Company:Teladoc

From HandWiki
Teladoc, Inc.
TypePublic
NYSE: TDOC
IndustryMedical care
Founded2002
HeadquartersPurchase, New York, United States
Key people
Jason Gorevic, CEO
RevenueIncrease United States dollar $233.3 million (2017)
Websitewww.teladoc.com

Teladoc, Inc. (formerly Teladoc Medical Services) is a telehealth company that uses telephone and videoconferencing technology to provide on-demand remote medical care via mobile devices, the internet, video and phone.[1] The company had its initial public offering on July 1, 2015.

Business

Teladoc provides access to board-certified, state-licensed physicians 24 hours a day for non-emergency medical issues such as allergies, bronchitis, pink eye, sinus problems, and ear infection via audio-video technology for consultations regarding medical advice, diagnoses and basic prescription medications.[2] The company bills itself as a telehealth provider due to its function of facilitating "remote house calls by primary care doctors". However, United States Department of Health and Human Services states that the term telehealth covers a broader range including "non-clinical services, such as provider training, administrative meetings, and continuing medical education" and that the term telemedicine means "remote clinical services".[3] Its competitors include PlushCare,[4] American Well, MDLIVE Inc., Doctor On Demand, and Carena.[5][6]

History

Teladoc is the oldest and largest telemedicine company in the country and was launched in 2002 in Dallas, Texas. It was founded by Dr. Byron Brooks, a former NASA flight surgeon, and serial entrepreneur Michael Gorton.[7] Teladoc launched nationally in 2005 at the Consumer Directed Health Care Conference, in Chicago, Illinois.[8] By the end of 2007, it had attracted about 1 million members, including large employers who provided it to their employees as a health benefit. Jason Gorevic was named CEO in 2009 and currently holds the role and sits on the company’s board of directors.[9]

As of 2015, Teladoc became the only telemedicine company to be publicly traded on the New York Stock Exchange. In December 2016, the American Hospital Association exclusively endorsed Teladoc's telehealth technology platform. Teladoc now operates its full suite of services 24 hours a day, 365 days a year, by web, phone, or mobile app in 48 of the 50 states.[7]

IPO

Teladoc executives ring the NYSE bell

In September 2014, the company held a series F round of venture capital funding for $50 million which raised its venture backing to over $100 million and its market valuation to over $300 million.[10] Some of its earlier funding rounds included $9 million in December 2009,[11] $4 million in January 2011,[12] $18.6 million in September 2011,[13] and $15 million in September 2013.[14] On April 29, 2015, the company submitted preliminary confidential IPO paperwork, and on May 29, 2015 it publicly filed for its IPO.[15][16] On July 1, 2015, the company went public with a New York Stock Exchange-listed IPO at $19 per share, which gave the company a market capitalization of $758 million and an enterprise value of $620 million.[17] The initial response to the IPO was good: shares surged 50% on the opening day to close at $28.50,[3] after opening at $29.90 and trading as high as $31.90.[18]

Metrics

On the eve of its July 1 IPO, the company was billed as the first and largest telehealth platform in the United States.[19] The number of visits facilitated in 2014 was 299,000.[20] By 2016, its visit count had grown to 952,000.[21] The company had 8.1 million members in 2014 and 10.6 by the end of the first quarter of 2015.[20] By the end of the first quarter of 2015, the company has 4000 clients including 160 of the Fortune 1000 companies.[20] Two years later, the company had 7500 clients and 220 Fortune 1000 companies.[22]

Now Teladoc boasts having over 20 million members, a 10 minute median doctor response time, 95% member satisfaction, and having 92% of issues resolved after the first visit. [23]

Acquisitions

The company has made seven acquisitions: Consult A Doctor for $16.6 million cash in August 2013; AmeriDoc for $17.2 million in May 2014; and BetterHelp for $3.5 million in cash and a $1.0 million promissory note in January 2015.[20] The company also announced and closed the acquisition of HealthiestYou in July 2016.[20] Stat Health Services, Inc. (StatDoc) for $30.1 million, $13.3 million of cash and $16.8 million of Teladoc common stock (or 1,051,033 shares), net of cash acquired in June 2015[24] ; and HealthiestYou for $45 million in cash and 6.96 million shares of Teladoc’s common stock in June 2016.[25] In 2017, the company purchased Best Doctors, Inc., a provider of medical second opinions and a "pay-to-play" medical award listing.[26] Most recently, Teladoc has acquired Advance Medical for $352 million. Advance Medical is an international telemedicine company which has locations in Chile, Spain, and parts of Asia, expanding Teladoc's global health solution.

