Jason Gorevic, CEO, Teladoc Health
As consumers, people have quicker and improved access to a wide range of goods and services. They take the online experience for granted, making it an integral part of their lives. They shop online, communicate with friends through social media, become a member of online communities, play games through mobile phone apps and do a multitude of other activities on the internet. In a nutshell, individuals are organizing their lives with the help of digital technology.
For the past few years, digital technology is making an impact on how patients can access healthcare services easily. The concept of virtual care is gaining momentum, delivering patients a quality healthcare service that makes their experience more convenient, streamlined, and closely attuned to their needs. For instance, on a hot summer noon, a sick patient can stay at home and receive a doctor’s consultation anytime without visiting a hospital or clinic. Such is the care provided by New York-based healthcare provider, Teladoc Health (NYSE: TDOC). It allows patients to schedule a doctor visit, manage their medical history, or even send a prescription to the nearest pharmacy—all via mobile devices, the internet, video, and phone.
Teladoc provides software as a service (SaaS) platform, built specifically for hospitals and health systems, enables the delivery of convenient and secure remote care at unmatched quality and scale. The company amalgamates cloud-based technology, a dedicated business unit, and operational support into a comprehensive telehealth solution tailored to go beyond the evolving needs of hospitals and health systems. Teladoc is capable of configuring any brand’s telehealth solution that improves care outcomes and reduces financial risks—all while retaining patients, acquiring new patients, and expanding the brand into local communities.
The breadth of Diverse Clients
Teladoc collaborates with the world’s leading insurers, employers, and hospitals and health systems to deliver industry-leading virtual care. It develops tailored solutions and is continually modernizing the healthcare experience to help more people access high-quality care. From the largest international employers and insurers to patients across the globe, Teladoc caters to more patients than any other virtual care provider with unprecedented breadth and scale. The company completed more than 2.6 million virtual care visits in 2018, the largest volume in the healthcare industry. More than 40 percent of Fortune 500 employers along with thousands of small businesses, labor unions, and public-sector employers, offer Teladoc’s virtual care services to their employees. Teladoc empowers employers to deliver innovative, modern benefits that make accessible, high-quality healthcare a reality for more people around the world.
To provide peace of mind to their policyholders, more than 70 global insurance and financial services firms partner with Teladoc to render high-quality virtual healthcare services to members. Whether providing care to world travelers or expert medical advice to members facing difficult medical decisions, Teladoc helps insurers deliver unique value. More than 300 hospitals and healthcare systems work with Teladoc to extend virtual care services to patients.
New Virtual Care Capabilities and Partnership
Virtual care is significant to care expansion, clinician efficiency, quality enhancement, and cost reduction across all patient populations. As hospitals and healthcare organizations continue to focus on their growth, quality, and superior service experience, facilitating extensive use of virtual care is a strategic, must-have in their enterprise toolkit.
Teladoc takes pride in aiding its clients evolve their traditional brick-and-mortar model through continued innovation that naturally extends its infrastructure to meet more patient care needs.
Teladoc provides software as a service (SaaS) platform, built specifically for hospitals and health systems, enables the delivery of convenient and secure remote care at unmatched quality and scale
Approximately three-quarters of healthcare organizations either employ or learning to implement consumer telehealth programs and an increasing number of systems are deploying virtual care to serve complex care needs such as post-discharge readmission prevention and chronic condition management. Recently in February, Teladoc launched a new capability called Clinical WorkScope to its licensed platform that enables health systems to deliver a broader spectrum of virtual care services and to streamline diagnostic testing orders.
Through its new and unique capability, Teladoc now helps healthcare organizations to provide virtual care for multiple specialties, enabling patients to access the broadest spectrum of clinical services through a unified, branded consumer experience.
At the heart of Clinical WorkScope is the ability for healthcare organizations to configure clinical rules such that the virtual workflow is consistent with the essential elements of the organization’s in-house operating model. It supports the configuration of patient routing paths, clinical workflows, physician groupings, and pricing models that are necessary for virtual care access to specialists and specialty clinics. Clinical WorkScope can also be customized to reflect the health system’s enterprise and specialty clinic brands, fully supporting the healthcare organizations’ brand and consumer experience strategy.
Another new clinical feature from Teladoc— Integrated Diagnostic Testing Capabilities—enables clinicians delivering care through a health system’s licensed platform to order diagnostic imaging and laboratory tests from the health system’s own facilities as well as from nationally-recognized organizations. Fully-integrated into the virtual care workflow, this functionality improves patient care by expediting necessary tests, diagnosis, and treatment and assuring the data is integrated into the patient record.
With the growing adoption of consumer telehealth, the time is now for pediatric hospitals to have a platform that is explicitly designed to support the unique care needs and workflows they manage. When it comes to healthcare needs, children are not small adults. That’s why with a great deal of pride along with a sense of responsibility, Teladoc recently announced its collaboration with Cincinnati Children’s Hospital Medical Center to build the industry’s first consumer pediatric telehealth platform. Cincinnati Children’s will bring its expertise to help evolve the Teladoc licensed platform for pediatric needs.
Pediatric-specific workflows, clinical requirements, and user experience for patients and their families will be core components of the platform.
Significant Accomplishments and a Futuristic Vision
Teladoc generated $122.7 million in revenue for the fourth quarter of its fiscal 2018, bringing its year-end revenue to $417.9 million. The company reported 2.6 million visits via its platform in 2018, up 80 percent from 1.5 million visits in 2017. It continues to drive consolidation in the telemedicine market, completing its purchase of virtual care provider, Advance Medical as part of a move to strengthen its international footprint.
“The company will pursue strategic investments to support its growth, including pursuing opportunities in Medicare Advantage and building out a cross-border U.S. telehealth service, which will be the first of its kind,” mentions Jason Gorevic, CEO, Teladoc. The telemedicine provider is committed to continually setting new standards for what’s possible in virtual care around the world.