Synergix Health appoints leading corporate finance advisors.

Synergix Health appoints leading corporate finance advisors for its fast growth digital healthcare subsidiary Doctor Care Anywhere to review strategic options to further accelerate its growth. 

Doctor Care Anywhere is already a prime mover in the digital healthcare sector and recognised for its best in class virtual doctor and healthcare management services available worldwide.

Research by YouGov for Doctor Care Anywhere has highlighted the critical role technology can play in breaking down the barriers to accessing primary healthcare and GP services.

Synergix Health, owner of the UK’s leading digital primary care platform, Doctor Care Anywhere, has appointed ICON Corporate Finance and DC Advisory and to review strategic options for the business, including a significant growth capital fund raise, to help the company capitalise on its success and further accelerate its expansion.

Doctor Care Anywhere already has an over 100,000 strong member base via its corporate clients and currently works with over 40 organisations, with notable names including Universal Music Group, Thomson Online Benefits and Mumsnet. An early client was AXA PPP healthcare, a subsidiary of one of the world’s largest insurance companies, which has been offering the service to its corporate client base, with some 25 corporates having being signed up in this way, as well as its own staff. In addition, Doctor Care Anywhere works with large UK general insurance groups, leading international employee benefit administration companies and serves global insurers internationally.

Through its unique partnership with Nuffield Health, one of the UK’s leading wellness and private hospital providers, Doctor Care Anywhere has ensured that its members and corporate clients can access GPs both online, through the company’s virtual GP service, and in-person through GP consultations with Nuffield Health professionals. Doctor Care Anywhere is the only digital healthcare company in the UK to offer such a service, which has the potential to transform primary healthcare. Nuffield Health is also offering integrated digital-and-in-person services with the digital service delivered by Doctor Care Anywhere to its own substantial membership and corporate client base.

In addition, leading retail, travel and concierge brands such as Flight Centre, the fast-growing business travel specialists and Quintessentially, the leading global lifestyle and concierge services business, have signed agreements allowing them to offer their clients access to Doctor Care Anywhere’s market-leading primary healthcare service, anywhere in the world.

Last year Synergix Health completed a £6.5 million fundraise to enhance the Doctor Care Anywhere services and develop a market-leading new version of its platform, which was launched last month. Innovative features include allowing members to book unlimited video and phone appointments, have prescriptions home delivered or picked up from the most convenient pharmacy, manage e-prescriptions, including NHS repeat prescriptions, and use health tracking to monitor symptoms, conditions and set up medication reminders via a dedicated app.

The strategic review has been prompted by strong interest from the market and the board’s desire to raise significant funds to allow Doctor Care Anywhere to capitalise on the company’s strong growth and success and on the opportunity to become a leading player in the dynamic and fast-moving global digital healthcare and telehealth markets.

The digital health market is set for strong growth with some experts forecasting that the UK market will increase from around £2 billion currently to close to £3 billion over the next two years, while the global digital health market is set to increase significantly to £43 billion.

Research by YouGov for Doctor Care Anywhere has highlighted the critical role technology can play in breaking down the barriers to accessing primary healthcare and GP services.

The YouGov survey of 1,000 employees revealed that nearly one in five, the equivalent of 3.3 million workers[1], had remained at their desk despite being too ill to work because of difficulty in seeing their GP. Of these, one-third said their health had deteriorated as a consequence of not seeking medical attention.   Over a third (35%) of employees have not attended a GP appointment for a year or more.

According to the survey, 37% of employees would welcome the availability of a virtual GP at work, giving them greater flexibility over appointments by harnessing tech and web-based options. 31% said flexible access to remote GP appointments over the phone or webcam, or having a virtual GP service, would make it easier for them to see a GP.

David Ravech, Synergix Health Executive Chairman, says: “The board of Synergix Health believes that with a large and fast growing customer base and exceptional channel partners both in the UK and overseas, Doctor Care Anywhere has earned the right to be considered one of the standout digital primary care players globally. The challenge now is to accelerate its organic growth and product innovation and for us to acquire complementary companies to further bolster Synergix Health’s portfolio of fast-growth digital healthcare businesses.”

Dr Bayju Thakar, Synergix Health CEO, says: “Tens of thousands of users, and some of the world’s most demanding corporate clients, have told us that what they really need is “proper primary care” which seamlessly links digital and in-person primary care. The success of Doctor Care Anywhere is based on listening to patients and delivering outstanding and responsive personal medical care both in the cloud and on the corner”.

Alan Bristow, ICON Corporate Finance CEO, says: “The business has developed a broad and integrated range of technological and medical services in very swift order and we are delighted to be bringing our global reach and expertise to help this leading UK business to achieve its global aspiration and vision for primary care. There is a huge amount of investment and acquisition activity in the global telehealth sector, with global insurers and teleco companies demonstrating strong interest in the market, and we are delighted to be advising Synergix Health on the strategic options for Doctor Care Anywhere to capitalise on this interest and the market’s strong dynamics.”

David Sanders, Executive Director at DC Advisory says of Synergix Health: “Co-Founders David Ravech and Bayju Thakar have brought together the optimal blend of healthcare, technology and business acumen required to win in this space. The quality of both the technology and execution at Doctor Care Anywhere is tremendous, and we are pleased to cement this strategic relationship with Synergix.”

Read the original article by Ashley Armstrong, The Telegraph, 13th November 2016.

Notes for editors:

Synergix Health

Synergix Health is an investment, development and commercialization accelerator for innovative digital health services and products. With a powerful ecosystem of partners across the health service, life science, pharmaceutical and medical technology industries, Synergix Health seeks to develop disruptive and integrated solutions focused on improving health engagement and clinical outcomes to support a higher quality and economically sustainable healthcare system. For more information visit http://www.synergixhealth.com/

Doctor Care Anywhere

Doctor Care Anywhere is a leading digital healthcare company which provides unlimited video and phone consultations with UK trained GPs, 365 days a year from anywhere in the world.  Founded by doctors, Doctor Care Anywhere uses cutting-edge technology to provide patients with expert healthcare. By offering a healthcare service that is flexible to the demands of its patients, Doctor Care Anywhere aims to complement the NHS and become the leading online GP service. For more information visit www.doctorcareanywhere.com

ICON Corporate Finance

ICON Corporate Finance acts exclusively for fast growth technology companies. Its clients are changing the world and ICON works with them to secure funding to build great companies and to realise maximum value when they come to sell.

ICON is headquartered in London and has recently sold companies to NTT Com, Telstra, RWE Npower, Thomson Reuters and Aberdeen Asset Management and raised capital from leading private equity and venture capital funds.

DC Advisory
DC Advisory is a leading European corporate finance adviser with specific expertise in cross-border transactions. We provide tailored independent advice on Mergers & Acquisitions, Debt Raisings and Restructurings.

The firm employs over 200 staff across six European offices and is a subsidiary of Daiwa Capital Markets, the investment banking arm of Japan’s Daiwa Securities Group. We are present in Asia, the US and Nordic region through our partners Daiwa Capital Markets, Sagent Advisors and Danske Bank Corporate Finance.

 

[1] Figures from The Department for Business, Innovation and Skills (BIS), there are 20,520,000 employees, so 16% of that would be 3,283,200 employees who have ever cancelled, missed or postponed an appointment due to work (calculated by Morgan Rossiter and agreed with YouGov)