Teladoc, the largest telemedicine provider in the U.S., has completed its $440 million acquisition of virtual consultation company Best Doctors less than a month after the deal was first announced.
The purchase was divided between $375 million in cash and $65 million in Teladoc stock. The company said the deal will expand its capabilities for treating more complex cases, utilizing Best Doctors’ network of more than 50,000 physicians and medical experts for products focused on access to specialists and offering guidance for emergency medical events.
“Today we take a tremendous step forward as we continue to deliver on our promise to transform the healthcare experience; to provide an unprecedented, single-point of access for resolution to the widest spectrum of medical conditions, delivered via a virtual platform,” Teladoc CEO Jason Gorevic said in a press release. “We look forward to the impact that we can make as one company, and are excited to lead our members and the greater healthcare community on the journey ahead.”
Teladoc’s scope of services prior to the deal were mostly focused on primary care and behavioral health, though it hadn’t stopped the company from achieving a 75 percent market share in telemedicine.
Best Doctors CEO Peter McClennen was slated to stay as part of the deal, becoming the president of a new division within Teladoc.