This article was published on January 15, 2018 on HealthLeaders Media, written by John Commins.
Telemedicine has been a hot topic in healthcare for some time. And, while plenty of content has discussed its potential of added convenience and lower costs, plenty of other content has pointed out its low utilization. It’s true that most people are not pursuing the consumer-like behaviors that telemedicine can offer, such as video doctor visits via mobile device or prescription drug cost comparison tools. However, the article included below recently discussed the strides that Teladoc, a telemedicine provider, made in 2017, leading some in the industry to expect fast growth within the telemedicine space.
At Diversified Group, we believe strongly in telemedicine and we offer telemedicine solutions. We work closely with our clients to help them zero in on the needs of their employees and explore possible cost control measures, such as telemedicine. Please read the full article below.
The industry is riding sustained tailwinds that will push growth 30% to more than 40% in coming years. Factors include a growing dearth of clinicians, an aging population, and technological innovations that will improve patient access and experience.
If Teladoc, Inc. is a bellwether for the telemedicine industry, the outlook is bright.
Jason Gorevic, CEO of the Purchase, NY-based telemedicine provider, called 2017 “a landmark year as we redefined the virtual care delivery landscape with our acquisition of Best Doctors.”
“Through rapid integration, Teladoc has brought to market innovation that gives members a single point of access for a wide array of medical needs. We are seeing a tremendous reception from both clients and prospects to this unique, comprehensive solution,” he said.
Preliminary numbers provided by Teladoc support Gorevic’s claims. According to unaudited 2017 financial results, the company saw:
- Total revenues of $232 million, an 88% increase over 2016
- Total membership of 23 million, a 31% increase over 2016
- Total visits of 1.46 million, a 53% increase over 2016, and representing utilization of 7%, compared to 6% utilization in 2016.
Teladoc finished 2017 on an upswing, with unaudited fourth quarter results showing:
- Total revenues of $76 million, a 103% increase over 2016
- Total adjusted EBITDA of $2.5 million compared to a loss of $8 million in the fourth quarter 2016
- Total visits of 460,000, a 48% increase over 2016, and representing utilization of 2%, compared to 1.8% utilization during the same period in 2016