Reston-based SOC Telemed buys Texas telehealth practice for $194M
Acquisition creates U.S. largest acute care telemedicine provider
Reston-based SOC Telemed Inc. announced this week it has purchased Texas-based medical practice Access Physicians for $194 million in cash and stocks. The acquisition will create the largest acute care telemedicine provider in the United States.
According to SOC Telemed, the combined company is estimated to have earned $107 million to $113 million in pro forma annual revenue in 2021, and it serves almost 1,000 facilities, including more than 700 hospitals, in 47 states.
“Access Physicians and SOC Telemed’s technology-enabled, multi-specialty clinical solutions and customer base are complementary and serve to capitalize on the growth opportunities in acute care telemedicine,” said John Kalix, CEO of SOC Telemed. “As we work to address health inequities, our combined organization creates a single partner for customers to optimize care delivery.”
Along with SOC Telemed’s current services in neurology, psychiatry, critical care and pulmonology, it will now provide service in the areas of infectious diseases, cardiology, maternal-fetal medicine and nephrology, specialties from Access Physicians.
In addition to the $194 million deal, there is additional potential consideration based on performance, the company said.