Introduction
Teladoc Health offers revolutionary healthcare services, and the demand for tele-health protection is growing quite rapidly, which has a serious impact on business. The company has been able to demonstrate a high average annual revenue growth rate in recent years. The valuation analysis shows that the shares are priced quite conservatively. Teladoc provides virtual care services covering all areas of the wellness process. The company uses patented health tips and personalized interactions to help achieve excellent health outcomes throughout the entire period of medical care.
Company Background
The basic telemedicine service offered by Teladoc is designed to treat non-life-threatening diseases like sinus infections, allergies, and urinary tract infections. People suffering from severe conditions frequently have to wait weeks for an appointment with their usual physician (Deka, 2019). The visits are available through Teladoc by phone, computer, or smart device. Patients in behavioral health can even schedule appointments with therapists by Text messaging (Teladoc Health, 2020). If the patient needs a prescription, the physician can instantly deliver it to the local pharmacy. The patient avoids a trip to the doctor as a result of this entire process.
Products – Services Provided
The organization is altering the way people get healthcare, from on-demand urgent treatment to assistance for chronic and complicated health issues. This involves developing data-driven, tailored experiences that adapt to a person’s changing healthcare requirements (Deka, 2019). With simple software and medical-grade telehealth equipment, clinicians may quickly expand their reach. In addition, the virtual technologies allow for real-time clinical cooperation with peers from all around the world to tackle the most severe care difficulties (Teladoc Health, 2020). People can accomplish long-term habit change with the support of the company’s linked devices and targeted timely and actionable marketing (Deka, 2019). As a result, they enhance their management of chronic illnesses like diabetes and hypertension and their overall health and preventative efforts.
Market and Legal Structure
Teladoc was the first company to bring telemedicine to market and the first to go public. According to the Centers for Disease Control and Prevention, the United States has over 1.25 billion ambulatory care visits each year, including visits to primary care offices, hospital emergency rooms, outpatient clinics, and other locations (Deka, 2019). It continues to innovate and grow into new markets, both locally and globally, to maintain its market position. Through its client base, the company now has over 37 million members (Deka, 2019). They are also establishing themselves as a global market leader, with clients from over 130 countries accounting for 20% of Teladoc’s income (Teladoc Health, 2020). Despite increased competition, the industry has substantial entry hurdles. For example, specific legislative barriers must be overcome to perform medicine remotely while protecting patients’ privacy.
Competitive Position
A few businesses have broken through the high entry barriers and are gaining market share in terms of competitiveness. American Well, MDLIVE, and Doctor on Demand have made significant progress in the United States in recent years. Telemedicine is gaining traction outside of the United States since access to treatment is worldwide (Teladoc Health, 2020). By 2030, the World Health Organization predicts a global deficit of 15 million healthcare personnel. Ping An Good Doctor, a member of the ROBO Global HTEC Index, is the market leader in China. Ping An has 289 million registered members and 63 million active users, making it one of the world’s few publicly listed pure-play telemedicine companies, alongside Teladoc (Deka, 2019). Thus, it becomes clear that the company does not have many competitors, so they can focus on strengthening their current positions.
Conclusion
Thus, taking into account many factors, it becomes clear that Teladoc is one of the few companies that are engaged in telemedicine. Despite the fact that this is a rapidly growing market, it still has its limits, which the company faces. However, it should be noted that Teladoc is a notable leader in this field and therefore has a strong position in the market. Hence, all this can be an essential reason why the company will continue its rapid development.
References
Deka, N. (2019). How Teladoc is transforming access to healthcare. Robo Global.
Teladoc Health. (2020). Annual report 2020.
Appendix A
Financial Statement – 1
Appendix B
Financial Statement – 2
Appendix C
Financial Statement – 3
