Here are my musings regarding MedXTelemedicine will continue to grow steadily for the foreseeable future as the expediency,cost and convenience continues to win over patients globally. Not unlike when people realized they could walk into their pharmacy and get a flu jab , no waiting, no people coughing on you while you waited in a crowded Doctor's office. The population found this an acceptable method of health care delivery and now 26% of the population go to a pharmacy for their flu shot. Telemedicne will have a similar adoption curve in my opinion.
However, lots of companies have jumped into the telemedicine space claiming to be truly telemedicine companies yet 98% of their revenue still comes from brick and mortar (pestle) business. Don't be fooled there will be a lot of money lost in this space chasing too few companies and then the inevitable bubble will ensue.
Within the telemedicine space there will be companies offering access to specialists such as teledermatology. This is where MedX is positioned. Again lots of newcomers to the space with phone applications, cameras that hook into an application etc. claiming to be teledermatology companies.So where does MedX fit? What makes MedX's unique? Does COVID19 means MedX doesn't make it?
My musing;
COVID19 is a huge accelerant for the acceptance of teledermatology. Why, because wait times now will more than double to see a Dermatologist. The truth is in Canada you are not going to get in to see a Dermatologist for up to a year. Their waiting rooms will be at 20-30 % capacity until their is a truly effective vaccine on the market. The backlog today is crazy and this is happening globally so COVID 19 is actually very positive for the acceptance and adoption of teledermatology. COVID19 is causing change.
So what make MedX so special? MedX is the only teledermatology company in the world that:
1) provides perfect pure raw data images on the skin's surface of a suspicious mole or lesion. No compression, no image manipulation just the raw image. This is what Dermatologists are trained to assess. If you give a Dermatologist a compressed image they are missing most of the visual cues they need to make a proper assessment. This is why 40% of teledermatology images are refused. This is not the case with MedX.
2) MedX can take 4 images 2mm below the skin's surface showing the evolution of the suspicious mole therefore allowing the Dermatologists to make more accurate assessments. No other technology out there does this.
3) MedX is committed to Patient Information Security and has PIPEDA,HIPDA,GDPR certification and additional security measures that allow it to be instaaleed in large scale installations securely. This is a major issue and most teledermatology companies do not get past the front door with their securiy platforms when in front of major customers. The benchmark for security has been a major barrier for wide scale installation. MedX is way ahead of the competition.
4) MedX stores patient's information for 10 years past the age of majority which means as a patient you can go back and pull up your file take another scan of the same mole 8 years later and you can compare it directly with your earlier mole to see if there has been any change on the surface or below. No other technology can make this claim.
5) MedX's owns all the data and the image library with the 4 additional views below the skin's surface will make it AI platform the most accurate in the world in my opinion. AI is only as good as its input data and here is where MedX has a huge advantage over all other data bases because they are already compressed or manipulated making the data more difficult to get precise accuracy through AI.
So where next? I think MedX has been focused on the long game and believe me I get the frustration with the share price. I have always said it is a deeply scalable company and can go after large distributors in countries like Brazil, Mexico, and large national accounts closer to home like the USA and Canada because they have the best teledermatology platform in the world. I wouldsuspect we will continue to see acceptance in additional countries and with large scale install opportunities. These take time but once installed represent years of recurring revenue. So I think if one has patients this company is doing all the right things to be the front runner in this space.
Time will tell if I am correct.