Health service thru the internet now seems a better idea, especially with the pandemic forcing people to stay at home.
Revenue Growth
Teladoc, a company that provides virtual healthcare services, reported an 85 percent increase in its revenue, which was even beyond Wall Street expectations. Shares of the company climbed by 4 percent on Thursday, with stocks rising to about 170 percent this year.
With the health crisis, people prefer to move most of their routines online. This includes talking to doctors, which led to the volume of their platform visitors ballooning to almost 2.8 million. Forbes noted that younger demographic of users are increasing faster.
Their first quarter for this year is already doing well just a bit before the pandemic takes its toll on many Americans. At that period revenue saw a rise of 41 percent, with more global users subscribing to the service. Both paid memberships and visit-fee-only access to the platform are rising. Furthermore, more than half of their visitors for the first quarter are first-time users.
What Hypergrowth in healthcare businesses looks like. @teladoc has been able to grow online traffic between double digits to triple digits over the first 30 weeks of this year! This translates into blowout 2Q: https://t.co/TEJVA9itag #Hypergrowth pic.twitter.com/DuPSqEWlWR
— Abel Ang (@abelang) August 3, 2020
Chat Through Teladoc
Jason Gorevic, chief executive officer of Teladoc, told CNN that about 15 percent of their total site visitors would prefer to opt out seeking medical care if it means going to actual clinics. He further noted that among the purposes of those using their online services include intending to treat common ailments like the flu.
Teladoc is an online platform where users can talk to qualified doctors from different expertise. Such type of service is also known as telemedicine, which offers very convenient and not to mention safe as it eliminates the need to actually travel to the offices or clinics for diagnoses that can be dealt with online. Such remote transactions are more relevant during a pandemic.
Teladoc physicians can also give digital prescriptions, with medicines that could be bought over the internet as well with various drugstores shifting to online selling. The platform has also thousands of professionals that deal with mental health, including psychiatrists, therapists, and social workers. It was also reported that more people are even seeking dermatology treatment.
Upward Trend for Telemedicine
But there is still increasing competition in the telemedicine space. Another company called Gobal X has also launched their new Telemedicine & Digital Health fund recently. Earlier this month, the company has completed acquisition of another telemedical services company InTouch Health that caters to hospitals. This could be Teladoc’s answer to increasing demand for their virtual health services. InTouch Health made partnerships with hundreds of hospitals and healthcare systems.
