Teladoc sets industry record, surpassing 2 million telehealth visit milestone
Provides Total Market Savings of More than $900 Million
LEWISVILLE, Texas (January 6, 2017) – Teladoc, Inc. (NYSE: TDOC), the undisputed leader in telehealth, providing access to care for millions, announced today that in December the company surpassed the mark for providing a total of more than two million patient visits. Teladoc was the first and only telehealth provider to reach the one million patient visit mark in October 2015, and now with accelerated utilization of the service, Teladoc has achieved the second million visits in only 14 months.
Teladoc's accelerating utilization fuels the company's track record of driving meaningful savings for clients and the overall healthcare industry. Based on a recently completed, comprehensive study performed by Veracity Analytics, this two million visits milestone translates into more than $900 million that it is estimated Teladoc has saved its clients, and the American healthcare system, since its inception. Led by Dr. Niteesh Choudhry, a Harvard Researcher and Physician at Brigham and Women's Hospital, the study, using an advanced ROI methodology and data from nearly two million members, has found an average savings of $472 per visit.
"As telehealth continues to bridge the gap of access to care, Teladoc has been successful in identifying the right mix of tools to continue to drive utilization to new highs, while also demonstrating significant cost savings for the healthcare market," said Jason Gorevic, chief executive officer, Teladoc. "Since taking Teladoc public just 18 months ago we have reached the inflection point for utilization and adoption, and we are excited about the impact we can make, working together with our clients, in 2017."
The continued growth of utilization and associated savings will be significant to the healthcare market as telemedicine continues to take off. This new and enhanced study is based on analyses of multiple external, independent case control, episode of care studies to predict ER cost avoidance in a highly accurate and dependable way.
"Using data from the multiple evaluations gave us the opportunity to identify whether there are specific factors that are consistently associated with the cost savings from Teladoc," said Niteesh Choudhry, MD. "The extremely high correlation between the savings predicted by our statistical model and the savings that were actually observed, and the repeated replication of this result, gives us confidence that the factors we identified could be applied to other settings to estimate the anticipated savings from using Teladoc as compared to visiting an emergency room or other traditional healthcare settings."
For more information on the Teladoc telehealth solution, visit www.teladoc.com.