Stifel analyst David Grossman reiterated a Hold rating on Teladoc (NYSE: TDOC).
The analyst commented, "Prior to presenting at an industry conference, TDOC announced the launch of new enhancements to its 24/7 Care service. Teladoc has long offered 24/7 urgent care providing access to licensed care providers. This "reset of the bar" includes several new clinical and technical capabilities: Expanded Clinical Scope: The service now treats a wider range of conditions including specialized protocols for pain management, hair loss, and sleep care. Real-Time Specialty Consults: Providers can now access 30 different specialties in real-time during a virtual visit to strengthen care plans and avoid unnecessary downstream referrals. Gap Closure: The Prism platform leverages integrated claims and Health Information Exchange (HIE) to provide "actionable information" (e.g., care gaps) directly to the provider during the visit to trigger immediate interventions. Closed-Loop Referrals: Providers can now navigate members directly into Teladoc’s own chronic condition programs (diabetes, hypertension, and weight management) or external Connected Care Partners. Along with the expansion of its 24/7 care services Teladoc also announced a few incremental items during its presentation : BetterHelp Insurance expanded into 5 additional states in Q4 and is now in 12 states and DC, up from 7 in 3Q. Management addressed the expiration of Affordable Care Act (ACA) subsidies as a potential headwind for membership, resulting in 6% decrease in membership. Management stated their belief that from an insurance perspective potential sign-ups were happening with the idea that subsidies could be expanded, so there will likely be some wait and see in terms of cancellations and what the headwind may be. While nothing new, management confirmed the search for a new CFO remains active."
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