Lewisville-based Teladoc Inc., a telehealth company providing on-demand healthcare, has completed its previously announced acquisition of Boston-based Best Doctors, a global medical consultation company. Teladoc purchased the company for $375 million in cash and 1.9 million shares of Teladoc common stock worth $65 million.
Teladoc said it would update its 2017 annual guidance to reflect the Best Doctors purchase in its second-quarter earnings report, which will be released on August 2.
Teladoc’s acquisition of the Boston company will expand its network by adding 50,000 medical experts across 450 specialties. The company also plans to integrate Teladoc’s technology, patient engagement tactics, and scalable platform with Best Doctors’ contacts to provide solutions for “complex care cases with a patient-centric clinical model” utilizing analytics and patient decision support. While Teladoc absorbs the Best Doctors network, the acquired company will retain its brand identity and offices where they’re currently located.
Jason Gorevic, CEO of Teladoc, said in a statement: “We [took] 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. 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.”