Colorado Springs-based PeakMed has raised $5.5 million to fund its ambitious plans to add seven locations, vehicles for house calls, more medical services, and technology for consultation with and monitoring of patients through mobile applications.
The practice, which doesn't honor insurance coverage and instead charges patients a monthly fee, plans to open the locations in Colorado Springs and the Denver area, add vans and other vehicles to provide mobile medical services, hire more medical personnel, add capabilities to its mobile application and expand into behavioral health and other services, said CEO Jon Hernandez.
PeakMed started in 2014 with a site near St. Francis Medical Center in northeast Colorado Springs and since has added clinics downtown and in Englewood.
ASI Capital LLC, a Colorado Springs debt and equity firm, made a loan to PeakMed in January through its Healthcare Fund and Income Fund and received an ownership interest as part of the transaction, said Sean Hawkins, ASI's managing partner. The ASI previously financed small hospitals, surgery centers and specialty health care providers. ASI had been monitoring PeakMed's development, was formally introduced to the practice and its management through a mutual acquaintance in June and developed a financing package to fund PeakMed's expansion, he said.
"Demand for our health care model is growing," said Dr. Mark Tomasulo, founder and chief medical officer of PeakMed, which now serves about 4,500 members and workers for about 100 employers in the Colorado Springs and Denver areas. "The money is helping PeakMed be more accessible to more people."
PeakMed doesn't accept insurance coverage and instead charges monthly fees of $79 for adults under 65 and $125 to $283 for families, depending on the number of adults and children. The fees cover office visits, house calls, urgent care that doesn't require an emergency room visit, physical exams, minor medical procedures and other routine health care. Patients pay extra for medication and lab tests the practice provides. PeakMed encourages patients to buy high-deductible health coverage to cover surgeries and hospital and emergency room visits.
"We are redesigning health care from the bottom up - that is our core mission," Hernandez said. "We are building a company for the future to do just that. While we might adjust prices as we add services, our goal is to keep the monthly fee below $100 and add as many services as possible that will be covered by that fee."
Practices such as PeakMed that charge monthly fees, a model called direct primary care, are a fast-growing part of the health care industry, making up about 3 percent of the nation's family and internal medicine practices. Patients in such practices tend to see their doctors more often and for longer visits since they don't pay extra for each visit, and doctors see a smaller number of patients than traditional medical practices. Some direct care practices have attracted high-profile investors such as Amazon founder Jeff Bezos and Dell founder Michael Dell.
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