A new digital health company focused on the European market, named HealthHero, officially launched this morning. This news comes just as it closed a deal to acquire German medical consultation platform Fernarzt.com.
HealthHero is London-based startup designed to allow users to tap into medical services 24/7 through video calls, online chats or phone calls. Patients can use the service to access a general practitioner, a mental health clinician, specialist or a musculoskeletal practitioner.
The newly acquired Fernarzt, which was founded in 2017, lets patients fill out a medical questionnaire, which can then be evaluated by a doctor. If appropriate, a doctor can then write a prescription and send it to a pharmacy or have the medication sent to the patient’s home. In addition to general medicine, the company included skin and hair care and sexual medicine.
The company formed in the fall of 2019. It is a collaboration between investment house Marcol, which already had a number of health assets, and entrepreneur Ranjan Singh. The company sells its telehealth product to insurance companies and employers.
WHY IT MATTERS
During the coronavirus pandemic, telehealth has emerged as a popular way for doctors to reach patients and provide care while curbing face-to-face visits.
According to the Commonwealth Fund, visits to ambulatory practices declined by about 60% in April. However, the number of telemedicine visits rapidly increased that same month.
THE LARGER TREND
Swedish company KRY, which is called LIVI in the rest of Europe, is one of the main telehealth providers in Europe. The company was founded in 2014 and has since raised roughly €219.1 million, after a €140 million Series C in January.
Another competitor is Germany company TeleClinic, which also specializes in telehealth. American telemedicine companies have also been on the rise. Teladoc announced its Q2 earnings last week, reporting that it is seeing massive year-over-year growth. Additionally Amwell raised a staggering $194 million in Series B funding in May.
ON THE RECORD
“The world has changed, but healthcare is failing to keep up. Digital can provide the solution, but it has not yet succeeded. We are here to change that,” Singh said in a statement. “What HealthHero offers is a fully holistic healthcare option. By bringing together digital convenience with real human expertise we can deliver a seamless experience which provides clinical consultations from a multidisciplinary team of GPs, Specialists, Musculoskeletal Practitioners and Mental Health Practitioners without leaving your sofa.”
