Teladoc, the telehealth company whose shares have fallen dramatically – with a price drop of more than 85% since hitting highs early last year – has announced its expansion the services offered by Primary360, its virtual primary care platform.
New offerings include support for care coordination and referrals across the health plan network, as well as same-day medication delivery provided by Capsule and home phlebotomy services at the request of Scarlet Health.
Primary360 is ideal for patients who don’t have a primary care provider or who see theirs less often than they should, according to Teladoc. website. The new features of the platform are designed to improve the coordination of post-visit care for its members. The Primary360 care team can now view information such as member benefits and clinical data in one place to get a holistic view of patient coverage. This will allow the care team to make streamlined referrals to Teladoc services, as well as ensure patients are referred to a network provider when they need in-person care, such as surgery or MRIs. .
Through its partnership with digital pharmacy Capsule, Teladoc is trying to improve patient medication adherence – the company said data suggests around 50% of consumers are not picking up their prescriptions. Capsule is trying to solve this problem by offering free same-day prescription delivery to Primary360 patients.
Teladoc further centralizes care in patients’ homes through its partnership with Scarlet Health, a mobile, on-demand lab sample collection company. Primary360 patients will now have access to Scarlet’s phlebotomy services so they can draw their own blood at home. This option is more convenient for patients and increases access to testing for those without reliable transportation, according to Kelly Bliss, president of US group health at Teladoc.
“These ‘last mile’ services allow us to seamlessly combine the virtual and physical components of care, providing an integrated and more convenient care experience,” Bliss wrote in an email.
In its Wednesday announcement, Teladoc also said the Michigan-based health plan Health priority connected with Primary360. The payer will integrate the platform’s services into its portfolio of telehealth, chronic disease and mental health programs, and deploy a new virtual forefront design.
Financially, 2022 has been a tough year for Teladoc. For its first quarter earnings report in April, the telehealth giant reported a total net loss of $6.7 billion. This was primarily due to a $6.6 billion impairment charge to write down the value of its acquisitions, reflecting the decline in market value of its acquisition of a chronic care company Livongo.
Teladoc completed its $18.5 billion acquisition of Livongo in October 2020 — as demand for virtual care was still skyrocketing amid pandemic-era protocols. Now the demand has dropped drastically in all specialties except mental health. A recent report from the health appointment booking platform Zocdoc showed that only 9% of all appointments made on its site were virtual in May. This figure was down from a third in May 2020 and 17% in May 2021.
If its share price is any indicator, Teladoc is still in trouble. Its price has gone from a high of over $290 in February 2021 to now around the $40-45 range.
The strategy behind Teladoc’s new partnerships and expanded primary care services is unclear — Bliss declined to answer questions about how Teladoc will measure the success of its partnerships and expanded offerings or how this announcement is part of the company’s rebound plan.
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