Digital GP provider Push Doctor is looking to raise millions of pounds after revealing it will be concentrating on extending its NHS efforts.
Company accounts from December 2019 disclose that the UK start-up, which allows users to book GP appointments, speak to a doctor via video and get advice or prescriptions through their smartphone, is looking to raise £6.4million over the next few months.
Documents reveal that £3m has been raised in November 2019, with further funding expected in February and April this year.
The documents add Push Doctor only has a “sufficient cash runway” for six months and would need to raise additional capital by June 2020.
Cash runway refers to the length of time in which a company will remain solvent, assuming that they are unable to raise more money.
The company’s auditors, EY, warned in its accounts that its £12.2m loss in the 12 months to June 2018, its last financial year, suggested a “material uncertainty” unless planned funding was secured.
These latest account figures follow Push Doctor’s announcement that, from 31 January 2020, the company would be concentrating its efforts “on extending NHS video consultations from the current 3 million patient reach, to grow to 12 million in 2020 in support of the NHS Long Term Plan”.
Push Doctor CEO, Wais Shaifta, said: “Our shareholders are excited about the phenomenal growth we have seen in the past year, in particular, our partnership with the NHS. Our investors have supported us throughout our journey and will continue to support us in 2020 and beyond; we have recently welcomed a new investor in Celeres Capital.
“We are very proud of our partnership with the NHS and we recently announced that we will be closing our private platform to focus fully on supporting the NHS to deliver world class care with our exciting digital innovations, easing the burden on NHS staff and public spending. This is our focus and we have put the team structure in place to continue growing our market leading position.”
In September, Push Doctor said it was “on course” to be live with 200 GP surgeries by the end of 2019.
The service began pilots with nine GP surgeries – about 100,000 patients – based in Yorkshire, the Midlands, London and the South East and national GP ‘super-partnership’ Modality in September 2018.