Teladoc (TDOC) to Offer Remote Solutions for Canada Patients
Teladoc Health, Inc. TDOC recently announced that it has been delegated the role of a pre-qualified vendor by Canada Health Infoway in a bid to offer remote patient monitoring solutions.
The selection has enabled Teladoc Health to continuously monitor and detect chronic and acute conditions of patients in the comfort of their homes. This helped the company in providing enhanced digital health solutions, which has been resulting in better health outcomes for patients across several provinces and territories of Canada. In fact, the move has aided the healthcare provider to cater to around 60% of the population in Canada.
It is worth mentioning that advanced remote patient monitoring solutions are of utmost importance as besides getting proper treatment and medications at hospitals, a well-devised monitoring care helps patients to recover rapidly. These remote monitoring solutions, thereby reduces the length of one’s stay at hospitals. The recent initiative is a prudent one since Teladoc Health serves 750,000 patients worldwide through chronic care programs via remote patient monitoring.
Similar to Infoway, several renowned hospitals and health systems in the past have chosen Teladoc Health as the preferred virtual healthcare solutions provider. The primary reason behind this is the personalized healthcare plan that the company offers to its patients. The plan is created by integrating reliable technology, data, devices and well-versed medical experts from the field of primary care, mental health, specialty care and chronic diseases.
The latest move reflects the company’s commitment to bolstering its digital healthcare solutions portfolio and strengthening its footprint across Canada. It aims to pave the way for seamless access to healthcare services by integrating digital care within the healthcare system of Canada. It was even selected in early 2021 to provide virtual visits across the country. In 2019, Teladoc Health introduced telemedicine service in the country.
The recent move seems to be a time opportune one as well. In sync with other parts of the world, Canada has been witnessing a solid demand for virtual care as well. According to a recent survey of Canada Health Infoway and Canadian Medical Association, 93% of Canadian physicians utilize virtual care services while 64% of the same stated of continuing or even increase utilization of these services in the post-pandemic era.
Besides, the COVID-19 pandemic infused digitization across every sphere of life and the medical space was no exception. Due to infection risks posed by the pandemic, there was an accelerated usage of telehealth services by patients seeking medical help. As a result, most healthcare systems were compelled to operate virtually.
The telehealth providers played a vital role in easing the mounting pressure on the U.S. healthcare system due to COVID-19 pandemic. While woes related to the new variants of the virus and acute shortage of medical staff continue to linger, increased utilization of virtual care services can provide some relief to the healthcare system. It can stop repetition of last year’s scenario, wherein the healthcare system came under tremendous pressure by the surge in the COVID-19 patients, which resulted in hospitals suspending elective surgeries.
The robust telehealth platform of Teladoc Health was able to bank on such a grave situation by facilitating over 10 million virtual visits last year. Concurrently, it equipped health systems to offer more than 4 million more visits across the globe in the same time frame. The platform has been devised through advanced technologies, partnering with well-established healthcare providers and substantial investments. It remains steadfast in enabling a hassle-free communication between healthcare providers and patients in their home setting.
This July, the company collaborated with Microsoft MSFT to ease administrative workflows for clinicians and offer enhanced virtual care to patients. Last year, Teladoc Health merged with Livongo Health in a bid to create a comprehensive virtual healthcare delivery system.
Zacks Rank & Price Performance
Shares of Teladoc Health have lost 34.9% on a year-to-date basis compared with the industry’s decline of 36%.
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Teladoc has a Zacks Rank #5 (Strong Sell).
Stocks to Consider
Some better-ranked stocks in the medical space include HCA Healthcare, Inc. HCA and Universal Health Services, Inc. UHS, both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
HCA Healthcare and Universal Health have a trailing four-quarter earnings surprise of 11.65% and 29.01%, on average, respectively.
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