Teladoc (TDOC), Microsoft Team Up to Offer Better Virtual Care
Teladoc Health, Inc. TDOC recently partnered with Microsoft MSFT in a bid to roll out integrated and enterprise solutions for hospitals and health systems, which in turn will aid them in offering enhanced continuum of virtual care services.
Shares of Teladoc Health lost 1.8% on Jul 15, replicating declines in broader markets.
The collaboration paves the way for combining the Solo platform and cutting-edge whole-person virtual care delivery solutions of Teladoc Health with the communications and workflows of Microsoft Teams. Simply put, the partnership will bring together the data capabilities, artificial intelligence and machine learning expertise of both the companies.
While the Teladoc Solo platform empowers clinicians to safely extract clinical data from the electronic health record system, Microsoft Teams is the business communication platform developed by Microsoft that is aimed at bolstering care team coordination and collaboration.
Besides technological advancements, the tie-up is expected to alleviate administrative burdens of clinicians. This will help medical personnel in intensifying focus on providing high-quality virtual care services to patients at hospital and even home. At the same time, the partnership is expected to drive efficiencies across the health systems.
The recent alliance seems to be a time opportune one as well. The COVID-19 pandemic compelled most health systems to operate virtually. And virtual or telehealth services have emerged as the preferred choice for patients restricted to their homes to seek medical help.
Teladoc Health has been making consistent efforts to boost virtual care services to capitalize on the present situation of high virtual care demand. The recent partnership is a testament to the same, and Microsoft Teams seems to be the apt partner to complement the company’s endeavors. Several renowned hospitals and health systems such as St. Luke’s, Northwell Health and Lakeridge Health embraced Microsoft Teams to ensure easy virtual communication between healthcare providers and patients.
Teladoc Health has a robust performing telehealth platform in place, which it has developed through advanced technologies, launching telemedicine services and partnering with well-established healthcare providers. The company merged with Livongo Health in October 2020 for creating a comprehensive virtual healthcare delivery system. These initiatives bode well considering the promising growth prospects prevalent in the worldwide virtual healthcare market. Per ReportLinker, the market is anticipated to witness a 23.3% CAGR over the 2020-2025 period.
Among other stocks in the medical space, Humana Inc. HUM joined forces with Mercy for extending virtual care services for the company’s Medicare Advantage members. Magellan Health, Inc. MGLN collaborated with Livongo Health, which provided Magellan customers and members access to a digital self-care solution, Livongo for Behavioral Health.
Zacks Rank & Price Performance
Shares of Teladoc Health have lost 26.8% on a year-to-date basis compared with the industry’s decline of 29.8%.
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Teladoc Health has a Zacks Rank #4 (Sell).
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