- Investment sought:
- Equity offered:
- We are transforming the NHS, bringing your care into the modern age. Q doctor addresses a problem that affects everybody.
- We are ahead of the curve, and delivering on a model that keeps modernised NHS care completely free for patients.
- We have a great team working alongside fantastic advisors and investors who are aligned with our values; running a platform designed by clinicians for clinicians in the NHS.
Current statistics suggest that there are one million failed attempts to book a GP appointment every week. In Hospital Outpatients and Urgent Care, appointment levels are also growing yearly with access and clinical delivery being an increasing problem nationwide.
For the NHS, this is a distribution problem - clinicians cannot always be in the right place at the right time. They often need to travel, as do their patients, to interact face-to-face for consultations that could be dealt with remotely.
A video consulting solution that plugs NHS clinicians in to existing NHS infrastructure, allowing them to see NHS patients digitally.
Q doctor, born from an NHS England programme and built by NHS doctors, is now one of the leading regulated providers of video consultation to the NHS. It aims to give patients the control to access their clinician from home or workplace, and allow NHS organisations to place clinical workforce where it is needed, when it is needed, in an empowering way.
Our business model focuses on NHS B2B2C channels and in particular the provision of a flexible SaaS solution (free for the patient). This allows us to utilise existing infrastructure to gain widespread distribution as quickly as possible.
Q doctor has established distribution across Primary, Secondary and Tertiary care, with the nationwide service now available directly and free to millions of people.
Video consultation is named in both the NHS Long Term Plan and the new GP Contract Framework as part of the future. As one of the leading regulated providers of this to the NHS, coupled with rapidly emerging access to Secondary and Urgent Care, we believe Q doctor is poised to continue its strong growth.
Substantial accomplishments to date
- Q doctor is proving its differentiation and product-market fit; now working with hundreds of practices nationwide
- Q doctor has led recent industry firsts in Urgent Care (111/CAS first video use in the NHS) and Outpatient care (Lewisham first specialist use of video consultation nationally) with NHS organisation partners.
- Successful pilots have led to county wide procurement of the Q doctor solution and expansion across geographies and services in recent months.
- Q doctor has grown revenues by 130% in the past year*, with practices and now other NHS organisations approaching Q doctor to digitise their services, filling a large national pipeline.
* Aug 19 - Aug 18. Source: unaudited financial accounts.
The service is free to patients and directly supports the NHS. We currently offer two core services:
1. Q doctor digital platform (SaaS), for use by an organisation such as a practice or a hospital.
2. Q doctor digital locum service; provision of digital locum workforce remotely into a practice.
These are often packaged into a subscription for organisations who wish to have flexibility in their offering from Q doctor.
Importantly, we allow practices to use their own clinicians on the platform to see their own patients; they are the clinicians known and trusted by their patients, and Q doctor acts as an access enabler and workforce solution. Savings are demonstrable; a Clinical Assessment Service recently extrapolated savings of >£43,000 per month and went on the procure the solution in a multi-year county-wide contract.
Use of proceeds
We are looking to raise these funds in order to fulfill our strategy for 2020 and beyond. Our exponential growth in the last 6 months requires more staff support resource, while engineering recruitment will allow us to deliver our technical roadmap for closer NHS integration, along with sales resource converting our expanding national pipeline which includes some of the country's largest NHS healthcare providers.
The following is an approximate breakdown of where we anticipate the funds to be deployed:
Contingency funds: 21%.
Nesta, the lead investor in this round will receive a class of share (Series A Shares) that enjoys preferential rights to returns and anti-dilution rights. Seedrs investors will receive Ordinary Shares that are expected to be eligible for EIS tax relief.
On a distribution of assets to investors, available funds will be distributed in the following order:
(1) The preferred shareholders will receive the amount they invested.
(2) All other investors -- including Seedrs investors -- will receive the amount they invested.
(3) The preferred shareholders will receive an amount equal to 5% per annum accruing on a daily basis on the amount paid for their shares.
(4) Remaining funds will be distributed to all shareholders on a pro rata basis.
The anti-dilution right attaching to the Series A Shares means that if the company raises a future round at a share price that is lower than the share price in this round, further shares will be issued to the Series A shareholders, which would dilute Seedrs investors.