Business award programs are taking note of Fort Worth telehealth company TimelyMD.
Five years after its founding, the company that caters to college students on 200 campuses is pulling in honors that recognize everything from its fast growth to its technology and work environment.
In March, TimelyMD was touted as the fastest-growing private company in Dallas-Fort Worth when Inc. rolled out its regional rankings. It came in seventh in the Southwest region, which includes companies from Texas, Oklahoma, New Mexico and Arizona.
TimelyMD has more than doubled its staff to 140 employees since receiving a $60 million investment in January 2021 from private equity firm JMI.
Its annual recurring revenue totaled $26 million last year, up an eye-popping 1,200% from just under $2 million in 2019. The company attributes its financial performance to COVID-19 accelerating the acceptance of virtual doctor visits.
This month, Inc. also named TimelyMD to its best workplaces list. CEO Luke Hejl said TimelyMD expects to grow to 200 full-timers by the end of this year, with more than 500 health care providers nationwide dispensing medical advice through its TimelyCare app.
“It’s hard to hold on to your [company] culture as you continue to grow,” said Hejl, who co-founded the company with Abilene Christian University classmates Chris Clark and Alan Dennington. “We have been very intentional in how we’re doing that and how we engage our team.”
Topping off its run of honors is TimelyMD’s recognition in this year’s MedTech Breakthrough awards as the best mobile health solution. Innovation is the company’s key focus, Hejl said.
About 70% of its telehealth visits are mental health-related, up from 10% before the pandemic, Hejl said. Its client colleges include smaller schools such as Paul Quinn College in Dallas as well as larger universities, such as Duke and Virginia.
The company uses a “team-based” approach to care, working to refer students to other TimelyMD providers or resources on campus when there is a need for additional medical or mental health care.
“The demand for virtual care and mental health really has continued to surge because of this mental health crisis,” Hejl said.
Serving nearly 1 million college students also means adapting to their hours. Hejl said 40% of visits happen after typical school and workday hours.
TimelyMD surveyed 1,000 students planning to enter the workforce this year and found that 69% felt less prepared for jobs because of pandemic-related mental health struggles. They cited stress ranging from finding a job and supporting themselves financially to making work friends.
“We always ask our students at the end of the visit what they would have done had they not had access to timely care. Sixty percent of the students say they would have done nothing,” Hejl said. “If you play out the results of doing nothing, there’s a lot of things that could happen that don’t have a great outcome.”