BIRMINGHAM, Alabama – Florida-based telemedicine startup MomentMD is establishing a headquarters in Birmingham after receiving an investment from the Alabama Futures Fund (AFF), a seed-stage venture capital fund created to support entrepreneurial activity in the state.
MomentMD has developed a comprehensive telemedicine platform designed to optimize personal health care, with an initial emphasis on serving uninsured and high-deductible health plan patients, as well as college students. The company even offers pet care through a network of veterinarians.
MomentMD Co-Founder and CEO Abanob Farag said the move will be good for the company, which will bring a new telehealth business model and growth plans to Birmingham. The company is currently based in Oviedo, Florida.
“As founders, we could not be more grateful to continue our journey with AFF as we deliver on our mission to be the decentralized digital health platform of the world,” Farag said.
“Birmingham offers a strong start-up ecosystem to grow MomentMD, and the AFF team is a consistent source of guidance and expertise. They’re a partner you want on your side,” he added.
GROWTH POTENTIAL
The AFF’s support for Amtekh Inc., MomentMD’s parent company, represents its 13th investment since the fund launched in the fourth quarter of 2018. See the AFF portfolio.
Nine of those companies were based outside of Alabama and have also moved their headquarters to the state after receiving AFF funding. Two of the companies were from San Francisco and Atlanta, while others came from New York City, London, Orlando and Virginia and South Carolina.
In the MomentMD deal, AFF served as the lead investor on the financing round, with participation from other U.S.-based investors. Birmingham-based Redhawk Advisory LLC serves as the investment manager of AFF and advised the fund on the MomentMD investment.
Redhawk Partner Matt Hottle said MomentMD’s novel approach to telehealth represents a major advancement for the remote delivery of clinical care and other services.
“Most telemedicine solutions focus on filling minor service gaps for large health care systems or employer-sponsored health insurance plans. MomentMD is aiming to provide access to high-quality, personalized care to anyone, regardless of their circumstances,” Hottle said.
“Patients can find specialists through the MomentMD platform who become long-term partners in their health, not just transactional practitioners who are traditionally limited to addressing minor or acute illness.”
Greg Canfield, Secretary of the Alabama Department of Commerce, said Birmingham is a natural fit for MomentMD because the city is home to one of the nation’s largest academic medical centers, the University of Alabama at Birmingham, and a dynamic health startup community.
“Telemedicine has emerged as an increasingly popular means for people to receive quality health care, and the remote delivery of personalized care is likely to continue to grow in coming years,” Secretary Canfield said.
“It’s great to see an innovative telehealth company like MomentMD move into Birmingham, where I know it will find the support it needs for long-term success.”
NEW APPROACHES
While most remote health care providers focus on the employer-sponsored health care market or provide services that focus primarily on acute medical issues, MomentMD has developed a different approach.
Patients utilizing the MomentMD platform can receive access to primary care, acute care, mental health services and even dental health care. The company does not require patients to be insured and access to the platform can be purchased by either paying a one-time transactional fee or through a monthly subscription.
Unlike many traditional telemedicine offerings, the MomentMD platform includes access to participating health care specialists all over the nation, which allows patients to locate healthcare specialists with a particular expertise.
Additionally, the company provides participating health care practitioners access to HIPAA-compliant cloud-based medical records for platform patient users, which preserves continuity of care and supports better outcomes for patients. Participating health care practitioners can also order labs or issue prescriptions online through the MomentMD platform.
(Courtesy of Made in Alabama)
