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A Dallas-based virtual health startup, Recuro Health, has bought a digital health solutions company.
Recuro’s purchase of California’s Competitive Health will bring on digital products to help employers reduce costs, promote engagement and maximize employer return on investment, according to a release. This is the second acquisition Recuro has announced this year, after the firm’s purchase of virtual primary care provider WellVia.
Financial terms of the deal were not disclosed.
Michael Gorton, CEO and founder of Recuro Health, said the purchase will advance Recuro Health’s market position. Gorton is also CEO of Teladoc, one of the pioneers of the telehealth industry.
“If you look at the things that people say, traditionally, they say health care is broken,” Gorton said. “How do we fix it? Taking complexity and turning it simple. Taking a lot of pieces and putting them into one solution is part of the way we’re going to fix health care.”
Competitive Health offers products and services like nurse advice lines, physician locators and bill negotiation technology.
Gorton said back before he began Teladoc, the board of medical examiners warned him and co-founder Bryon Brooks, “if you build this company, you’ll go to prison.” Now the telemedicine market is expected to grow to over $380 billion by 2030, according to consulting firm Grand View Research.
“Now everybody knows what it is,” Gorton said. “Almost everybody in the country has used it, and it’s working.”
The acquisition will retain all Competitive Health employees. Recuro has over 80 employees, and Gorton anticipates more jobs to come into Dallas-Fort Worth with the news of the acquisition. What the firm needs more than anything else is “smart people willing to do the work and believing in the dream,” he said.
The company has raised three rounds of equity to date. Recuro has virtual primary care, urgent care and behavioral health providers licensed in all 50 states.
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