Kura MD Acquires Assets of The Telemedicine Group, Assumes Management of TeleMed2U
ROSEVILLE, CA (PRWEB) May 06, 2015 -- Kura MD, developer of the next generation of telehealth solutions for healthcare, has acquired the business and associated assets of The Telemedicine Group, the exclusive management company for TeleMed2U, a telemedicine-based multi-specialty physician practice. Javeed Siddiqui, MD, MPH owns and operates TeleMed2U and serves as the company’s chief medical officer. Terms of the deal were not released.
TeleMed2U serves an active client base of hospitals, outpatient clinics, skilled nursing facilities and correctional facilities throughout California offering clients streamlined access to health care via telemedicine services. A key feature to the business operations of TeleMed2U is the company’s innovative operational programs, developed and refined through years of practice experience. The company is based in Roseville, California.
The Telemedicine Group and TeleMed2U were established concurrently in 2011. The two companies operate via a long-term exclusive contract, with The Telemedicine Group providing all management services to TeleMed2U.
“TeleMed2U is a leader in establishing payer contracts for telemedicine services,” said Steven Renard, CEO and Chairman of Telemed2U. “We have contracted with most government and commercial plans in California, and we have made significant headway into the managed care markets as well.”
Kura MD’s acquisition of The Telemedicine Group combines Kura MD’s advanced HIPAA compliant, user-friendly Web-based technology platform with TeleMed2U’s multi-specialty physician practice creating a complete telemedicine solution for organizations seeking to enhance healthcare access, while better managing costs.
“This acquisition positions us well for long-term growth and as a leading national provider of telehealth technology and services,” said Kura MD CEO, Kevin Hamm. “Kura MD’s telehealth platform combined with the management expertise of The Telemedicine Group and the skilled physicians at TeleMed2U creates a powerful combination of technology, management and medical expertise, allowing us to service existing and future clients with a state-of-the-art telemedicine offering. This is a true milestone in the growth of Kura MD, as well as a milestone in the emerging business of telemedicine.”
“We are thrilled and excited to be joining forces with Kura MD. Together our organizations will meet the challenges of the ever changing healthcare environment, increasing access to care and decreasing the overall cost of care. Kura MD’s innovative telehealth platform allows our physicians to reach more patients and expand the utilization of telemedicine,” said Dr. Javeed Siddiqui, co-founder and Chief Medical Officer of TeleMed2U.
Earlier this year, Kura MD secured $1.5 million in series A financing from Moneta Ventures, a venture capital firm based in Folsom, CA. Moneta Ventures has expanded their investment into Kura MD to $2 million in support of, along with other investors, the procurement of The Telemedicine Group. “We believe this acquisition will enhance Kura MD’s existing service offerings,” said Lokesh Sikaria, Managing Partner at Moneta. He added, “We are confident the operational expertise provided by The Telemedicine Group will further enable Kura MD’s roll-out of advanced telehealth solutions to their clients nationwide.”
About Kura MD: Formed in 2013 and located in Roseville, CA, Kura MD was founded by Kevin Hamm, a successful serial entrepreneur and long-time healthcare insurance executive. As CEO, Kevin heads a diverse management team with extensive experience in healthcare technology development, corporate management and healthcare marketing and sales. http://www.kura.md.
About The Telemedicine Group/Telemed2U: Javeed Siddiqui, MD, MPH is the founder and sole owner of TeleMed2U where he serves as its Chief Medical Officer with oversight of the company’s clinical and technical program development. Prior to TeleMed2U, from 2002 – 2010, Siddiqui co-developed and directed one of the nation’s leading academic telemedicine programs at the University of California Davis Medical Center in Sacramento.
Steven R. Renard, MBA, CHE, served as the Telemedicine Groups’ Chairman and CEO with oversight of corporate strategy and product development. Going forward, Steve will continue to oversee the management of Telmed2U. Renard also founded and is CEO of Diagnostic Radiology & Oncology Services (DRS), a California-based management and consulting firm. Renard has more than 20 years of healthcare experience in site-development, operations, mergers and acquisitions and finance. http://www.telemed2U.com.
About Moneta Ventures: Located in Folsom, CA, Moneta Ventures invests in early stage companies in the software and cloud services, IT services, and internet and consumer services sectors. http://www.monetaventures.com.
For more information, please contact:
Dianne Vass, SR VP Sales & Marketing
916.880.3475 – office 916.705.7412 cell
dianne(doot)vass(at)kura(dot)md
http://www.kura.md
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, ANY SECURITIES.
Dianne Vass, Kura MD, +1 916-705-7412, [email protected]
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