*Trusted Virtual Care Providers and an Industry Poised for Growth*
I. Overview
The COVID-19 crisis thrust telehealth technology into the mainstream. As hospitals were overwhelmed and people avoided in-person care, virtual doctor visits emerged as a safe alternative. What unfolded was a real-time glimpse at healthcare’s future.
Telehealth refers to the use of communication technologies to deliver virtual medical, health, and educational services. This can encompass simple patient-doctor video chats, to remote patient monitoring, to sophisticated surgical support robots.
The global telehealth market ballooned from $61 billion in 2019 to $266 billion in 2021. Sizing forecasts vary, but one estimate sees this sector reaching $636 billion by 2028 at a 5-year CAGR of 32%.
What’s driving skyrocketing demand?
For patients, the lure is accessibility, cost savings, and safety. For providers, it improves efficiency and patient reach. The result is better health outcomes when treatment is easier to obtain.
Now a new breed of virtual care companies have firmly established themselves by tapping this enormous opportunity. Let‘s analyze the 10 largest global telehealth providers saving lives through technology.
II. The Leaders
Below are 10 trailblazing telehealth companies ranked by members served:
1. Teladoc Health
Year Founded: 2002 \
Headquarters: Purchase, NY \
Patient Members: Over 50 million
No telehealth provider touches more lives worldwide than Teladoc Health. Powering over 20 million virtual visits in 2021 alone, this New York based company delivers an entire spectrum of virtual medical care including:
- General health
- Chronic condition management
- Expert medical opinions
- Mental health therapy
Teladoc’s services are accessed through leading health plans like Aetna and Humana under customized partnerships. Usage skyrocketed amid COVID lockdowns as homebound patients connected with Teladoc doctors for everything from cold symptoms to counseling for anxiety triggered by isolation.
Teladoc virtual visits jumped from 4.14 million in 2019 to 15.7 million in 2021.
Teladoc’s revenue topped $2 billion in 2021, cementing them as the dominant telehealth player.
Competitive advantage stems from AI-powered tools integrating patient health records with advanced diagnostics capabilities that treat whole person health. A marquee deal with Amazon even lets Alexa users simply ask for a Teladoc consult, showcasing seamless customer experience.
As telehealth penetrates healthcare more completely in coming years, this trailblazer seems poised to lead that charge.
2. MDLIVE
Year Founded: 2009 \
Headquarters: Sunrise, FL \
Patient Members: Over 50 million
Another telehealth heavyweight serving over 50 million members is MDLIVE. This Florida company connects patients with an extensive network of board-certified doctors instantly 24/7/365.
Whether you’re suffering from flu symptoms at 3am, need a rash evaluated after work, or want marriage counseling from home, MDLIVE has you covered. Their US-trained MDs and therapists treat both physical and mental health needs via phone or video consultations.
Consumers access MDLIVE’s platform through major health plans and employers who integrate virtual visits into benefit packages. For partners like Cigna and CVS, this plug-and-play model drives utilization by giving members on-demand healthcare in already familiar environments.
In 2021, MDLIVE facilitated over 3.3 million telehealth visits earning high marks for both clinical outcomes and 95% patient satisfaction. Partner reliance continues growing amid a national mental health crisis where demand for therapy outweighs supply.
Most experts agree virtual access to quality care is healthcare’s new imperative. As one of the largest and fastest growing telehealth providers, MDLIVE does that exceptionally well.
3. American Well (Amwell)
Year Founded: 2006\
Headquarters: Boston, MA \
Patient Access: 80 million
With 80 million patients now able to access its services, American Well (Amwell) brings powerful telehealth capabilities to partner hospitals, health systems, and related organizations.
Unlike pure-play virtual doctor visit companies, Amwell focuses on digital transformation of healthcare delivery itself. Its tools allow traditional providers to enable remote visits, critical care monitoring, emergency room redirection, patient triaging, specialty eConsults, and even ‘hospital at home’ treatment.
As hospitals desperately pivoted during COVID surges, Amwell‘s technologies proved vital. Their Converge platform helped healthcare systems manage record demand, avoid hallways overflowing with stretchers, and prevent doctor burnout through workload automation.
Today over 2,000 hospitals utilize Amwell to shift certain care management to the cloud. The Boston company also oversees 80 million patients via payer partnerships with insurers like Anthem, Blue Cross Blue Shield, and United Health.
