An affiliate of private equity firm Warburg Pincus has invested USD32m in Specialists On Call to fund future growth initiatives.
Established in 2007, SOC is a provider of specialty physician services that provides on-call coverage to suburban and urban acute-care hospitals via videoconferencing, a USD3bn addressable market.
The company delivers teleconsultations by its physicians that improve patient care and increase the financial and clinical strength of community hospitals.
SOC's method of care delivery is expected to expand the market for teleconsultations, address the shortage of specialty physicians for traditional on-call coverage, and help address the challenges faced by many hospitals in securing specialty physician services. Additionally, SOC's telepractices offer physicians an attractive employment arrangement with competitive compensation, flexible lifestyle, and opportunities for professional development.
"We look forward to leveraging Warburg Pincus' 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," says Dr Joe Peterson, chief executive officer, Specialists On Call. "SOC's clients will benefit from specialty physician services that will continue to increase financial and clinical value."
"As telemedicine becomes a more mainstream medium for care delivery, we believe SOC's focus on addressing the shortage of specialty physicians at suburban hospitals positions the company for continued success," says Elizabeth H Weatherman, managing director and head of the healthcare group, Warburg Pincus. "We are eager to partner with Joe and the management team to build on the company's leadership position and accelerate its growth plans."
