MEDC’s Innovation Fund Continues to Fuel Growth, MyTelemedicine expands in McKinney with a grant from Innovation Fund!
MyTelemedicine, an innovative, feature-rich, virtual health & SaaS platform that provides the healthcare industry with cutting-edge technology and an extensive API suite, announced that it would be expanding its headquarters in McKinney. With a grant from the McKinney Economic Development Corporation’s (MEDC) Innovation Fund, the company plans to create 40 new, high-tech and executive jobs over the next three years, bringing their total number of employees to 63, with an average salary of $70,000.
Founded by the co-founder of AmeriDoc (acquired by Teladoc 2013). MyTelemedicine is a virtual health technology ecosystem, powering access to modern remote healthcare technologies through brands like Access a Doctor and Zeal.ly Health. Their CEO, Rey Colon, a veteran & minority business leader who, as a successful serial entrepreneur, saw the growing opportunity in the digital healthcare space and founded the company in 2015.
“MyTelemedicine has been enhancing healthcare access through user-friendly, cloud-based technologies that connect patients with their healthcare providers well before the demand became what it is today” said Colon. “We’ve seen nothing but enormous potential and growth prior to the elevated demand the telehealth industry has faced due to the Covid-19 pandemic”.
The platform allows healthcare providers to manage their patients virtually for common acute illnesses, specialty care and chronic condition patients. MyTelemedicine’s flagship brand, Access a Doctor, currently services over 2 million members nationwide. With access to physicians via video for primary and specialized care, members can schedule on-demand consultations with a licensed physician who can provide medical guidance and diagnosis. Prescriptions are sent to the closest pharmacy or delivered directly to their home.
“Our extensive API suite allows technology partners and providers to seamlessly integrate and deploy a telehealth offering to their users” Colon said. “I don’t see demand within the industry ever decreasing as the offering continues to become a medical need. The scalability of our platform is a consistent upward trend”.
Colon is spot on to talk about the growth within his company’s industry, over the last 3-year period MyTelemedicine alone has grown 406%. The company also ranked No. 1,112 on Inc. 5000’s Fastest-Growing Private Companies in the US and the No. 47 Fastest-Growing Private Companies in Texas 2020. They also were recently awarded for the second consecutive year ‘Entrepreneur’s Magazines Top 360 Companies‘.
“The growth we’ve experienced as well as the awarding of an Innovation Fund grant, will only expedite our plans to scale” Colon said “Working with the MEDC was an easy process and it’s clear they know the lifecycle of a startup, it shows within the context of the fund and aligns to their goals of scaling the innovation economy in the city”.
The MEDC has strategically focused its efforts on the technology and innovation economies in 2020 by releasing its Innovation targeted fund earlier this year. Now with this recently awarded grant, MyTelemedicine expands in McKinney with a grant from the Innovation Fund!
“McKinney continues to be a magnet for healthtech startups and being able to work with a fast growing and scalable company, with many notable accolades like MyTelemedicine is an amazing opportunity” said Danny Chavez, Senior Vice President at the MEDC “Seeing success stories like these within our targeted industries for the fund, is proof of concept of our streamlined economic development process”.
MyTelemedicine has already begun preparations to move into its new headquarters at the Cotton Mill (610 Elm St., McKinney, TX 75069) near downtown McKinney, a location that has a long track record of being a hub for startups, with the likes of Bossfight Entertainment, Words with Friends and Zynga as past tenants.
“MyTelemedicine is the largest company we’ve invested in so far, so it’s exciting to see the company portfolio range from all levels and sizes of startups” said Chavez. “We’re continuing the momentum and our team is hitting the mark on our goals for the fund in growing our technology ecosystem.
MEDC’s Innovation Fund was created with startups like MyTelemedicine in mind. The mission is to spur and accelerate the growth of innovation-focused companies at various levels of revenue and funding stages during the startup life cycle. Its designed to grow with the company as it scales, supplementing growth during the timeliest need in the startup lifecycle, seed or few customers, to Series A and or a more extensive customer base.