TimelyMD
Executives Chris Clark, Luke Hejl, Alan Dennington
TimelyMD - a Fort Worth-based telehealth provider for students at colleges and universities - said Tuesday it received a $60 million investment from JMI Equity, a growth equity firm that invests in leading software companies.
"JMI brings significant experience partnering with companies in both healthcare and higher education," TimelyMD said in a release.
TimelyMD said demand for telemedicine and teletherapy "increased exponentially during the COVID-19 pandemic, transforming the way college students receive care now and in the future."
The company has licensed providers available around the clock in all 50 states. Service includes on-demand medical, and immediate and scheduled mental health counseling, psychiatry and health coaching. TimelyMD partners with schools and is paid by them; the service is available at no charge to students.
TimelyMD's 80 college campuses include Duke University, Emory University, Georgetown University, Johns Hopkins University, Los Rios Community College District, University of Notre Dame and Paul Quinn College.
"TimelyMD now serves 10 times as many students as it did in early 2020," the company said in the release.
"Teletherapy for students has been in particularly high demand as the COVID-19 pandemic persists and the resulting new normal is plagued with uncertainty and disruption," TimelyMD said.
"The need for mental health and well-being support services is expected to continue as 75% of college students report consistently high levels of stress and anxiety. As a national campus mental health crisis continues, more than 60% of all TimelyMD visits over the last 10 months have been for mental health support versus 10% prior to the pandemic."
“Our mission at TimelyMD is to improve the well-being of college students by making virtual medical and mental health care accessible anytime, anywhere,” Luke Hejl, CEO and co-founder, said in the release.
“This investment from JMI enables TimelyMD to achieve our vision to empower students to be well and thrive, eliminate barriers to care for an exponentially greater number of students, and better serve a growing and diverse range of institutions.”
The company will use the funding to enhance students’ virtual care experience, improve health literacy at partner schools, improve student outcomes through technological innovation, and grow its team to meet market demand.
“JMI is pleased to partner with TimelyMD, which has demonstrated tremendous market leadership and promise in tackling the unmet need in higher education for on-demand medical, mental health, and well-being telehealth solutions,” Matt Emery, general partner of JMI Equity, said in the release. “We are excited about TimelyMD’s ability to continue to improve access to care and campus health in the higher education market.”