(Image via Teladoc Health Inc.)
Virtual care has become a necessity for our national health industry, yet according to a recent survey, more than half of all Canadians do not know how to find virtual care services.
The Lumino Health Network, an offshoot of insurance, wealth and asset management company
Sun Life Financial Inc. (TSX: SLF), reported late last week that
55% of Canadians surveyed said they do not know how to find virtual care services.
Even so, 72% responded that they were aware of virtual care, despite not knowing how to access it. Some of the perceived benefits included in the responses among the 1,001 Canadians sample stated that virtual care is more convenient with no waiting rooms and greater speed to connect with a health care professional. Lumino Health released this infographic with some more colourful detail into their findings:
(Infographic at left via Lumino Health) The Lumino Health network service was designed to make it easier for people to find healthcare providers near them and also access resources and innovations that would help them to live healthier lives.
A supplementary form of healthcare, here are some of the top virtual health care stocks that offer potential for significant growth in this new economic climate:
WELL Health Technologies Corp. (TSX: WELL) – An owner and operator of a portfolio of clinics delivering healthcare-related services It operates through below segments: Clinical services, Digital services, and others. It also engages in the Electronic Medical Records business that supports the digitization of clinics. Its objective is to empower doctors to provide the best and most advanced care possible leveraging the latest trends in digital health.
Teladoc Health Inc. (NYSE: TDOC) – A virtual health provider with a telehealth platform delivering 24-hour, on-demand healthcare via mobile devices, the Internet, video, and phone. Its platform connects members with a network of physicians and behavioral health professionals. Most of the company's revenues are generated on a subscription basis (per-member-per-month) and the balance comes from visit fees. Since inception, Teledoc has primarily partnered with employers, health plans, and health systems.
Humana Inc. (NYSE: HUM) - One of the largest private insurance health insurers in the US with a focus on administering Medicare Advantage plans. The firm has built a niche specializing in government-sponsored programs, with nearly all its medical membership stemming from individual and group Medicare Advantage, Medicaid, and the military's Tricare program. HUM is also a leader in stand-alone prescription drug plans for seniors enrolled in traditional fee-for-service Medicare.
As hospitals across the globe, along with governments at all levels search to find ways to expedite and streamline our healthcare system in response to the worldwide COVID-19 coronavirus pandemic, the opportunity has been estimated to be
$250 billion (USD) with virtual health programs at the forefront of options to support programs that would cut back on in-person meetings at in-patient and out-patient care settings.
Have you included medical plays, either virtual or tangible, in your portfolio as this situation evolves? Let us know in the comments below.
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