Telehealth Services Set to Grow in Wake of Pandemic

  • Demand for telehealth services is set to increase by more than 60% in the US in 2020, with the market expected to experience a compound annual growth rate of more than 38% over the next five years, Employee Benefit News reported, citing research from Frost & Sullivan, a management consulting firm.
teladoc health logo on a mobile phone screen
Source: Piotr Swat / Shutterstock.com
  • The coronavirus pandemic has seen telehealth services increase significantly with NYU Langone Health reporting urgent virtual care visits increasing by 683% between March and April 2020, according to a study from the Journal of the American Medical Informatics Association.
  • Military shipbuilding company Huntington Ingalls Industries which offers Teladoc Health (NYSE:TDOC), said employees weren’t that keen when the benefit was first launched in 2014 but had since seen a 17% increase in the wake of the pandemic.
  • Telehealth services save time for employees while reducing costs for employers but experts warn that to encourage employee adoption, companies should reduce or waive associated copays.
  • InvestorPlace contributor Ian Cooper on Aug. 12 wrote that “… not only do more patients like virtual care at the moment, they’re likely to use it after the pandemic is over, too.” He added that “With patience, I strongly believe TDOC stock could be a $250 stock this year.”

Article printed from InvestorPlace Media, https://investorplace.com/2020/08/telehealth-services-set-to-grow-in-wake-of-pandemic/.

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