As an emergency room doctor at Emory, Angela Fusaro, MD, MBA hated to see patients coming to her suffering. Many of the conditions an ER doc faces every day wouldn’t be emergencies if they were caught earlier–like strep, flu, anemia, UTIs and a host of other well-understood, common medical concerns.
Real-world solution rooted in founders’ experience
With her co-founder Rob Lapporte, another emergency room doctor, Angela began a quest to help patients get faster, more convenient diagnoses so they could start getting better faster. Their vision is a “virtual emergency room.” Physician360 was born. Now in 38 states, Physician360 is a digital health platform with the convenience of your local pharmacy combined with the reassurance of real diagnosis through the kit in your home and a digital doctor consultation.
Large, growing market
Physician360 available in over 30 states and primarily sold through independent pharmacies, which are over 40% of pharmacies today. The company uses its own network of state-specific licensed providers and Chief Medical Officers, which allows pharmacies to offer point-of-care testing without having to establish a collaborative practice agreement. The platform lives at the intersection of several large, growing trends, including big trends toward more point-of-care testing, increasing demands from patients to reduce time spent in doctors visits, and pharmacists’ desires to expand services to patients. The global lab testing market is expected to grow to $324.5 billion by 2022, a 57% increase from 2016. The US market alone is slated to hit $35 billion in 2019. Physician laboratories account for the largest share of lab testing.
Strong acquisitions market
Physician360’s unique solution fits well into general themes in play in the large healthcare acquisition market. Major pharmacies such as Walgreens, CVS, and Rite Aid are all active acquirers. CVS has acquired a company in the outpatient medical services space before and Rite Aid has acquired companies that increase healthcare accessibility. Other considerations when considering major exits include commercial testing laboratories such as Quest Diagnostics or LabCorp. Commercial laboratories are losing business to point of care testing. Physicians now have the ability to perform lab tests in the office. This will require commercial labs to evolve and self-administered kits could provide a competitive advantage to compete with expanding physician services. Quest Diagnostics and LabCorp both have long histories of acquiring companies specializing in diagnostic equipment.
We look forward to the journey with Angela, Rob and their team at Physician360.