Teladoc has entered into a definitive agreement to acquire Best Doctors, an expert medical consultation company focused on improving health outcomes for the most complex, critical and costly medical issues. This in turn will enable Teladoc to offer a single solution for addressing a complete spectrum of medical conditions, from non-critical, episodic needs to chronic, complicated medical conditions.
On the other hand, by leveraging the portfolio of healthcare solutions from the two companies, members will have one simple, virtual, patient-centric way to resolve their healthcare issues, improving outcomes and reducing costs.
“Today is a big day for patients and the greater healthcare system. 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.”
Best Doctors relies on advancements in analytics, cognitive computing, and an award-winning patient-centric process to bring together the brightest minds in medicine and provide answers to the most complex medical concerns for their millions of members. The company’s global network consists of over 50,000 medical experts who are peer-rated in a Gallup-certified poll as the top 5% of physicians in more than 450 medical specialties. In every major region of the world, the suite of Best Doctors solutions plays an important role in population health management, with the ability to monitor, react and positively affect change.
“Now aligned as one greater organization under Teladoc, the impact we can make together is tremendous, delivering a paradigm shift in care access that comes with a phenomenal patient experience, unprecedented outcomes and cost savings,” said Best Doctors CEO, Peter McClennen, who will continue to lead Best Doctors as president of the new division of Teladoc.
This acquisition builds on Teladoc’s track record of acquiring and integrating companies with common purpose, complementary capabilities, and access to new markets. Teladoc will now develop and deploy global expansion plans, meeting a broader spectrum of care needs outside the U.S.
This transaction is expected to close in July 2017 subject to regulatory approvals and customary closing conditions. Under the terms of the agreement, the purchase price of $440 million consists of $375 million cash and $65 million of Teladoc common stock.