What's Happening With Teladoc Health?
Teladoc Health (TDOC) stock popped on Tuesday after the company announced the launch of myStrength Complete, an integrated mental health service that offers patients a more personalized and integrated experience. Shares of the company were trading higher 3.87% to $146.51 a share on Tuesday.
Since nearly half of patients suffering from mental health issues said they do not know where to start in terms of bettering their mental health, the friendly and digital availability of myStrength Complete will be of great help. The ongoing mental health crisis made worse by the lockdowns throughout the Covid-19 pandemic has made Teledoc focus more on its mental health advancements. In fact, 69 percent of people surveyed who sought support said it would be difficult to use multiple websites, mobile apps or virtual care platforms to address mental health needs, hence making myStrength Complete a more feasible option.
"We are connecting the full range of mental health services from apps to clinicians so that people can access timely help, tailored to their needs and on their terms,” said David Sides, Chief Operating Officer at Teladoc Health. Adding, “myStrength Complete meets the dual consumer needs of comprehensive mental health care and a simplified experience in one service – developed through the integration of Teladoc Health and Livongo.”
What Does This Mean For Teledoc Health?
Teladoc's findings show the efficacy of virtual mental health care during the current mental health crisis. MyStrength Complete will be available to consumers through their health plans or employers in July, with pre-announcement sales already ensuring many consumers will have access to the new service this summer.
Teladoc Health, Inc. provides virtual healthcare services on a business-to-business basis in the United States and internationally. It covers various clinical conditions, including non-critical, episodic care, chronic, and complicated cases like cancer and congestive heart failure, as well as offers telehealth solutions, chronic condition management, expert medical services, behavioral health solutions, guidance and support, and platform and program services.
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Teladoc Health is a virtual health provider with a telehealth platform delivering 24-hour, on-demand healthcare via mobile devices, the Internet, video, and phone. Its platform connects members with a network of physicians and behavioral health professionals. Most of the company's revenue is generated on a subscription basis (per member per month); the balance comes from visit fees. Since inception, Teladoc has primarily partnered with employers, health plans, and health systems to offer network access to their members; most recently, the company has also started to market directly to consumers while expanding its service portfolio. The cornerstone of Teladoc's business is to provide healthcare access to members in real time to avoid excessive health plan costs.
