Warburg Pincus Invests $32 Million In Specialists On Call To Fund Growth
NEW YORK, February 11, 2014-- Specialists On Call, Inc. ("SOC" or "the company"), a leading provider of specialty physician consultations to acute-care hospitals via telemedicine, today announced that an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing, has invested $32 million in the company to fund future growth initiatives.
Established in 2007, SOC is a fast-growing provider of specialty physician services that provides on-call coverage to suburban and urban acute-care hospitals via videoconferencing, a $3 billion addressable market. The company delivers teleconsultations by its highly-trained and experienced physicians that improve patient care and increase the financial and clinical strength of community hospitals. SOC's unique 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," said 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," said 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."
About Specialists On Call
Specialists On Call is a Reston, Virginia-based provider of specialty physician care delivered via telemedicine. The company addresses hospitals' physician manpower challenges and creates attractive career opportunities for physicians by leveraging telemedicine technologies. SOC currently provides neurology, psychiatry, critical care and cardiology consultations, and supports multiple hub and spoke hospital networks.
SOC brings highly trained specialists and best practices to hospitals and their on-site medical staff. This allows hospitals to retain more patients, increase their case mix index, reduce the average length of stay, improve performance in CMS core measures, and raise HCAP scores, all offering significant financial benefits while also increasing patient satisfaction and clinical outcomes.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $35 billion in assets under management. The firm's active portfolio of more than 125 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 13 private equity funds which have invested more than $45 billion in over 675 companies in more than 35 countries.
Since inception, the firm has invested more than $8.5 billion in more than 145 healthcare companies, including investments in American Medical Systems (acquired by Endo Pharmaceuticals in 2011), Bausch + Lomb (acquired by Valeant in 2013), Beijing Amcare Women's & Children's Hospital, China Biologic Products, Constitution Medical (acquired by Roche in 2013), Coventry Health Care (acquired by Aetna in 2013), Eurand (acquired by Axcan in 2011), Euromedic International (acquired by Merrill Lynch Global Private Equity and Ares Life Sciences in 2008), ev3 (acquired by Covidien in 2010), JHP Pharmaceuticals, Lepu Medical Technology, RegionalCare Hospital Partners, Tornier and Zentiva (acquired by sanofi-aventis in 2009).
The firm is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, Sao Paulo and Shanghai. For more information please visit www.warburgpincus.com.
Specialists On Call
Joe Peterson, MD
Venture Capital Database