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Teladoc Health's (TDOC) Virtual Care Model to Aid Companies
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Teladoc Health, Inc. (TDOC - Free Report) recently launched a first-of-its-kind Virtual Care Transformation Model that will help it provide enhanced virtual healthcare benefits. This latest move aids employers and health plans to advance healthcare programs by integrating telehealth medical care. This is expected to curb medical expenses and provide better health outcomes to patients.
Per a TDOC study, employers are constantly looking for solutions that cover health and well-being factors. In fact, the research says that 70% employers are planning to implement whole-person virtual care plan in the upcoming 3 years while only 20% companies fully implemented the same. People now understand the value of telehealth care.
If the plan is implemented by employers, the benefits will not only boost productivity but also enhance employee satisfaction and increase the retention rate.
The model is scalable for companies of various sizes and is based on core dimensions like plan design, program offerings, performance measurements, governance, etc.
The move is rightly timed as the market for virtual care space is at its peak ever since the pandemic has hit the world. Thanks to the new normal trend of social distancing, people are adapting to telehealth practices to avoid the risk of getting infected. In fact, the trend is here to stay even after the pandemic subsides because of the ease to access healthcare while sitting within the comforts of your house.
For long, telemedicine has tried to pitch itself but even in 2019, only about 10% Americans actually used the service to make a virtual visit. The pandemic changed that habit for good now.
With acute measures imposed by the government, telehealth continues to be in the spotlight. The digital health market players are constantly bringing in technological enhancements so that customers can enjoy hassle-free appointments from their homes.
Teladoc leaves no stone unturned when it comes to exploring opportunities for boosting its telehealth portfolio. This launch will help companies meet their virtual care goals and cut costs. Earlier this month, TDOC formed a relationship with Amazon.com, Inc. (AMZN - Free Report) to unveil a voice-activated general medical virtual care via Amazon Alexa. Such unique medical services are available on supported Echo devices like Echo, Echo Dot and Echo Show.
According to Precedence Research, the worldwide telemedicine market is estimated to reach a value of $225 billion by 2030, providing ample opportunities to leading market dominators like Teladoc.
Whether it is flu-like symptoms or child diagnosis at odd hours, this deal is expected to improve the overall health outcomes. Teladoc is going after a $261-billion U.S. total addressable market.
Other companies leveraging this platform include UnitedHealth Group Incorporated (UNH - Free Report) and Cigna Corporation (CI - Free Report) . Both UNH and CI are providing top-notch virtual care services and are well-poised to gain from the growing popularity of such remote services.
The initiatives of UnitedHealth Group range from collaborating with well-known companies, launching teledentistry services to inaugurating a digital health therapy to achieve improved health outcomes for people suffering type 2 diabetes. With the rollout of the virtual care model Right2You by UnitedHealth Group’s business UnitedHealthcare, UNH aims to provide members with an online service for custom-programmed hearing aids.
Cigna is well-poised to tap the growing telehealth market on the back of its MDLIVE buyout, a privately-held leading 24/7 virtual care delivery platform. In October 2021, CI expanded its access to MDLIVE's network of virtual primary care providers for all its customers enrolled in employer-sponsored plans. Concurrently, CI introduced its virtual-first health plans to specific employers and continues making substantial investments in boosting its telehealth services suite.
Image: Bigstock
Teladoc Health's (TDOC) Virtual Care Model to Aid Companies
Teladoc Health, Inc. (TDOC - Free Report) recently launched a first-of-its-kind Virtual Care Transformation Model that will help it provide enhanced virtual healthcare benefits. This latest move aids employers and health plans to advance healthcare programs by integrating telehealth medical care. This is expected to curb medical expenses and provide better health outcomes to patients.
Per a TDOC study, employers are constantly looking for solutions that cover health and well-being factors. In fact, the research says that 70% employers are planning to implement whole-person virtual care plan in the upcoming 3 years while only 20% companies fully implemented the same. People now understand the value of telehealth care.
If the plan is implemented by employers, the benefits will not only boost productivity but also enhance employee satisfaction and increase the retention rate.
The model is scalable for companies of various sizes and is based on core dimensions like plan design, program offerings, performance measurements, governance, etc.
The move is rightly timed as the market for virtual care space is at its peak ever since the pandemic has hit the world. Thanks to the new normal trend of social distancing, people are adapting to telehealth practices to avoid the risk of getting infected. In fact, the trend is here to stay even after the pandemic subsides because of the ease to access healthcare while sitting within the comforts of your house.
For long, telemedicine has tried to pitch itself but even in 2019, only about 10% Americans actually used the service to make a virtual visit. The pandemic changed that habit for good now.
With acute measures imposed by the government, telehealth continues to be in the spotlight. The digital health market players are constantly bringing in technological enhancements so that customers can enjoy hassle-free appointments from their homes.
Teladoc leaves no stone unturned when it comes to exploring opportunities for boosting its telehealth portfolio. This launch will help companies meet their virtual care goals and cut costs. Earlier this month, TDOC formed a relationship with Amazon.com, Inc. (AMZN - Free Report) to unveil a voice-activated general medical virtual care via Amazon Alexa. Such unique medical services are available on supported Echo devices like Echo, Echo Dot and Echo Show.
According to Precedence Research, the worldwide telemedicine market is estimated to reach a value of $225 billion by 2030, providing ample opportunities to leading market dominators like Teladoc.
Whether it is flu-like symptoms or child diagnosis at odd hours, this deal is expected to improve the overall health outcomes. Teladoc is going after a $261-billion U.S. total addressable market.
Other companies leveraging this platform include UnitedHealth Group Incorporated (UNH - Free Report) and Cigna Corporation (CI - Free Report) . Both UNH and CI are providing top-notch virtual care services and are well-poised to gain from the growing popularity of such remote services.
The initiatives of UnitedHealth Group range from collaborating with well-known companies, launching teledentistry services to inaugurating a digital health therapy to achieve improved health outcomes for people suffering type 2 diabetes. With the rollout of the virtual care model Right2You by UnitedHealth Group’s business UnitedHealthcare, UNH aims to provide members with an online service for custom-programmed hearing aids.
Cigna is well-poised to tap the growing telehealth market on the back of its MDLIVE buyout, a privately-held leading 24/7 virtual care delivery platform. In October 2021, CI expanded its access to MDLIVE's network of virtual primary care providers for all its customers enrolled in employer-sponsored plans. Concurrently, CI introduced its virtual-first health plans to specific employers and continues making substantial investments in boosting its telehealth services suite.
Year to date, shares of Teladoc have shed 27.4% of value, wider than the industry's decline of 17.6%. TDOC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
The stocks of UnitedHealth Group and Cigna have gained 1.1% and 6%, respectively, in the same time frame.