About the Company
Company Details
  • Website
    https://www.2nd.md
  • Primary Contact Name
    Ali Mahady
Solution Details
  • Target Employer Size
    Mid-market (100 to 999), Large (1000-4999), Enterprise (5000+)
  • Company Funding Level
    We are a privately-held, limited liability company with no venture capital debt. Our founder, Clint Philips, and one other shareholder hold the largest number of shares. However, neither is a majority shareholder. We also have a number of angel investors and employee shareholders.
  • Firms That Have Invested
    N/A
  • Planning On Seeking Funding?
    No
  • What Size is the Company?
    250+
Competition Breakdown
  • Main Competitors
    Grand Rounds, Consumer Medical, Best Doctors
  • Company Competitive Advantage
    Everything we do at 2nd.MD reflects our commitment to and passion for helping members get authoritative answers to their health questions. We don’t want our members’ access to the best care to be limited by their location or long wait times when they’re confronted with a new diagnosis, struggling with complex or chronic conditions, or deciding on potential surgical interventions. If a member has to wait weeks for a written report and never gets to have a live conversation with the expert as they do under other second opinion services, many will often forgo even asking for another opinion. But, by making the experience easy, employees use our services 5 to 10 times more than any other expert opinion solution. We achieve this market-leading level of utilization through: Expert Led - From the very first moment a member calls us, our focus is on helping the member get education and information so they can get on the right treatment path. From the member’s dedicated Care Team nurse and medical records team member to the elite specialist performing the consult, our members are surrounded by experts who specialize in their condition. Using skills-based routing, we pair members with a Care Team nurse whose training and background is aligned with the member’s condition. Our nurse then helps match the member with an elite specialist who knows more about their condition and all available treatment options than anyone else. Our specialist panel includes thought leaders from world renowned institutions in every adult and pediatric specialty and subspecialty, and covers all specialty conditions - everything from autism to zika. That means we’re sure to find the right specialist or team of specialists for each member. And when local doctor referrals are necessary, we guide members to the highest quality, in-network local specialist for their chosen treatment plan. Live Video - We offer real-time video and phone consultations with elite specialists from the comfort of our member’s home. Members build trust with their specialist and in their treatment plan by spending 30 minutes on average getting the answers they need. In seeing and speaking to the member face-to-face, our specialists can more accurately personalize their recommended treatment plan based on all the evidence-based treatment options available for the member’s condition and on their unique needs and health goals. That’s how we achieve 97 percent adherence to our experts’ recommendations. Speed - We help members at the point of decision, within days. Unlike other services that take weeks to get a written summary or months to see a local doctor, we connect members to elite specialists within 3 to 5 days. Our efficiency is powered by our in-house records collection team, bringing together the best of both our technology and the human touch. Whether it’s using our proprietary records collection templates or our records team members’ ability to outreach to a facility on a Saturday instead of waiting until Monday, our unique approach to records collection offers both the structure and flexibility to guarantee we quickly collect exactly the records we need for a successful consult at the point in their care when it truly matters. Our expert-led approach to individualized care coordination results in improved outcomes, member satisfaction, and higher cost savings for all. The proof is in our Net Promoter Score of 90 – the highest in the healthcare industry!
Cost Model
  • Pricing Structure
    We offer fully-transparent, all-inclusive pricing on a PEPM or case rate basis.
  • Initial Fees
    Not Applicable
  • Average Annual Contract Value
    Pricing is tiered based on employee size and utilization level.
