Fort Worth company gets $60 million investment, plans to hire more than 75 people
Fort Worth-based telehealth company TimelyMD has received a $60 million investment from JMI Equity, according to a news release.
The investment will go toward growth in the company’s 27/7 mental health service offerings by hiring more than 75 people.
TimelyMD, a telehealth company that offers around-the-clock physical and mental health services exclusively to college students through partnership with universities, saw its client base increase 10-fold since the early months of 2020, according to the release.
The investment is necessary to keep up with that growth, CEO Luke Hejl said.
It’ll also make it possible to keep up with a growing demand for telehealth that Hejl said has been accelerated by the COVID-19 pandemic.
Use of TimelyMD’s telehealth services has increased from 10% of all visits to 60% since the start of the pandemic, according to a news release.
TimelyMD’s partner schools in Texas include Paul Quinn College in Dallas, Abilene Christian University and Collin College.
The three Abilene Christian University graduates leading the telehealth company said business is growing as more universities look for ways to expand their health services to offer 24/7 amid the pandemic.
“We’re making sure that students are taken care of even in the middle of the night,” Chief Strategy Officer Chris Clark said. “Making sure students get the highest quality care in any way we can is what makes our service valuable to students and universities.”
The company has also rolled out a new program for health literacy, where professors can contact a healthcare professional and get advice on how to handle student issues or questions about physical and mental health in the classroom.