provided by Consult A Doctor, can considerably drive down costs of healthcare access and delivery. We feel these solutions are key to future healthcare reform, and poised for growth over the next few years,” said Michael Andzel of Morgenthau Venture Partners, LLC.

“We are excited about this opportunity not only for Consult A Doctor’s industry leadership and growth strategy but also as this is the second time we have co-invested with Morgenthau,” said Rhys Williams, President of the New World Angels. “It brought together sophisticated international technology investors, a well-known venture capital firm, and New World Angels, a group of over 40 highly skilled entrepreneurs from across the country who decided to live and invest in the South Florida area.”

The transaction was assisted by the law firms of Edwards, Angell, Palmer and Dodge, West Palm Beach, FL, Cary, Rodriguez, Greenberg and Paul, LLC, Miami, FL, and Groundwork Equity, Management Consultants, Los Angeles, CA and CP Capital Securities, Miami, FL.

About Consult A Doctor 24/7

Consult A Doctor partners with health plans, self-insured groups, TPA, brokers and various other groups to offer convenient 24/7 access to physicians for phone and secure email medical consultations. Its proprietary nationwide on-demand cross-coverage network of U.S. licensed primary care physicians and specialists provide specific answers to medical questions and advice regarding non-emergency, routine medical conditions. All Consult A Doctor physicians are carefully screened, credentialed and have malpractice coverage insurance. They use numerous healthcare technologies such as decision support systems, PDR’s, EMR’s and e-prescribing technologies to discuss symptoms, recommend treatment options, diagnose many minor conditions, and prescribe medication when appropriate. Consult A Doctor’s Consumer-Driven Telemedicine service reduces healthcare cost for all payers by providing members with more convenient and more efficient access to medically equivalent care in a lower-cost setting. Consult A Doctor services are proven to considerably reduce unnecessary doctor, ER and urgent care visits while reducing sick leave absenteeism and presenteesim.

For more information about Consult A Doctor – please call 888-688-DOCTOR (3628) or visit http://www.consultadoctor.com