Coronavirus fears have crippled the world. And in turn, telehealth stocks are reaping the benefits.
Global cases are now more than 370,000 with 16,200 deaths as of March 24. That said, hospitals are being overwhelmed, with some exceeding the capacity of intensive care units.
That’s part of the reason many hospitals are turning to telemedicine. It got another boost from President Donald Trump, who has strongly touted telehealth in the fight and waived certain federal rules to make it easier for more hospitals to provide remote care using video chat for example.
“My emergency declaration allowed us to waive regulations to give nurses and doctors maximum flexibility to respond to the virus and to protect our frontline professionals that we’ve authorized through telehealth nationwide, which is really becoming big stuff — telehealth. It makes it a lot easier for patients, and it really has been working out amazingly well.”
So, for investors, let’s take a look at three of the top telehealth stocks already moving.
Telehealth Stocks to Buy: Teledoc Health (TDOC)
In the past week, shares of Teledoc Health (NYSE:TDOC) exploded from a low of $102.01 to over $150 a share thanks to telehealth demands. The best part? Upside may be far from limited, as the virus continues to spread throughout the world.
Therefore, with sizable momentum, I wouldn’t be shocked if shares of the virtual health care provider soared to $200 per share. All as it links patients with medical professionals by phone or computer.
Overall, until the “all clear” is given, coronavirus fears will drive telehealth stocks even higher. And one analyst believes this demand will be great for TDOC stock.
“By our models, TDOC is now set up for 30%+ revenue growth” in the first half of 2020, KeyBanc Capital Markets analyst Donald Hooker said. “Also, 50%+ of the new visits last week were ‘first timers,’ which could translate to further utilization even as Covid-19 fears subside.”
Telehealth Stocks to Buy: Anthem Inc. (ANTM)
Insurance companies, like Anthem (NYSE:ANTM) are ramping up telemedicine tools. Anthem’s Live Health Online, for example, will help patients consult with health professionals who are concerned about the coronavirus.
This comes in an effort to help prevent patients from spreading the virus further within a physical clinical setting. Anthem’s telehealth provider, LiveHealth Online, provides safe and effective way to see a doctor in order to receive coronavirus guidance from home through multiple sources. Better, the company is making mental health available in telehealth offerings.
That said, these reasons make ANTM stock one of the best telehealth stocks available.
Telehealth Stocks to Buy: CVS Health (CVS)
CVS Health (NYSE:CVS) is another top telehealth name to consider for possible investors. And it’s pretty clear why.
“Supporting the health and well-being of our members and removing barriers to care are among our key areas of focus as we navigate the spread of COVID-19,” Karen Lynch, the president of Aetna and executive vice president at CVS Health, said. “That’s why we’re providing COVID-19 diagnostic testing and telemedicine visits with no out-of-pocket costs or cost sharing for Aetna members, along with a number of other programs and offerings that reinforce our commitment to delivering timely and seamless access to care.”
Ian Cooper, an InvestorPlace.com contributor, has been analyzing stocks and options for web-based advisories since 1999. As of this writing, he did not hold a position in any of the aforementioned securities.