Doctor Care Anywhere secures $18m working capital loan from AXA Health UK

Doctor Care Anywhere Group (ASX: DOC) has announced subsidiary Doctor Care Anywhere Limited has entered into a four-year secured and guaranteed $18 million loan agreement with UK-based AXA PPP Healthcare Group.

The loan will be issued in three tranches and will be used by Doctor Care Anywhere for general working capital purposes.

Chairman Richard Dammery said the loan was a welcome show of support from a major partner company.

“AXA is primary source of revenue and has provided Doctor Care with strong support over time,” he said.

“Today’s announcement is further evidence of AXA’s belief in our service as an important benefit to its own members increases our dependence on AXA, ensuring we can continue to develop innovative healthcare pathways into the future.”

Telehealth service

Doctor Care Anywhere is a UK-based healthcare company committed to delivering a high-quality and effective telehealth service to patients, while reducing the overall cost of clinical care.

The company was founded in 2013 to address a fragmentation in the nation’s traditional healthcare systems which promoted unnecessary interventions, increased costs and poor patient outcomes.

It has since built a technology platform and recruited its own clinicians to bring together primary and secondary levels of care by way of phone and video consultations with doctors and diagnostic referrals across key clinical specialties.

The company aims to improve patient access to treatment; join up patient pathways under a single patient record; enable better collaboration between healthcare professionals; and ensure transparency around clinical practices.

Its service is underpinned by a cloud-based patient record system.

Today, Doctor Care provides services to more than 1,500 corporate and SME (small-to-medium enterprise) clients which are accessed via channel relationships with global companies such as AXA and HCA Healthcare UK.

Consultation volumes have grown from approximately 5,600 per month in December 2019 to over 20,000 per month in September 2020.

Strategic relationship

In 2015, Doctor Care Anywhere entered into a strategic relationship with AXA (part of the UK’s second largest private health insurance group) to offer visiting general practitioner services to AXA customers under the Doctor@Hand with Diagnostics brand.

In 2020, the relationship was further cemented when the two companies entered into a joint venture to transform the way up patients receive healthcare in the UK.