Telehealth services for Medicare beneficiaries that have been expanded during the COVID-19 pandemic should be continued — but with an expiration date until a long-term telehealth strategy is established, a member of the Medicare Payment Advisory Commission (MedPAC) said Monday at the panel’s virtual meeting.
Last week, Advisory Board hosted its first ever Cross-Industry Telehealth Summit to unpack leaders’ perspectives on why advancing telehealth—as an industry—is hard. The virtual event convened 55 leaders from across the health care ecosystem, including payers, providers, technology companies, and business and association leaders. Participants represented a range of progressive organizations, like Intermountain Healthcare, Teladoc, American Telemedicine Association, UnitedHealthcare, Pfizer, JP Morgan Chase, Bind, UPMC, Merck, Bright.MD, athenahealth, and many more.
Telehealth became an important aspect of clinical response to COVID-19 during the early days of the pandemic and remains an essential tool for physicians to connect with patients. At the Becker’s Healthcare Telehealth Virtual Forum on Nov. 2-3, healthcare executives from across the U.S. gathered to discuss the big challenges and opportunities in telehealth and virtual care. Here are eight takeaways from the event.
When Hims first launched in 2017, the direct-to-consumer telemedicine startup billed itself as a men’s wellness brand focused on providing access to treatment for stigmatized gender-specific conditions such as hair loss and erectile dysfunction. Since then, however, the company has drastically expanded its reach to become a multi-specialty virtual care platform, connecting consumers to licensed health care professionals nationwide via telehealth. It introduced a women’s health arm known as Hers in 2018 and continues to lengthen the list of conditions it can treat. Mental health services are one of its newest offerings.
SOC Telemed, Inc. (“SOC”), one of the largest national providers of acute care telemedicine, announced Friday that it has completed its previously announced business combination with Healthcare Merger Corp. (“HCMC”) (NASDAQ: HCCO), a special purpose acquisition company. The business combination was approved at a special meeting of HCMC’s stockholders on October 30, 2020 and closed on October 30, 2020. The shares of Class A common stock and warrants to purchase shares of Class A common stock of SOC Telemed are expected to begin trading on the Nasdaq on November 2, 2020, under the symbol “TLMD” and “TLMDW,” respectively.
Telehealth claim lines continue to see thousand-point-percentage increases compared to 2019 levels as the pandemic spurs historic utilization of virtual care. However, virtual care claims fell on a month-to-month basis from April to May, and May to June, hinting at a slight volume decline as state lockdowns eased and more patients returned to in-person care for non-emergent needs.
Teladoc Health (NYSE: TDOC), the global leader in whole person virtual care, today announced that it has completed its merger with Livongo. The milestone marks completion of the most significant blending of capabilities and talent in the history of digital health. By joining the market leaders in virtual care and applied health signals, the combined company becomes the only consumer and healthcare provider partner to span a person’s entire health journey. “Both Teladoc Health and Livongo were founded with the same mission: to create a new kind of healthcare experience, one that empowers people everywhere to live their healthiest life. Today’s news dramatically accelerates our ability to make this a reality for the tens of millions of consumers and healthcare professionals we serve around the world,” said Jason Gorevic, chief executive officer of Teladoc Health.
With the convenience it offers to patients and the potential to decrease overhead costs for providers, telehealth is set to maintain a larger position in the U.S. healthcare system even after the COVID-19 pandemic ends, according to an October report from Moody’s Investors Service.
Kaden Health, Inc. (Kaden) announced Thursday that Magellan Health, Inc. (NASDAQ: MGLN) has made a strategic minority equity investment in the New York-based digital behavioral health company. Through the collaboration, Kaden’s proprietary behavioral telehealth program and platform will be provided to Magellan’s customers, members and patients as well as providers. Kaden’s advanced technologies position the company as a prime enabler for Magellan in providing behavioral health services at scale and virtually – a key consideration given the COVID-19 epidemic which has only accelerated the need to increase access to effective, evidence-based mental health services.
Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, announced Thursday that the Letter of Intent (the “LOI”) entered into on September 1, 2020, for the Company to acquire substantially all of MyApps Corp. (“MyApps”) has been terminated by the companies. Progressive Care and MyApps will continue to work together amicably as partners, and the companies’ near-term priority will be to integrate CallingDr™, the popular telemedicine and telehealth platform developed by MyApps, into Progressive Care’s PharmcoRx digital platform and work together to enhance Progressive Care’s ClearMetrX data analytics and data management services.
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