CallingDr is in one of the hottest areas of technology: telemedicine. The company’s solution not only allows for patient-doctor video consultations but also remote monitoring. Oh, and you can now invest in CallingDr, as the company has launched an equity crowdfunding campaign on Republic. The minimum investment is only $100.
The founders launched the service back in 2017 in response to the hurricanes that hit the U.S. They wanted to build a robust platform that could provide for healthcare in any environment.
How It Works
The CallingDr app is built on a secured cloud server, which meets the onerous regulatory healthcare requirements. A key is the system is that it is fairly easy for providers to adopt because of the integrations with EMRs.
Also note that CallingDr has an extensive set of features. Here are just some of them:
- HD video visits: The provider and patient can have real-time video consultations. The service is also free for the patient.
- Workflow: Doctors have their own approaches and processes, which can vary widely. Because of this, CallingDr was designed for flexibility and configurability.
- Remote patient monitoring: The CallingDr system can collect vitals via smartphones.
- Prescriptions: The physician can order medicines directly from the app.
- Pay options: The app can collect payments via cash, credit cards or insurance reimbursement.
- CallingDr white label service: This is available for practices of any size.
OK then, what about the business model? It is a subscription approach, in which the physician pays from $49.95 to $149.95 per month. As for the white label version, the fee is over $20,000 (the amount depends on the customization required).
The Market
When it comes to telemedicine, there are many providers. But this should not necessarily be an issue for those planning to invest in CallingDr.
The reason is that the market opportunity is massive. The impact of the novel coronavirus has certainly highlighted this. Consider the latest research from Forrester, which forecasts that virtual care visits will exceed one billion this year. About 90% of this will be due to Covid-19.
But this will likely not be a temporary spike. As health insurance companies and providers use telemedicine at scale, they will see the inherent advantages. And yes, so will the patients. Telemedicine is convenient, effective and affordable.
As for CallingDr, the platform has logged a 600% increase in patient visits during the Covid-19 period. The company also forecasts that revenues will be at least $1 million this year, up from $280,000 in 2019
How to Invest in CallingDr
The company has already raised $2 million. Of this, $1.2 million came from the personal funds of the founders. Then last year CallingDr raised $710,000 from an equity crowdfunding campaign on StartEngine. The company has also received $300,000 from strategic private investors.
As for the current round on Republic, CallingDr has raised more than $84,000 from over 250 investors. The valuation is $10 million. Keep in mind that investors receive a SAFE (Simple Agreement for Future Equity) instrument. This means that equity is not allocated until there is a trigger event, such as an acquisition or initial public offering.
The investment does include a variety of perks, which are based on the amount. For example, if you commit to $5,000, then you will receive three CallingDr shirts, a personal thank you note from the founder and a listing on the website.
And yes, there has been a high-profile IPO in the telemedicine field: Teladoc Health (NYSE:TDOC). For the past year, the shares are up more than 220% and the market cap tops $15 billion.
Bottom Line to Invest in Calling Dr
However, even with the attractive market opportunity, CallingDr remains a risky investment.
Let’s face it, when it comes to people’s health, there are potential liability issues. The company will also likely need to raise much more money for marketing and sales.
Thus, before making an investment, it’s important to do your own due diligence.
Tom Taulli (@ttaulli) is an advisor and author of various books and online courses about technology, including Artificial Intelligence Basics, The Robotic Process Automation Handbook and Learn Python Super Fast. He is also the founder of WebIPO, which was one of the first platforms for public offerings during the 1990s. As of this writing, he did not hold a position in any of the aforementioned securities.
