Private-equity group Warburg Pincus has made a $32 million investment in Specialists on Call aimed at funding future growth initiatives.
The telemedicine player provides on-call coverage to suburban and urban acute-care hospitals using videoconferencing technology – describing this as a “$3 billion addressable market”.
It claims that its teleconsultations service has already helped to address a shortage of specialty physicians for traditional on-call coverage, as well as challenges that many hospitals face in securing specialty physician services.
“We look forward to leveraging Warburg Pincus’ [New York City, NY, USA] experience, expertise and capital as we grow the business by expanding our range of specialties, increasing our geographic coverage and deepening our innovative clinical and customer service operations,” said Joe Peterson, the chief executive of Specialists On Call. “SOC’s clients will benefit from specialty physician services that will continue to increase financial and clinical value.”
Warburg Pincus says telemedicine is becoming more of a mainstream medium for healthcare delivery and that Specialists on Call’s (Reston, VA, USA) focus on addressing shortages at suburban hospitals positions it for continued growth.
“We are eager to partner with Joe and the management team to build on the company’s leadership position and accelerate its growth plans,” said Elizabeth Weatherman, the managing director and head of the healthcare group at Warburg Pincus.
Warburg Pincus has more than $35 billion in assets under management and has invested more than $8.5 billion in more than 145 healthcare companies.