Uptick in virtual care spurs flurry of M&A activity - with Julian Flannery

Providers quickly adopted virtual care during the COVID-19 pandemic.Virtual specialist care company Summus Global saw the utilization rate of its platform jump by 3.1 times between January 2020 and January 2021, with membership growing more than 1,000%. CEO and founder Julian Flannery tells Healthcare Finance News Executive Editor Susan Morse he does not see virtual use declining to pre-pandemic numbers.Spurred by the growth, seasoned players joined emerging startups in the M&A virtual care space. Oak Street Health acquired RubiconMD for $130 million;  MDLive launched a remote patient monitoring program for virtual chronic care management; and One Medical and Humana introduced their own virtual chronic care offerings. Flannery believes these acquisitions will continue.Talking points:Summus Global has raised over $40 million in the last 12 monthsSummus sells to both employers and large health systemsPatients are set up with consultations within a network of more than 4,000 specialists across 48 hospitalsOver 80% of consumers say they will use virtual care, post COVID-19Over 75% of doctors say they will continue to use virtual careThe U.S. physician shortage will play a role in the growth of virtual visitsVirtual care is evolving rapidly to more tailored careMore about this episode:The COVID-19 crisis has 'forced people into virtual mediums,' says CEORPM startup Athelas raises $132M and more digital health fundingsOak Street Health invests only in value-based careOak Street Health buys virtual specialty care company RubiconMD for up to $190M