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Is Telehealth fading? 

The numbers for health systems show that telehealth has reached a new plateau which is far above what is was pre-COVID and fare below what is was during Q2 of 2020. So we are establishing a new norm, but in what direction is that norm going?

FTA

Teladoc's first-quarter revenue reached $454 million, jumping 151% from $181 million a year ago.

Despite a historically weak flu season, the telehealth giant delivered 3.2 million virtual visits in the first quarter of 2021, up 56% compared to the first quarter in 2020.

The number of consumers enrolled in more than one chronic care program tripled year over year, which indicates users are choosing Teladoc Health to meet broader health needs beyond urgent or episodic issues, according to company executives.

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If Teladoc is any indication it would seem like the demand is there for a well thought out comprehensive telehealth strategy from a health system.

#healthcare #heatlhIT #telehealth #cio #cmio #chime #himss 

Transcript

This transcription is provided by artificial intelligence. We believe in technology but understand that even the most intelligent robots can sometimes get speech recognition wrong.

  Today in Health it, this story is Teladoc Q1 revenue and there is a lot to talk about in this story. My name is Bill Russell. I'm a former CIO for a 16 hospital system and creator of this week in Health IT a channel dedicated to keeping Health IT staff. Current and engaged Health lyrics is my company.

I provide executive coaching for health leaders around technology and it. If you wanna learn more, check out health lyrics.com. Today's story, this comes from Fierce Healthcare Teladoc Q1 revenue more than doubles to 454 million as telehealth visits continue to climb. Despite a historically weak flu season that telehealth giants delivered 3.2 million visits in the first quarter of 2021, up 56% compared to the first quarter.

Of 2020. And the reason that's significant is we understand why Telehealth grew in Q2 of last year, but what this signals is that Telehealth's growth is not done. It's on an upward trajectory. Jason Gorevic is the CEO of Teladoc. We're gonna talk about him a couple times earlier this month, the company launched its first wave of members to access and register for Livongo programs within the Teladoc app.

Marking the first step in creating a seamless member experience to engage with members more effectively across programs. Gorevic said, the company also launched medical group referrals into chronic care management programs and a major new contract with regional Blue Cross Blue Shield plan on the East Coast.

The number of consumers enrolled in more than one chronic program tripled year over year, which indicates users are choosing Teladoc Health to meet broader health needs beyond urgent. Or episodic issues. According to the company executives, that significant growth total US paid membership is expected to rise between 52,000,050 4 million members.

It goes on to talk about some other things. They're losing a lot of money, by the way, they're, they're losing about $200 million in the first quarter, which is largely due to the Livongo acquisition and some stock things. Teladoc expects to deliver more than 3.2 million virtual visits. In the second quarter, possibly up.

3.4 million. By the way, I wouldn't get too caught up in the losing money category. We've done that before. We got caught up in, in the fact that Tesla was losing money. We got caught up in the fact that Amazon was losing money when the business model's, right, they're able to get cash in other ways until they're all of a sudden making a bunch of money and transforming an industry.

Now, it could lead to a problem later, but at this point. I would not get caught up in it if I were a CIO for a health system today. And, and, and here's my So what if I were a CIO for a health system today and wanted to figure out what to do in telehealth, at least with regard to virtual visits and programs.

As you remember, we define telehealth here as three things. Consults, remote patient monitoring and virtual visits. I would model after Teladoc. Think in terms of programs, members and service lines. Get a subscription service going so much per month or some such subscription option for the people in our community.

Increase your touchpoints, increase our relevance and stickiness with the patients. Get them more immersed in what we offer as a health system with regard to keeping them healthy. But more importantly, we have to finish our rebrand. Almost every health system renamed their company a few years back from healthcare to health, right?

Blah, blah, blah, health blah, blah, blah, health, and changed very little else. Nothing else really changed. We're still a healthcare company. We just renamed the brand was Made Health. We wanted to communicate to the community. We're about health. Now it's actually the time to become the company that operates in the health space and not the sick care space.

This is a great opportunity. This is a great jumping off point model. After Teladoc create the programs, create the subscription model, create the membership, . Options for people to pay you on an ongoing basis for access to your care providers. That's the next business model. At least that's what I think.

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