By JESSICA DaMASSA, WTF HEALTH
Stealthy telehealth startup Wheel just closed a $50M series B and CEO Michelle Davey is here to reveal the mystery behind the company’s very behind-the-scenes approach to selling white-label virtual care. The business model is built on a network of clinicians that Wheel has curated and credentialed specifically for virtual care delivery – for a rotating cast of clients, under any brand, at any time. Unlike the market-leading incumbent telehealth co’s that also sell virtual care infrastructure, Wheel does NOT have a patient front door, isn’t angling for one, and is so protective of its clients’ brands that Michelle won’t even name names about who her company is working with. She simply describes her clientele as those in the biz of “next gen” virtual care: retail players, care-plus-pharmacy-delivery startups, asynchronous care providers, labs, remote patient monitoring companies, and so on.
Wheel experienced 300% year-over-year growth — and 1200% growth from Q4-2020 to Q1-2021 — but is it sustainable as the pandemic wans and other plug-and-play telehealth infrastructure services also gain market traction and funding? And, what about the common criticism that telehealth is too transactional and that both patients AND physicians prefer the opportunity to build deeper relationships? Do providers really want to practice for multiple companies at the same time? We get a look inside Wheel’s 90% clinician retention rate to see what else might be satisfying the clinician’s need to connect, and talk about areas for growth now that the company’s received fresh funds.