Dallas-based virtual health startup Recuro Health has acquired a digital health solutions company.
Recuro’s acquisition of Competitive Health in California will bring 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, following the firm’s acquisition of virtual primary care provider WellVia.
Financial terms of the deal were not disclosed.
Michael Gorton, CEO and founder of Recuro Health, said the acquisition will advance Recuro Health’s market position. Gorton is also the CEO of Teladoc, one of the pioneers of the telehealth industry.
“If you look at the things people say, traditionally, they say health care is broken,” Gorton said. “How do we fix it? Taking complexity and making it simple. Taking the many pieces and putting them into a solution is part of how we’re going to fix health care.”
Competitive Health Offer products and services such as nurse advice lines, doctor locators and bill negotiation technology.
Gorton said before he started Teladoc, the board of medical examiners warned him and co-founder Bryon Brooks, “if you build this company, you’re going to go to jail.” 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 everyone in the country has used it and it’s working.”
The acquisition will retain all employees of Competitive Health. Recuro has over 80 employees, and Gorton anticipates more jobs coming to Dallas-Fort Worth with 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 capital to date. Recuro has virtual primary care, urgent care and behavioral health providers licensed in all 50 states.