1. Remote care is here to stay
Before COVID-19, only 11% of Americans sought online care and in just a few months, the number has spiked to 76% as the public’s behavior shifts to the reality around the pandemic. Whether that means improved response times online or the convenience of meeting in your home rather than an office; receiving medical care from home won’t likely be gone after the pandemic. Leading the way, Teledoc now has 51.5 million paid members logging in a total of 2.8 million visits this quarter alone; a threefold increase from last year. If this trend keeps going, Teladoc is projecting to pull in more than $1 billion in revenue by the end of the year.
2. Expansion into general medicine
Only companies capable of rapid adaptation in a blossoming field will survive and Teledoc is taking the initiative by expanding into behavioral health, expert medicine, hospital care, diabetes, and care for patients with hypertension. Actions like acquiring Livongo, a fast-growing diabetes management platform, position Teledoc as the market leader with sales projections at $3 billion by 2023.
3. A Remote Possibility
No one can argue, the market has been grinding higher with the enormous amounts of money pushed into the system and is priced for success. This means any miss on numbers, often brings with it quick punishment only making any move now requiring the precision of a scalpel. While Teladoc’s remote care model is designed to scale, a global reach of over 175 countries, Teledoc is well positioned and must deliver on the promise of the $121 billion total addressable market for telehealth.