  • Broker Compensation Available
    Yes
Distribution Model
  • Brokers (B2B)
    Yes
  • Employers (B2B)
    Yes
  • Individuals (B2C)
    No
  • Other
    Healthplans and TPA's
Technology Details
  • Platform
    Proprietary platform hosted by Amazon Web services
  • Mobile Capability
    Yes. Our member portal is available both online and through our mobile app. Members can use our member portal to: Request a consultation. Consult with an elite specialist by video. View their medical records collected for their consultation. Access post-consultation notes within 24 hours of their consultation Rate their experience with the consultation
  • SSO Capability
    Yes
  • Security / HIPAA Information
    HIPAA compliant and Soc2 Type2 andHighTrust CSF security level compliant
  • Scalability
    Capacity for 10,000 consults a month, we currently perform around 1,200 consults a month
  • Data Source(s) for Claims
    N/A
Team Construct
  • Number of Employees
    250+
Quantitative Assessment
  • Ease of Implementation
    60 days prior to go-live is our preferred timeline, however we can and have implemented in as little as 14 days.
  • Employee Experience
    We provide a warm, effortless, momentous consumer experience. We meet the member exactly where they are in their treatment decision workflow. First, we make it very easy for members to access our service - they can initiate a consultation, text a specialist or request assistance in finding a high-quality local doctor through our portal, mobile app or a call to our Care Team. Our Care Team is available Monday through Saturday from 7 a.m. until 7 p.m. Central Standard Time and 24/7 for urgent consultation needs. The member is connected with a Care Team nurse who is assigned to the member’s case throughout. The Care Team nurse holds the members hand throughout the process and does all of the intake, coordination, record collection and specialist physician matching and selection. The experience for the member is effortless. We lead the market in turnaround time. No one wants to use a service that takes several weeks. Our average turnaround time for our expert medical opinion service is 3-5 days. Follow up post-consult will occur over a period of weeks or months depending on the unique needs of each member.
  • Projected Growth (1 yr, 3-5 yrs)
    Our mission is to save and change lives with our groundbreaking virtual second opinion service. We are the first and only service to connect members directly with leading experts for a virtual video or phone consultation within 3 days. We are the first and only second opinion solution to retest pathology within our 3-5 days' workflow through a partnership with MD Anderson, the #1 cancer center in the U.S. We are first and only service to consistently achieve a Net Promoter Score of 87 which is market leading in our industry and several others. We are first and only to collect and securely digitize medical records in less than 2 days. 2nd.MD is on a mission to change lives by eliminating medical treatment errors caused by a lack of information or independence. In our first 5 years we helped 5,000 people. In the next 5 years, we will strive to help 500,000 people.
  • Growth Since Launch (or in last year)
    2nd.MD has 180+ employer clients and growing. We partner with 3 of the 5 largest national health plans and several regional health plans.
Leadership
  • History/Heritage
    2nd.MD is the dream of CEO and founder, Clint Phillips, whose personal story inspired him to find a way to help the millions of people frustrated with the inability to find access to healthcare advice when they need it most. Shortly after his daughter, Gabi, was born, Clint and his wife noticed that their daughter had difficulty moving her right arm and leg. As any concerned parent would react, they rushed her to the closest pediatrician, who unfortunately referred them to a specialist who they had to wait 6 weeks to see. Frustrated after months of long wait times between appointments, not being able to talk with a specialist without physically being in their office, lack of coordination among physicians and inability to receive quick, direct, authoritative answers, he knew it was time for a change. Phillips started 2nd.MD to ensure that anyone experiencing pain or disease has access to expert medical guidance quickly without traveling or waiting.
  • Experience with VC/PE Funding
    2nd.MD has experienced an incredible amount of growth over the past few years. What has remained consistent over that growth phase is our financial discipline, service excellence and market leading operational metrics. We do not have any debt, nor do we intend on taking on any debt in the near future. Our business model is scalable from a financial perspective. As we continue to grow additional revenue will be invested in ongoing innovations, and services to help enhance an already world-class member experience. Because we do not have the pressures of venture capital funding to achieve unrealistic growth or margin goals, we can continue to drive utilization to help as many people as our service can reach, without conflicting financial mandates. This is an important consideration, as we have seen utilization levels of 5-20x the traditional written opinion services (two of which are venture capital-backed).
