Planning to pay a visit to your doctor but can’t for some reason or the other? You’re not alone. Why not schedule an online doctor appointment instead? Try Teladoc to discuss a non-emergency medical condition with a physician anytime, anywhere from the comfort of your home or office.
The US-based, global leader in virtual care, Teladoc Health is where the doc is just a call away. Founded in 2002, Teladoc Health is the largest virtual care company in the United States serving over 170 countries with a portfolio of services including AI and analytics, telehealth, medical consultations, telehealth devices, and virtual care programs.
Teladoc Company
Founder: Jason Gorevic
Headquarter: New York, USA
Industry: Medical Care
Employees: 4400
Area Served: 130+ countries
Revenue: $553 million
App installs: 2,000,000+
Language: Available in 30 languages
Stock Symbol: TDOC
Share Price: $19
The platform enjoys a pretty high rating from patients and physicians alike and has more than 2 million mobile app downloads, over 50 million members and 12,000 clients.
Teladoc has changed the way people access healthcare with its varied services from in-clinic to in-home care. Whether you want mild medical care or need help with acute or chronic health issues, Teladoc Health is your best bet.
You can use Teladoc for services ranging from dermatology, paediatrics, and even mental health. It also facilitates and arranges lab tests and sends prescriptions to the nearest pharmacy.
The merger of Livongo and Teladoc - the two health tech innovators makes Teladoc the biggest name in virtual care. The coming together of two brands widens the ambit of the telemedicine company. Livongo – the applied health signals company along with Teladoc aims to provide the best solutions in the marketplace and add substantial value to the consumer experience.
The consolidated clinical expertise of both the innovators gives access to a comprehensive healthcare system with a focus on higher quality and lower costs. The integrated services promise holistic health support with an emphasis on the availability of specialists for the timely delivery of care.
As per the data revealed from Crunchbase, Teladoc has raised $172.9 million from various investors such as Icon Ventures, Trident Capital, HLM Venture, and Silicon Valley Bank.
When Teledoc went public in 2015, it had an enterprise value of $ 620 million with a market value of $758 million. In the year 2020, Teladoc posted annual revenue of $1.09 billion in their board meeting.
So how does Teladoc work?
Teladoc Health can be accessed via call or videoconferencing for on-demand remote medical aid. The basic idea being that patients can remotely consult over 3,000 state-licensed doctors at a time suitable to them. Organizations associated with the virtual healthcare provider pay a subscription fee for their employees to avail the services while individuals pay a flat sum for every appointment.
Teladoc Health services can be essentially categorized into six broad divisions: telehealth, guidance and support, mental health services, integrated virtual care, platform, and program services, and expert medical services. Since it is a tech company, it constantly works on AI, analytics, and licensable platform services.
The licensed physicians on the panel of the virtual healthcare platform treat patients within a wait time of not more than 8 minutes. Patients can reach out to virtual doctors for non-emergencies such as infections, flu, sinus problems, allergies to name a few. The company boasts a network of 55,000 medical professionals dispensing their expertise in 450 subspecialties in over 40 languages.
The healthcare practitioners associated with Teladoc Health strictly adhere to the guidelines formulated by the company which includes no in-person consultations with their patients.
Who all does Teladoc serve?
The virtual care giant serves some of the world’s leading organizations across industries and sectors. It collaborates with hospitals, insurance companies, healthcare providers, and health delivery. In 2019, Teladoc recorded over 4 million virtual care visits. This trend is expected to scale up as more and more people across the globe seem to get cozy about the idea of online consultation and doctor visits.
Employers around the world
From Fortune 500 companies to Small Businesses, the public sector, or labor unions – Teladoc caters to all. Employers offer Teladoc’s virtual healthcare services to their employees. Organizations the world over know the significance of providing smart, high-quality digital healthcare solutions and benefits to their employees and Teladoc delivers just that, making hassle-free, remote, accessible healthcare for all a reality.
Insurance companies
Teladoc has partnered with over 70 global insurers in order to provide exceptional virtual care services. Members while building relationships with Teladoc Health know they are risk-free and protected. The financial and insurance companies offer that security to their policyholders while Teladoc adds value to these insurers.
Health plans
Teladoc Health collaborates with over 50 health plans in the United States to intensify the adoption of virtual care by more people than before. Seen as a way to foster virtual care further, Health plans make quality care accessible.
Hospitals and health providers
Teladoc works closely with health systems and hospitals the world over to provide the best virtual care services in the industry. Both patients and practitioners benefit from their intuitive health devices delivering an unmatched user experience.
Individual patients
Teladoc is daily accessed by millions of individuals looking for a medical opinion remotely. The anytime, anywhere advantage of Teladoc Health makes it popular among patients seeking quick solutions to their health needs.
Also Read: 5 Must-Haves in a Telemedicine Software to Improve the Healthcare System during COVID-19
92% increase in visits due to COVID-19 outbreak
Teladoc Health saw a staggering 92% jump in visits in Q1 2020 owing to the pandemic with total revenue of $180 million. With lockdowns and a growing preference for virtual care solutions, the figures do not come as a surprise. The trend majorly shows traffic from domestic visits.
The virtual care giant also saw a 41% year-over-year increase in revenue. The paid memberships in the domestic market jumped to $43 million with a year-over-year increase of 60.8%. The total number of member visits in the US spiked at 88.7% with a $19 million visit-only fee.
The services utilized by paid members rose to 13.36% from 11% year-over-year largely due to an increased volume of stay-at-home-based inquiries.
A higher revenue and customer visits compared to the pre-pandemic era are expected for sure but the company also foresees an eventual decline in stay-at-home orders along with lower copays once the patients go back to offline healthcare providers. With that, the total Q2 revenue is expected to plummet to $225 million with total visits around 2.4 million.
Also Read: Healthcare Compliance for Telemedicine Solutions: What You Should Know?
Takeaway
Telemedicine is a barometer of changing socio-economic issues in the health systems. It’s a tool for measuring the current challenges and new trends and patterns rising in the healthcare industry. Its significance in the deployment of health resources, better demand management, lesser number of hospital trips for an efficient and sustainable health system only makes it a crucial service.
If you also plan on creating an app similar to Teladoc then go for a free consultation with our experts today. Get details on the development cost and more for your project.