Warburg backs healthcare technology company

The firm invested $32m in healthcare services company Specialists On Call.

Warburg Pincus has invested $32 million in telemedicine company Specialists On Call, according to a statement.

Specialists on Call provides physician services to suburban and urban hospitals via videoconferencing. The Virginia-based company focuses on consultations in neurology, psychiatry, critical care and cardiology.  Warburg invested in the company using capital from its $11.2 billion Fund XI.

“As telemedicine becomes a more mainstream medium for care delivery, we believe [Specialists on Call] focus on addressing the shortage of specialty physicians at suburban hospitals positions the company for continued success,” Elizabeth Weatherman, managing director and head of the healthcare group at Warburg, said in the statement.

During the investment period, Warburg will help grow Specialists On Call by increasing geographic coverage and growing customer service operations. Last week, the firm made a growth capital investment of up to $100 million in cloud-based software-as-a-service company Dude Solutions, which also serves hospitals and healthcare providers.

Warburg has invested more than $8.5 billion in about 145 healthcare companies. Last month, the firm invested $40 million in outsourced risk assessment and care management company ComplexCare Solutions.

Warburg has raised 13 private equity funds and invested more than $45 billion in roughly 675 companies.