  • Outcomes from Former Companies
    2nd.MD has not experienced any mergers or acquisitions in the past 5 years. Our company has been in business form 9 years. We are a privately held company with no venture capital investors. We do not foresee any mergers or acquisitions in the near-term that will impact our roadmap of services. Unlike some of our competitors, we are focused on delivering world-class, groundbreaking virtual expert medical opinion and treatment decision support services
Financial Details
  • Money Raised and Raise Format
    6 Angel investors ,been profitable since 2016
  • Number of Current Clients
    2nd.MD has 180+ employer clients and growing. We partner with 3 of the 5 largest national health plans and several regional health plans.
  • Markets Served
    We service all markets and industries.
  • Years in Service
    9
  • Client Lost in Last Year (and why)
    We lost 2 clients in 2019 due to acquisition.
Competitive Analysis
  • Competitor Description
    Best Doctors, Consumer Medical, Grand Rounds
  • Market Landscape
    There are 3 written second opinion vendors with 2-4 week turn around, but 2nd.MD is the only vendor that cal retrieve medical records in 2 days and deliver a consult on average in 2.9 days
Diversity
  • Is this a Public of Private Company?
    Private
  • Does the Firm Have Diversity Designations?
    No
  • Does the Organization have a Diversity Inclusion Policy
    No
Wellness and Wellbeing Domain
  • Activity Monitoring
    Not Applicable
  • Weight Loss
    Not Applicable
  • Stress/Resilience (EAP)
    Not Applicable
  • Financial Wellness
    Not Applicable
  • Nutrition/Eating Healthy
    Not Applicable
  • Smoking Cessation
    Not Applicable
  • Incentive / Gamification
    Not Applicable
Disease / Chronic Care Management
  • Diabetes
    Core Competency
  • Asthma
    Core Competency
  • COPD
    Core Competency
  • CHF
    Core Competency
  • Cardiac
    Core Competency
  • Obesity
    Core Competency
Care Delivery Models
  • Telemedicine
    Core Competency
  • Destination Medicine / Medical Tourism
    Not Applicable
  • Direct Primary Care
    Not Applicable
  • On Site Care
    Not Applicable
Pharmacy (PBM)
  • Discount Rx
    Not Applicable
  • Specialty Medication
    Not Applicable
  • Medical Adherence
    Not Applicable
Advocacy
  • Concierge Models
    Core Competency
  • Second Opinion Services
    Core Competency
  • Admin Assistance (EOBs, bills)
    Not Applicable
Decision Support
  • Cost Transparency
    Not Applicable
  • Plan Selection
    Not Applicable
  • Cost Calculator
    Not Applicable
  • Find a Doctor
    Core Competency
Health Risk Assessment, Lab / Biometric Screening
  • Paper Health Risk Assessment
    Not Applicable
  • Online Health Risk Assessment
    Not Applicable
  • Labs/Biometric Screening (mail in)
    Not Applicable
  • Labs/Biometric Screening (off site)
    Not Applicable
  • Labs/Biometric Screening (on site)
    Not Applicable
Financial Accounts (HSA/FSA/HRA)
  • Flexible Spending Account (FSA)
    Not Applicable
  • Health Reimbursement Account (HRA)
    Not Applicable
  • Health Savings Account (HSA)
    Not Applicable
  • Dependent Care Assistance Program (DCAP)
    Not Applicable
  • Qualified Small Employer Health Reimbursement Arrangement (QSE-HRA)
    Not Applicable
  • Voluntary Employee Beneficiary Association (VEBA)
    Not Applicable
  • Qualified Transit Account (QTA) Commuter Benefits
    Not Applicable
  • Premium Reimbursement Arrangement (PRA)
    Not Applicable
  • COBRA
    Not Applicable
Compliance (ACA, State, Federal, etc.)
  • Compliance (ACA, State, Federal, etc.)
    Not Applicable
Perks / Employee Services
  • Perks / Employee Services
    Not Applicable
Data Analytics (includes Artificial Intelligence & Machine Learning)
  • Data Analytics (includes Artificial Intelligence & Machine Learning)
    Not Applicable
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