This new capital will provide us with enhanced flexibility as we pursue our strategic initiatives and continue to positively impact patient care.
Reston, VA (PRWEB) September 08, 2016
Specialists On Call, Inc. (“SOC”), the nation’s leading provider of clinical telemedicine services to acute care hospitals, today announced that it has raised $50 million in new capital through a combination of equity and a credit facility from CRG, a healthcare-focused investment firm delivering pioneering growth capital solutions to the global healthcare market. SOC intends to use the funds to accelerate its robust organic growth and actively pursue strategic acquisition opportunities.
"We are pleased to have the support of our investors and CRG to reinforce our company’s strong financial foundation and its continued path of significant growth," said Mr. Hammad Shah, CEO of Specialists On Call. "This new capital will provide us with enhanced flexibility as we pursue our strategic initiatives and continue to positively impact patient care through increased investments that expand our capabilities, while increasing value to our clients."
To improve patient care through increased access to qualified specialists, the company recently launched a turnkey, technology-enabled operational platform for hospitals, clinics and health systems seeking to build their own telemedicine program. This Managed Services solution offers SOC’s clients the only holistic telemedicine solution that can leverage SOC’s world-class network of physicians, the client’s own in-house staff, or a hybrid of the two.
About Specialists On Call
Specialists On Call, Inc. (SOC) is the nation’s most experienced and trusted provider of physician consultations via telemedicine, offering 24x7 coverage and serving over 350 hospitals nationwide. Through its Neurology, Psychiatry, Critical Care, and Managed Services solutions, SOC virtually delivers physicians directly to the patient’s bedside. The company's Consult Coordination Center (CCC) is the hub of its clinical and operational support teams, and dedicated to accelerating patient care through a fully-redundant and state-of-the-art infrastructure. SOC was the first private provider of acute clinical telemedicine services to earn The Joint Commission’s Gold Seal of Approval and has maintained that accreditation every year since inception.
Founded in 2003, CRG (previously known as Capital Royalty L.P.) is a healthcare-focused investment firm that delivers pioneering growth capital financing solutions to the global healthcare industry. With over $2.5 billion of assets under management across 40 healthcare investments, CRG provides growth capital to healthcare companies primarily through structured debt and senior secured loans. CRG works across the spectrum of healthcare products, technologies and services and targets investment sizes ranging between $20 million and $300 million. The firm partners with innovative, commercial-stage healthcare companies that address large, unmet medical needs who are seeking flexible financing solutions with a committed, value-add partner to achieve their growth objectives. CRG is headquartered in Houston, Texas with offices in Boulder, Colorado and New York, New York.