Obamacare creates greater need for telehealth innovations
Obamacare creates greater need for telehealth innovations
Senator William Frist, M.D. and David B. Snow, Jr., former Medco Health Solutions chairman and CEO, join board of Teladoc, Inc., nation's largest telehealth provider
DALLAS (October 21, 2014) – With the expansion of health insurance to an estimated 8 million new patients through the Affordable Care Act, innovations are needed to meet the primary care needs of all Americans. Dallas-based Teladoc, the nation's largest telehealth provider, has proven that telemedicine is an exceptional way to deliver high-quality, cost effective care.
Underscoring its industry leadership, Teladoc CEO Jason Gorevic today announced the addition of two preeminent health care leaders to the company's board of directors: former U.S. Senator William Frist, M.D. and former Medco Health Solutions chairman and CEO David B. Snow.
"Senator Frist and David Snow are ideal Teladoc board members. These men have successfully navigated the complexities of Wall Street and the halls of Congress. Their commitment to Teladoc brings an added level of experience and success that will be invaluable to us as we continue our explosive growth and navigate the changing landscape of health care," said Gorevic. "Both Senator Frist and Dave Snow have numerous opportunities to sit on boards and they chose Teladoc. Their joining our board is not only an endorsement of Teladoc, but also of the telehealth industry."
Senator Frist is a world-renowned cardiothoracic transplant surgeon and a leading authority on health care policy. During his tenure on Capitol Hill, he served on both the Health and Finance Committees, where he was instrumental in passing health care reform legislation and ultimately served as Senate Majority Leader. Senator Frist brings to Teladoc decades of experience in providing top quality patient care, driving health care policy and reform, and a reputation for championing innovations that deliver improved health care outcomes.
"The implementation of the Affordable Care Act has infused an additional 8 million patients into the health care system, and this number is expected to grow significantly in the coming years. The increased demand will further tax our already overburdened primary care system, resulting in even longer patient wait times," said Senator Frist. "Teladoc is an innovative and effective solution for addressing the current access barriers to primary care. The Teladoc model has shown what we have believed to be true: that many of the everyday health care needs of patients can safely and efficiently be addressed remotely using technology. It is exactly the type of progressive and forward-thinking company we need in the health care industry today. As a Teladoc board member, I want to ensure our country's legislative groups understand the benefits Teladoc can bring to the health care system as a whole, but most specifically, the need it fills for the patients it serves."
David B. Snow, Jr., is a health care industry veteran, innovator and entrepreneur who has created and implemented solutions to manage the rising costs of health care. Most recently, he served as the chairman and chief executive officer of Medco Health Solutions, one of the nation's largest pharmacy benefit managers. Under his leadership, Medco's revenue grew from $34 billion to more than $70 billion. Prior to joining Medco, he served as president and chief operating officer at Empire BlueCross BlueShield. Currently, Snow serves as the chairman and CEO of Cedar Gate Technologies, a health care information technology data analytics company.
"There is a clear need in our country to create greater access to physicians. Teladoc is a change agent for the way consumers want to access primary care," said Snow. "As more and more companies look for efficient and cost-effective means for providing health care to their employees, telehealth — and Teladoc — are critical to fixing what is broken within our health care system today. Teladoc's outstanding technology, scalable business model and phenomenal year-over-year growth is evidence of the value it brings to its members and clients. The company's growth continues to be strong and I look forward to helping Teladoc accelerate its growth trajectory."
Teladoc recently announced it secured $50 million in funding, one of the single largest investments in a telehealth company. "Teladoc is in a significant position of strength; we have outstanding growth momentum, stellar leadership and we are financially strong. The combination of the infusion of capital and addition of these industry icons to our board of directors will accelerate our growth strategy and further cement our foothold as the dominant leader in telehealth," added Gorevic.
Founded in 2002, Teladoc is the nation's leading telehealth provider with 8 million members and more than 250,000 consults annually. Teladoc provides 24/7 access to affordable, high-quality medical care for adults and children experiencing non-emergency medical issues via phone, secure online video, mobile app or HealthSpot™ Station – a private, walk-in kiosk. Through a directly-managed network of U.S.-based, board-certified physicians, Teladoc delivers a 95 percent patient satisfaction rate with an average response time of 16 minutes. Teladoc is the first and only telehealth provider to receive certification from the National Committee for Quality Assurance (NCQA) for its physician credentialing process, scoring 100 percent. Recognized by Fast Company as "One of World's Most Innovative Companies in Health Care" in 2013, Teladoc partners with health plans, corporations, organizations and patients that seek accessible and affordable high-quality medical care. For more information, please visit www.Teladoc.com.