Demand for telehealth is on the rise. For one, according to the American Medical Association (AMA), “With the nation in its third year of the, people are under tremendous stress. Even patients who in general have been well-adjusted and healthy, particularly children and adolescents, are finding they need mental health care. Using technology to integrate behavioral health care into primary care settings—settings that patients are visiting on a regular basis for routine care or other medical needs—is a key way to help patients access the mental health care they need in a system that doesn’t have enough providers to meet the demand for behavioral health care.” That alone could help drive significant growth for companies such as Datametrex AI Limited (TSXV: DM) (OTCQB: DTMXF), Teladoc Health Inc. (NYSE: TDOC), WELL Health Technologies Corp. (TSX: WELL) (OTC: WHTCF), Doximity Inc. (NYSE: DOCS), and Uphealth Inc. (NYSE: UPH).
Two, according to a CVS Health 2022 Health Care Insights Study, “A little over half (53 percent) of providers said that the addition of virtual care options led to an increase in patient visits, according to a new report. Compared to in-person appointments, healthcare consumers find virtual visits more convenient because they don't have to leave home (41 percent), they don't have to cover transportation costs (37 percent), and they save time (37 percent). Three, as also noted by the AMA, “Telehealth is critical to the future of health care, which is why the AMA continues to lead the charge to aggressively expand telehealth policy, research and resources to ensure physician practice sustainability and fair payment.”
Look at Datametrex AI Limited (TSXV: DM) (OTCQB: DTMXF), For Example
Datametrex AI Limited announced that the Company’s wholly owned telehealth subsidiary, Medi-Call Inc., introduces Mental Health services. Virtual mental care services will be available for Medi-Call subscribers in Vancouver who are experiencing anxiety, depression, suicidal thoughts, or other mental health challenges. With virtual counselling, support, medical attention and prescription services, patients can get the help they need virtually.
The Company advocates for Mental Health awareness and wants to provide accessible mental health services for those in need. The Company plans to adapt its Nexalogy, AI technology with Medi-Call’s App to help detect mental health issues through social posting and provide our services and solutions through our AI integrated software to those in need.
According to the latest mental health data, patient comfort with virtual behavioural healthcare is high across all age groups. Among Baby Boomers, 45 percent said they are comfortable with virtual care for mental health. 55 percent of Generation X said they were equally comfortable with virtual mental care, while 15 percent said they were more comfortable with receiving mental health care virtually, than in-person. Further data shows patients had greater comfort levels with virtual behavioural healthcare over in-person. 24 percent of patients liked the idea of being able to remain in the comfort of their own home receving care, 18 percent liked virtual care for the ease of attending sessions from anywhere, and 15 percent felt like they can be more open and honest virtually about their mental health concerns than in person. Source: (https://mhealthintelligence.com/news/patient-comfort-with-virtual-mental-healthcare-is-high)
With a high volume of patients adapting to virtual healthcare and a rising margin for more people open to mental health care in the virtual space, the Company believes adding this service will be a beneficial service for all. The World Health Organization states that the COVID-19 pandemic triggered a 25 percent increase of anxiety and depression worldwide and urges all countries to step up their mental health services and support, which is why Medi-Call is dedicated to providing more accessible mental healthcare to Canadians. Source: (https://www.who.int/news/item/02-03-2022-covid-19-pandemic-triggers-25-increase-in-prevalence-of-anxiety-and-depression-worldwide")
The Company is also pleased to announce that three (3) physicians joined the Medi-Call team. Dr. Vincent Fung, Dr. Reem Habtezion and Dr. Dale Raj Dhillon joined Dr. Omar Sharif, advancing Medi-Call further into the healthcare and telehealth space.
“We are thrilled to be expanding Medi-Call by adding new mental health services and adding more physicians to the team. We expect Medi-Call to continue to gain traction. Ensuring we are staffed sufficiently is a priority, so patients’ needs are met”, said Marshall Gunter, CEO of the Company.
“According to the latest Canadian statistics, the mental health crisis continues to plague Canadians at an alarming rate. Some groups in particular include our youth, minorities and the elderly. In addition, those reporting poor mental health are 400% more likely to report increased substance use since before the pandemic. We believe that our robust practitioners and accelerated access to care will help to combat this problem”, said Dr. Omar Sharif, Chief Medical Officer of the Company.
Other related developments from around the markets include:
Teladoc Health Inc. released new findings showing that managing multiple chronic conditions with a single, integrated approach leads to better control of A1c, systolic blood pressure and weight better than any diabetes, hypertension or weight control program alone. These clinically significant health outcomes were accompanied by better consumer engagement as Livongo by Teladoc Health members reported higher satisfaction and net promoter scores (NPS). These results position Teladoc Health to move further into value-based care with “full fees at risk” outcomes-based performance guarantees. According to the CDC, more than 40% of adults in the U.S. have two or more chronic conditions, making Teladoc Health’s findings relevant for millions of Americans.
WELL Health Technologies Corp. provided preliminary results for Q2-2022 ending June 30, 2022. WELL expects to report strong financial results underpinned by significant growth in patient visits. The Company is pleased to report preliminary results for Q2-2022 with revenue expected to exceed C$130 million, operating Adjusted EBITDA exceeding C$23 million, and Shareholder Free Cash Flow of approximately C$15 million. WELL achieved a total of 839,698 omni-channel patient visits in Q2-2022, representing a year-over-year increase of 50% compared to Q2-2021, and a 7% increase compared to Q1-2022. In addition, MyHealth conducted 179,880 diagnostic visits in Q2-2022, while Wisp completed 152,398 asynchronous patient consultations. Combining WELL's omni-channel patient visits, MyHealth's diagnostic visits and Wisp's asynchronous patient consultations, WELL achieved a total of 1,172,849 patient interactions in Q2-2022, representing an annual run-rate of 4.69 million patient interactions.
Doximity Inc., the leading digital platform for U.S. medical professionals, announced it will report financial results for its first quarter ended June 30, 2022 after market close on August 4, 2022. Doximity will host a conference call and webcast at 2:00 p.m. PT (5:00 p.m. ET) to discuss the financial results. To listen to a live audio webcast, please visit the Company's Investor Relations page at https://investors.doximity.com/before the call. A webcast replay will be available on the website following the call.
Uphealth Inc. announced that it will release financial results for its second quarter ended June 30, 2022, before the market opens on Monday, August 15, 2022. A conference call to discuss the results will follow at 8:30 a.m. Eastern Time on Monday, August 15, 2022. Those wishing to participate via the webcast should access the call through UpHealth's Investor Relations website at https://investors.uphealthinc.com.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Datametrex AI Limited paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares Datametrex AI Limited Please click here for disclaimer.
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