Tradockshares of the telehealth company tumbled — its price is down more than 85% since its highs early last year — Announce it is expanding Services offered under its virtual primary care platform Primary360.
New products include care coordination support and in-network referral health plans, as well as capsule and on-demand home phlebotomy services Scarlet Health.
According to Teladoc, Primary360 is ideal for patients who lack a primary care provider or see patients less frequently than they should be website. The platform’s new capabilities are designed to improve post-visit care coordination for its members. Primary360 care teams can now view information such as member benefits and clinical data in one place for a complete picture of patient coverage. This will enable care teams to streamline referrals to Teladoc services and ensure patients are referred to in-network providers when in-person care (such as surgery or MRI) is required.
Through a partnership with digital pharmacy Capsule, Teladoc is trying to improve patient adherence — the company says data shows about 50 percent of consumers fail to get their prescriptions. Capsule is trying to solve this problem by offering Primary360 patients free same-day prescription delivery.
Teladoc is further focusing care in the patient’s home through a partnership with Scarlet Health, an on-demand mobile laboratory specimen collection company. Primary360 patients can now use Scarlet’s phlebotomy service so they can draw their own blood at home. Teladoc’s U.S. group health president, Kelly Bliss, said the option provides convenience for patients and increases access to testing for those who lack reliable transportation.
“These ‘last mile’ services allow us to seamlessly blend the virtual and physical components of care to provide an integrated, more convenient care experience,” Bliss wrote in an email.
Teladoc also said in Wednesday’s announcement that the Michigan-based health plan Prioritize health Sign in with Primary360. The payer will integrate the platform’s services into its portfolio of telehealth, chronic disease and mental health programs and introduce new virtual-first program designs.
Financially, 2022 will be a tough year for Teladoc.For its first-quarter earnings report in April, the telehealth giant report Net losses totaled $6.7 billion.This was primarily due to a write-down of $6.6 billion in impairment charges to write down the value of its acquisitions, reflecting a decline in the market value of its acquisitions of chronic care companies Liongo.
Tradock fully It acquired Livongo for $18.5 billion in October 2020 — a deal that was still surging in demand for virtual care in the midst of a pandemic-era deal.Now, the demand has A sharp decline All professions except mental health.recent Report From the medical appointment platform Zokdoc Only 9% of all appointments booked on its website in May were virtual, it showed. This is down from a third in May 2020 and 17% in May 2021.
If its stock price is any indicator, Teladoc is still struggling.Its price fell from a high of over $290 in February 2021 to Now in the $40-45 range.
The strategy behind Teladoc’s new partnership and expansion of primary care services is unclear — Bliss declined to answer questions about how Teladoc will measure the success of its partnership and expanded product or how the announcement fits into the company’s rebound plans.
Photo: ronnachaipark, Getty Images
