PeakMed is growing quickly and will be able to expand even more thanks to a $5.5 million fundraising venture led by ASI Capital, LLC.
PeakMed provides family practice medicine using a monthly-membership model that ranges from $79 for an adult to $283 for a family of five or more. Monthly membership includes unlimited doctor visits and 24-hour, seven-day-a-week access, along with many other benefits.
The financial backing will support PeakMed’s expansion, which includes new LifeCenters, telemedicine technology, vehicles for house calls and additional staff.
“We have 37 people on staff now and will add at least 20 new positions,” PeakMed CEO Jon Hernandez said Wednesday in a phone interview with the Business Journal.
ASI Capital, LLC, a private debt and equity firm based in Colorado Springs, led this fundraising round through its Healthcare Fund and Income Fund.
“Demand for our health care model is growing,” said Dr. Mark Tomasulo, founder and chief medical officer of PeakMed, said in a press release. “ASI Capital is a partner that believes in what we are doing and wants to see PeakMed succeed. This money is helping PeakMed be more accessible to more people.”
Hernandez said PeakMed has about 4,500 memberships in Colorado — which is its home base — and 80 percent of those are in the Springs.
“About 75 percent of those are employers,” Hernandez said. “We’ve probably had a 420-percent growth rate.”
PeakMed, founded in 2014, has two Springs offices — at 421 S. Tejon St. and 6915 Tutt Blvd. — and is opening another in November at the Northgate exit near Interstate 25. Another office will open in Littleton by end of the year.
“We’re a health-care delivery product. We’re not an insurance product,” Hernandez said. “We have a complementary insurance product to cover catastrophic events.”
The funding will also provide two new vehicles for home service. Additionally, PeakMed is hiring additional staff and implementing new technology to allow secure 24/7 communication between doctors and members through a call, email, text and even video chat.
“We recognize the need for change in the health care marketplace,” Sean Hawkins, managing partner of ASI Capital, LLC, said. “PeakMed’s reinvention of health care with a model that brings focus back to the doctor-patient relationship, preventative care, affordability and access to care is something that we want to see succeed for people in Colorado and beyond.”
“We anticipate significant growth over the next year,” Hernandez said. “In addition to opening new locations, we expect to offer new services to our members that aren’t available in traditional health care plans.”
Headquartered in Denver, PeakMed offers an innovative approach to primary care by creating a platform for doctors and patients to collaborate, coordinate and communicate on personalized care plans that shift reactive medicine to proactive health. PeakMed was named a 2017 Colorado Company to Watch and has multiple clinics in the Colorado Springs and Denver areas. For more information, go to PeakMed.com.