Birmingham, Alabama, October 5, 2021 – Alabama Futures Fund (“AFF”) recently placed an investment in Amtekh, Inc. DBA MomentMD (“MomentMD” or the “Company”). In conjunction with the AFF investment, Oviedo, FL-based MomentMD is relocating its headquarters to Birmingham, AL. The Company has developed an end-to-end, decentralized telemedicine platform designed to optimize personal healthcare, with an initial emphasis on serving uninsured, high-deductible health plan patients and higher education student patient populations.
This represents the thirteenth investment from AFF since AFF launched in Q4 of 2018. As with previous investments in companies located outside the state of Alabama, MomentMD will move its headquarters to Alabama. AFF served as the lead investor on the round with participation from other US-based investors. Redhawk Advisory, LLC (“Redhawk”) serves as the investment manager of AFF and advised AFF on the MomentMD investment.
Most remote healthcare providers focus on the employer-sponsored healthcare market or provide services that focus primarily on acute medical issues typically addressable by an urgent care provider. The average telemedicine subscriber or healthcare plan participant typically only has access to an 800 number or weblink which, in turn, gives them access to the physician or nurse practitioner “on call” at a particular time.
Patients utilizing the MomentMD platform can receive access to primary care, acute care, mental health services and even dental health care. The company does not require patients on its platform to be insured and access to the platform can be purchased by either paying a one-time transactional fee or by paying a monthly subscription. Unlike many traditional telemedicine offerings, the MomentMD platform includes access to participating healthcare specialists all over the US, which allows patients to find healthcare specialists with the relevant expertise to address a particular patient’s healthcare needs.
Each patient’s interaction through the MomentMD platform is appointment-based, which allows participating healthcare practitioners to schedule visits in advance and provides patients with an experience that feels more like a traditional doctor visit. Additionally, the Company provides its participating healthcare practitioners access to HIPAA-compliant cloud-based medical records for platform patient users, which preserves continuity of care and supports better outcomes for patients. Participating healthcare practitioners can also order labs or issue prescriptions online through the MomentMD platform.
According to MomentMD’s Co-Founder and CEO, Abanob Farag, “As founders, we could not be more grateful to continue our journey with AFF as we deliver on our mission to be the decentralized digital health platform of the world. Birmingham offers a strong start-up ecosystem to grow MomentMD and the AFF team is a consistent source of guidance and expertise. They’re a partner you want on your side.”
Matt Hottle, Partner at Redhawk said, “Most telemedicine solutions focus on filling minor service gaps for large health care systems or employer-sponsored health insurance plans. MomentMD is aiming to provide access to high-quality, personalized care to anyone, regardless of their circumstances. Patients can find specialists through the MomentMD platform who become long-term partners in their health, not just transactional practitioners who are traditionally limited to addressing minor or acute illness. MomentMD’s approach represents a major advancement in the relevance of telemedicine.”