Future growth for Amwell lies in healthcare needing to be delivered anytime, anywhere. Their digital care integration brings brick-and-mortar providers successfully into that reality.
4. Doctor on Demand
Year Founded: 2012 \
Headquarters: San Francisco, CA
Patients Served: More than 140 million
Doctor on Demand positions itself as the fastest, easiest way to see a physician or mental health specialist from one’s smartphone or desktop. Log on to their website or mobile app, and within minutes patients interact with medical experts managing conditions spanning:
- Cold & flu
- Skin issues
- Chronic illnesses
- Child health
- Sexual health
- Counseling care
- Preventative services
Doctors conduct thorough interviews discussing symptoms, medical history, previous treatments etc. They then diagnose conditions, outline care plans, prescribe medications as needed or refer more serious cases to specialists. This seamless process brings quality healthcare to peoples’ busy lives.
In 2022, Doctor on Demand was acquired by fellow telehealth provider Grand Rounds in a deal valuing the company at $750 million. The merger created one of healthcare’s most comprehensive virtual care networks now reaching over 140 million U.S. patients.
5. MD Aligne
Year Founded: 2006 \
Headquarters: San Francisco, CA \
Patients Served: Over 40 million
MD Aligne maintains partnerships with leading insurers like Blue Cross Blue Shield and United Healthcare to open its telehealth platform access to over 40 million members. Whether covered through an employer plan or public health programs like Medicare Advantage, patients realize savings, convenience, and great care through MD Aligne’s contractor provider network.
Visits address everyday illness like ear infections along with management of chronic conditions such as diabetes. Counseling sessions aid those struggling with anxiety, depression and life challenges complicated by the pandemic.
In 2022 MD Aligne is expanding into dermatology through an alliance with board certified skin experts. By integrating this very visual and hands-on specialty into virtual practice, they showcase telehealth’s widening capabilities.
III. Industry Trends
Multiple intersecting trends have positioned telehealth for such hypergrowth beyond temporary crisis utilization.
Patient Preferences – Consumer openness to digital health options continues rising. Younger demographics in particular want on-demand, algorithm-powered healthcare with blendings of both virtual and in-person delivery.
Labor Shortages – A major medical staffing crisis emerging from COVID drives healthcare leaders to double down on tech tools offsetting clinician burnout and exhaustion. Otherwise patients risk losing access from a dwindling workforce.
Increasing Chronic Conditions – As populations age and rates of chronic illnesses like diabetes or Alzheimer’s swell globally, virtual care proves vital for ongoing disease monitoring and treatment flexibility patients require.
Tech Advances – 5G networks, AI diagnostics, remote patient monitoring devices, automated chat-bots etc. all keep expanding telehealth capabilities to address a wider range of health issues.
Healthcare Costs – Upwards spiraling system expenses incentivize payers and employers to integrate telehealth for greater efficiency: fewer hospital re-admissions, redirected ER visits, expanded preventative care.
Hybrid Model Emergence – Savvy health systems now incorporate virtual visits into traditional primary and specialty treatment plans to enhance continuity. ‘Bricks and clicks’ convergence aims to deliver comprehensive personalized care.
What innovations might disrupt healthcare next? Possible advances include:
- Wearable biosensors tracking key vitals 24/7.
- VR simulations revolutionizing skills training for surgeons, nurses etc.
- Smartphone ultrasounds bringing imaging directly to homes.
- 5G connected ambulances beaming patient data to ER doctors before arrival.
- AI-human assist surgical robots aiding complex procedures.
Technology lowers patient hurdles to quality, affordable care – a universal priority as medical costs swell globally. Telehealth firms at the center of this transformation like Teladoc Health and Doctor on Demand are delivering that future today.
Key Takeaways:
- COVID-19 triggered a telehealth boom still seeing astronomical growth years later.
- Top companies like Teladoc, Amwell and MDLIVE provide plug-and-play virtual visit capabilities to major health plans and hospital networks.
- Convenience, cost savings and access advantages will likely perpetuate consumer utilization regardless of virus crisis fading.
- Tech innovations around robotics, genomics and wearables presage a healthcare future with further digitized, personalized care.
- As this vital health sector continues maturing, top telehealth companies seem positioned to help revolutionize how people everywhere receive medical advice and treatment.
Let me know if you have any other questions!
