Teladoc blazes a trail in the emerging virtual telehealth services industry
The company has doggedly pursued its expansion strategy to achieve success on a national scale, says Frost & Sullivan
MOUNTAIN VIEW, Calif., May 24, 2016 /PRNewswire/ -- Based on its recent analysis of the telehealth industry Frost & Sullivan recognizes Teladoc, Inc. with the 2016 North American Virtual Telemedicine Services Product Line Strategy Leadership Award. Teladoc's robust strategy has helped its virtual telemedicine solution span all but one of the U.S. states. The company provides on-demand remote health care services through mobile devices, secure online video and phone and is an attractive option for patients in need of fast help for non-emergency medical conditions.
"Teladoc has championed the cause of telehealth by engaging with state governments and medical boards to break down barriers to the implementation of telehealth services," said Frost & Sullivan Principal Analyst, Victor Camlek. "Teladoc has proven it has the rational solution needed by those who require access to health care that may not be easily reachable."
Teladoc's principal value proposition is its ability to quickly connect patients with physicians and behavioral health professionals through its national network and scalable technology platform that matches patient demand. Around the clock, seven days a week, more than 3,100 board certified, state-licensed physicians and behavioral health professionals are available to diagnose and treat a wide range of conditions including sinusitis, upper respiratory and urinary tract infections; dermatological conditions; as well as stress/anxiety, depression and addictions.
The company's platform also permits the uploading of images; scheduling, evaluating, and following up on lab tests; and access to a message center. Nearly 50 percent of the Teladoc visits occur during evenings, weekends and holidays, underlining the value of 24x7 access to medical help.
Available through employers, health plans and health systems, Teladoc is proving very effective, with a 92 percent resolution rate. Over the past three years, membership growth has achieved a 40 percent compound annual growth rate, while the actual visit volume growth has been about 110 percent. Teladoc reports that it had 12.2 million members at the end of 2015 and reported 15.1 million for quarter 1, 2016 with a median response time of less than 10 minutes.
"Teladoc's strength lies in its proven ability to achieve scalability through a prudent strategy aimed at growing its membership and potential user base while maintaining a response time that is magnitudes faster than the reported response times for traditional physician services," observed Camlek. "While some competitors report a higher percentage of video visits, technology experts insist that seeking a high rate of video can hamper efforts to achieve a larger scale. Understanding this, Teladoc requires video for services involving certain conditions that require visual examination, such as dermatologic lesions but not for other conditions, such as sinusitis, whereby a visual examination is not needed."
Importantly, Teladoc services are designed to present a favorable cost scenario when compared with standard physician's office or unnecessary emergency room (ER) visits. Teladoc estimates the average cost of a non-telehealth 30-day episode of care for patients to be $191, and $2,661 for patients who went to the ER. A comparable Teladoc session comes at an average cost of $45.
"The return on investment (ROI) in using Teladoc is measureable in terms of direct cost savings for services and claims, as well as productivity savings," confirmed Camlek. "Competing services have been hampered by the lack of a national presence, the goal to offer too high a percentage of costly video services, or limited range of coverage."
In recognition of its well-defined product strategy and success, Teladoc is the worthy recipient of the 2016 Frost & Sullivan Product Line Strategy award. Each year, Frost & Sullivan presents this award to the company that has developed a comprehensive product line that caters to the breadth of the market it serves. The award recognizes the extent to which the product line meets customer base demands, the overall impact it has in terms of customer value, as well as increased market share.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About Teladoc, Inc.
Teladoc, Inc. (NYSE:TDOC) is the nation's leading provider of telehealth services and a pioneering force in bringing the virtual care visit into the mainstream of today's health care ecosystem. Serving some 6,000 clients -- including health plans, health systems, employers and other organizations -- more than 15 million members can use phone, mobile devices and secure online video to connect within minutes to Teladoc's network of more than 3,000 board-certified, state-licensed physicians and behavioral health specialists, 24/7. With national coverage and a robust, scalable platform, Teladoc offers the industry's most comprehensive and complete telehealth solution including primary care, behavioral health care, dermatology, tobacco cessation and more. For additional information, please visit www.teladoc.com.
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SOURCE Frost & Sullivan
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