Florida-based telemedicine startup shifting headquarters to Alabama
“Birmingham has a strong start-up ecosystem to grow MomentMD and the AFF team is a constant source of advice and expertise. You are a partner that you want to have by your side, ”he added.
GROWTH POTENTIAL
“It’s great to see an innovative telemedicine company like MomentMD move to Birmingham, where it will find the support it needs to be a long-term success.”
The AFF’s support for Amtekh Inc., the parent company of MomentMD, marks the 13th investment since the fund was launched in the fourth quarter of 2018. See the AFF portfolio.
Nine of these companies were based outside of Alabama and moved their headquarters to the state after receiving AFF funding. Two of the companies were from San Francisco and Atlanta, and others from New York City, London, Orlando, and Virginia and South Carolina.
In the MomentMD deal, AFF acted as the main investor in the financing round with the participation of other US investors. based in Birmingham Redhawk Advisory LLC acts as AFF’s investment manager and advised the fund on the MomentMD investment.
Redhawk partner Matt Hottle said MomentMD’s novel approach to telemedicine represents a major advancement in the remote delivery of clinical care and other services.
“Most telemedicine solutions focus on addressing minor benefit gaps for large health systems or employer-funded health insurers. MomentMD’s goal is to provide everyone, regardless of their circumstances, with access to high quality, personalized care, ”said Hottle.
“Patients can use the MomentMD platform to find specialists who will become long-term partners for their health, not just transactional practitioners who have traditionally been limited to treating mild or acute illnesses.”
Greg Canfield, Secretary of the Alabama Department of Commerce, said Birmingham is a perfect fit for MomentMD as the city is home to one of the largest academic medical centers in the country, the University of Alabama at Birmingham, and a dynamic healthcare startup community.
“Telemedicine has become an increasingly popular means for people to get quality health care, and remote, personalized care is likely to increase in the years to come,” said Secretary Canfield.
“It’s great to see an innovative telemedicine company like MomentMD move to Birmingham, where it will find the support it needs to be a long-term success.”
NEW APPROACHES
While most remote healthcare providers focus on the employer-funded healthcare market or offer services that primarily focus on acute medical issues, MomentMD has taken a different approach.
Patients using the MomentMD platform can have access to primary care, acute care, mental health services, and even dental care. The company does not require patient insurance and access to the platform can be purchased either by paying a one-time transaction fee or through a monthly subscription.
Unlike many traditional telemedicine offerings, the MomentMD platform provides access to participating health professionals across the country, allowing patients to find health professionals with a specific level of expertise.
In addition, the company provides participating healthcare professionals access to HIPAA-compliant cloud-based medical records for platform users, thereby maintaining continuity of care and delivering better outcomes for patients. Participating doctors can also order laboratories or write prescriptions online via the MomentMD platform.
