Telehealth seems to be going strong with no signs of slowing down in the post-pandemic era. As telehealth companies develop programs to support online care, insurance companies like Humana have developed affordable healthcare plans for those seeking online healthcare. In addition to supporting telehealth, these companies are seeing an increase in the adoption of digital healthcare and cost savings associated with the same. Meanwhile, telehealth companies such as CloudMD Software & Services Inc. (TSXV: DOC) (OTCPK: DOCRF), Veeva Systems, Inc. (NYSE: VEEV), 1LifeHealthcare, Inc. (NASDAQ: ONEM), Teladoc Health (NYSE: TDOC), and Allscripts Healthcare Solutions Inc. (NASDAQ: MDRX) are engaging in various initiatives to make digital healthcare available to more patients and tap into the market opportunities telehealth creates.
CloudMD Software & Services Inc. (TSXV: DOC) (OTC: DOCRF) has continued to expand its reach across North America and beyond via strategic acquisitions. On November 15, CloudMD announced that it has signed a definitive agreement to acquire MindBeacon, one of North America's leading clinically-validated iCBT solutions. MindBeacon's platform provides a cost-effective, stigma-reducing avenue to deliver mental health therapy that will complement CloudMD's holistic, integrated solution. MindBeacon, which has established relationships across B2C and B2B distribution channels, has delivered very positive outcomes, with 82% of iCBT clients reporting self-improvement in mental health, and 67% reporting clinically significant improvement.
CloudMD's combined digital health platform is expected to be one of North America's leading fully-integrated health offerings, with a clinically-validated, broad continuum of care to address mild, moderate, acute and chronic mental and physical care.
"MindBeacon's mental health services and iCBT platform adds another important capability to our robust healthcare ecosystem and further positions us with a leading, clinically-validated mental health solution," said Dr. Essam Hamza, CEO of CloudMD. "Our proprietary, integrated end-to-end healthcare offering focuses on whole-person care that addresses the comorbidities between mental and physical care. By uniting traditionally siloed care, we are able to better leverage data to inform and provide improved patient outcomes.
Once the acquisition is closed, CloudMD expects to have an annualized revenue run rate of $185 million and gross margin of approximately 35%.
Earlier this month, CloudMD Software & Services Inc. announced a partnership with Apotex Latinoamerica to provide access to its database of educational resources across Mexico, Costa Rica, Panama, and Nicaragua. Apotex, which has focused on improving the health and well-being of patients in Latin America for 25 years will provide CloudMD's flagship IMD platform with more than 5,600 medical topics and more than 110,000 resources in simple-to-use formats and multiple languages (Spanish is the core language) to educate healthcare professionals and patients about various health conditions.
Through the partnership with CloudMD, patients and healthcare providers will have access to peer-reviewed and trustworthy healthcare resources to support them through the healthcare journey.
The partnership between the two companies will rely on the integration into Apotex's physician web portal and integration into a public-facing web portal.
CloudMD also received US patent approval for its proprietary Real-Time Intervention platform (RTIP). The company's RTIP technology connects and integrates CloudMD's capabilities and supports all points of patient care through a single platform. The technology also allows data sharing across caregivers to provide a holistic approach to patient care.
Not only is the company's RTIP technology proven in its ability to deliver secure and real-time health data integration, but it also continues to be used in local, state, and federal agencies including the US Department of Justice and the US Department of Health and Human Services with additional use cases in law enforcement, substance use disorders, health and wellness among others.
For more information about CloudMD Software & Services Inc. (TSXV: DOC) (OTC: DOCRF), click here.
In the Digital Clinical Trials Survey Report conducted by Veeva Systems, Inc. (NYSE: VEEV) approximately 95% of clinical leaders are focused on adopting digital technologies for patient-centric clinical trials. Key stakeholders in clinical trials are working to develop a strong digital trial foundation that would support information sharing and collaboration while eliminating silos to bring together key clinical trial participants for faster and efficient clinical trials. The company will release its Q3 financial results after market close on December 31, 2021.
Cigna Corporation added Iora Health, a business of 1LifeHealthcare, Inc. (NASDAQ: ONEM) to its Medicare Advantage Network in Maricopa County, AZ to deliver quality and affordable care. The company has successfully worked with Iora Health in other locations including Denver, Charlotte, Tucson, and Houston. By bringing Medicare Advantage Network to Arizona, older adults (who are the primary customers for Iora Health) can now access online or in-person healthcare services with their providers.
Teladoc Health (NYSE: TDOC) recently released its Q3 2021 financial results recording an 81% year-over-year revenue growth. The company reported a revenue of $522 million raising its FY 2021 revenue outlook to 2,025 million. In addition to its strong revenues for the quarter, Teladoc reported a significant increase in visits with about 3.9 million visits for the quarter - a 37% increase compared to Q3 2020. The company also enjoyed significant milestones during the third quarter including being ranked first in J.D Power 2021 US Telehealth Satisfaction Study.
Healthcare information technology company Allscripts Healthcare Solutions Inc. (NASDAQ:MDRX) launched Guided Scheduling. Guided Scheduling is an AI-powered scheduling application that optimizes a healthcare provider's day through real-time provider, practice, and industry data. The company delivered the Guided Scheduling solution in collaboration with Opargo. In addition to automating scheduling for healthcare providers, Allscripts has also provided its customers with additional automation such as Billing automation and Self-Pay Collections.
CloudMD is one of the companies making significant strides in advancing through the telehealth market, and with the recent addition in its intellectual property, the company is in a position to deliver more for the telehealth market.
For more information about CloudMD Software & Services Inc. (TSXV: DOC) (OTC: DOCRF), click here.
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