With digital health services playing a major role in limiting the spread of infection, the market could balloon to $634.9 billion by 2026, according to Global Market Insights. In fact, the virus has “encouraged several governments to amend the regulatory policies governing digital health services. Revision and amendments in current regulatory policies to support the adoption of digital health services will boost the market growth,” they added. That’s creating big opportunity for companies such as CloudMD Software & Services Inc. (TSXV:DOC) (OTCQB:DOCRF), Teladoc Health Inc. (NYSE:TDOC), 1Life Healthcare Inc. (NASDAQ:ONEM), Amazon.com (NASDAQ:AMZN), and WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF).
CloudMD Software & Services Inc., for Example Continues to See Rapid Growth
CloudMD Software & Services Inc., a healthcare technology company revolutionizing the delivery of care just provided an update on its Enterprise Health Solutions Division. Since launching the EHS Division, CloudMD has seen significant organic growth and integration synergies across the platform.
Organic Growth
The EHS Division offers one of the first centralized and connected platforms of health and wellness solutions for employers as part of their benefits programs. These solutions include employee assistance programs, mental health support, physician/allied health services, professional referrals, personalized healthcare navigation, specialty drug consultation, health literacy and education and other services aimed at prevention and early intervention of health concerns.
CloudMD closed the majority of its EHS business acquisitions in January 2021 and since then, the Company has secured $5 million in new, multi-year customer contracts for mental and physical health solutions. These recurring revenue contracts include organizations of all sizes including large corporate clients like Medavie Blue Cross. Additionally, the EHS Division has identified operational synergies by centralizing marketing, technology and finance functions, enabling a shared services approach with annual cost savings exceeding $500,000. The EHS Division is executing on market share growth, margin expansion, cross-selling and integration of capabilities. The Company expects to continue driving additional profitable, organic growth across the entire division. CloudMD anticipates the continued growth of the EHS Division, with annual pro forma revenue growth rate of over 20% and healthy gross margins exceeding 50%.
Integrated Health Services Platform
In April 2021, the Company will be launching its EHS fully-integrated, proprietary health services platform with a large corporate customer, serving over 10,000 employees across Canada. Employees will be triaged and assessed using CloudMD clinical tools followed by appropriate service activation with navigation assistance to ensure the individual has the optimal outcome and continuity of care. Employers will have aggregate data to ensure the right benefit plans are being used for the right health issues. This transformational platform is revolutionizing the way employees access healthcare by providing one seamless patient experience, including personalized care plans, triage and navigation, and full support through their treatment journey. Organizations can use this platform to ensure inclusivity and diversity for mental and physical health issues. This approach provides better access to care, improved patient outcomes, faster access to treatment and improved return to work outcomes.
Scalability and Growth
CloudMD’s network includes over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, over 4,000 psychologists, over 22,000 family physicians, approximately 34,000 medical specialists, over 1,500 allied health professionals and a dedicated research team across North America. The size of this network, leveraged by technology, provides the foundation for scalability and growth across North America and globally.
Rising global health concerns surrounding mental and physical issues have created new needs for providing more efficient, integrated and accessible care options. Employers, insurers and advisors can entrust CloudMD’s integrated health services platform to provide employees with whole-person, personalized care through a complete portfolio of healthcare services that are required in supporting improved health and wellness. The omni-channel approach to navigation and activation of services can be accessed virtually through the web, mobile and telephone, ensuring appropriate care and optimized value.
Karen Adams, Global Head, EHS Division commented, “We are very excited with the performance and growth of the EHS Division since we launched in January 2021. The biggest challenge for payors is having to find multiple siloed solutions to service their employee’s needs. Our EHS mission is to help businesses and individuals thrive by reducing the need of multiple employer benefits products, and instead create one seamless, connected platform. We have built one of the industry’s first employee benefits platforms that integrates assessment, triage, navigation, care advocacy, educational content, payments and provider connectivity. This solution supports all paths to physical and mental healthcare prevention and treatment while using social and environmental needs currently supported through traditional EAP as the anchor. We feel strongly that this centralized platform will enable deeper member engagement, support inclusivity and diversity and provide for more positive healthcare outcomes.”
Other related developments from around the markets include:
Teladoc Health Inc., the global leader in whole-person virtual care, today reported strong financial results for the fourth quarter and full year ended December 31, 2020. “As virtual care shifted to become a consumer expectation in 2020, Teladoc Health not only met the rapidly growing demand, but we transformed our company to define a new category of whole-person virtual care,” said Jason Gorevic, chief executive officer of Teladoc Health. “By accelerating our mission to transform the health care experience, we exceeded our fourth-quarter and full-year 2020 expectations and see strong momentum across our global business in 2021 as the market embraces the breadth and depth of our unique capabilities.”
1Life Healthcare Inc. announced financial results for the fourth quarter and full year ended December 31, 2020. “At One Medical we are advancing on our vision to delight our communities, our members, and our enterprise clients with better health and better care, while reducing costs,” said Amir Dan Rubin, Chair & CEO of One Medical. “We have continued to see our human-centered and technology-powered model deliver impacts at scale--expanding to serve 549,000 members and more than 8,000 employer clients, and enabling more than 5 million digital and in-person interactions during 2020. Our continued momentum is further reflected in our financial results, with full year 2020 net revenue of $380 million up 38% year-over-year.”
Amazon.com plans to offer telehealth programs to other companies, reports Bloomberg. “Amazon.com Inc. is expanding digital medical consultations to its employees across the U.S. and says it will start offering the service to other companies,” they reported. Together with the launch of an online pharmacy in December, the initiative marks Amazon’s entry into the gargantuan U.S. health care industry. Medical services have long been seen as a target for Amazon, both to reduce the costs of caring for the e-commerce giant’s fast-growing workforce and as a potential source of revenue in an area that some say is ripe for digital transformation.”
WELL Health Technologies Corp., a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, will release its Fourth Quarter and Fiscal Year End 2020 financial results, for the period ended December 31, 2020, before market open on Thursday, March 18, 2021. The Company will also hold a conference call to discuss its results on the same day at 1:00 pm ET (10:00 am PT). The call will be hosted by Hamed Shahbazi, Chairman and Chief Executive Officer; Eva Fong, Chief Financial Officer and Pardeep S. Sangha, Vice President Corporate Strategy and Investor Relations. Please dial in 10 minutes prior to the start of the call.
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. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for CloudMD Software & Services Inc. by CloudMD Software & Services Inc. We own ZERO shares of CloudMD Software & Services Inc. Please click here for full disclaimer.
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