References

  1. ↑ Wieczner, Jen (2014-09-24). "Thanks to Obamacare, virtual-reality doctors are booming". Fortune. http://fortune.com/2014/09/24/obamacare-telemedicine-doctors-booming/. Retrieved 2015-06-28. 
  2. ↑ "Teladoc Services Now Available in Idaho – Effective July 1". Business Wire. 2015-07-01. http://www.nasdaq.com/press-release/teladoc-services-now-available-in-idaho--effective-july-1-20150701-00833. Retrieved 2015-07-02. 
  3. ↑ 3.0 3.1 Mitchell, Ben (2015-07-01). "Teladoc shares surge 50% in healthy IPO debut". USA Today. http://americasmarkets.usatoday.com/2015/07/01/teladoc-shares-surge-more-than-50-in-healthy-ipo-debut/. Retrieved 2015-07-02. 
  4. ↑ Mannes, John. "PlushCare nabs $8M Series A to prove telehealth can go mainstream". https://techcrunch.com/2016/11/03/plushcare-nabs-8m-series-a-to-prove-telehealth-can-go-mainstream/. 
  5. ↑ Beck, Melinda (2014-05-08). "Where Does It Hurt? Log On. The Doctor Is In". The Wall Street Journal. https://www.wsj.com/articles/SB10001424052702303678404579536284129494564. Retrieved 2015-07-02. 
  6. ↑ Macedo, Diane (2013-12-12). "New App Lets You Get Instant Healthcare Through Your Smartphone". FOX Business. http://www.foxbusiness.com/technology/2013/12/12/new-app-lets-get-instant-healthcare-through-your-smartphone/. Retrieved 2015-07-02. 
  7. ↑ 7.0 7.1 "How the North Texas Telemedicine Revolution Began - D Magazine" (in en-US). D Magazine. https://www.dmagazine.com/publications/d-ceo/2016/november/how-the-north-texas-telemedicine-revolution-began/. 
  8. ↑ "TelaDoc Medical Services, Inc. Launches Nation's First Dedicated Telephone Medical Consult Program" (in en). http://www.businesswire.com/news/home/20050427005550/en/TelaDoc-Medical-Services-Launches-Nations-Dedicated-Telephone. 
  9. ↑ Teladoc. "Meet our management team – Teladoc for members" (in en-US). https://www.teladoc.com/meet-our-management-team/. 
  10. ↑ Hay, Timothy (2014-09-22). "Teladoc Grabs $50M to Stay Ahead of Telemedicine Pack". Dow Jones. http://pevc.dowjones.com/Article?an=DJFVW00120140922ea9mpeb2w&cid=323005&ctype=rn&ReturnUrl=http%3a%2f%2fpevc.dowjones.com%2fArticle%3fan%3dDJFVW00120140922ea9mpeb2w%26cid%3d323005%26ctype%3drn. Retrieved 2015-07-02. 
  11. ↑ "Teladoc Medical Services Secures $9M Funding Led By HLM Venture Partners". Teladoc. 2009-12-09. http://www.teladoc.com/news/2009/12/03/teladoc-medical-services-secures-9m-funding-led-by-hlm-venture-partners/. Retrieved 2015-07-02. 
  12. ↑ "Teladoc Raises Another $4M For 24/7 Doctor Availability". Dow Jones. 2011-01-26. http://pevc.dowjones.com/article?pid=32&an=DJFVW00020110126e71q000gp&ReturnUrl=http%3a%2f%2fpevc.dowjones.com%2farticle%3fpid%3d32%26an%3dDJFVW00020110126e71q000gp. Retrieved 2015-07-02. 
  13. ↑ "Teladoc Secures $18.6 Million in Funding led by Kleiner Perkins Caufield & Byers". Teladoc. 2011-09-13. http://www.teladoc.com/news/2011/09/13/teladoc-secures-18-6-million-in-funding-led-by-kleiner-perkins-caufield-byers/. Retrieved 2015-07-02. 
  14. ↑ Pai, Aditi (2013-09-12). "Virtual visit company Teladoc raises $15M". Mobi Health News. http://mobihealthnews.com/25413/virtual-visit-company-teladoc-raises-15m/. Retrieved 2015-07-02. 
  15. ↑ Hay, Timothy (2015-04-29). "Teladoc Announces Confidential Submission of Initial IPO Paperwork". Dow Jones. http://pevc.dowjones.com/Article?an=DJFVW00120150429eb4tqgx1s&cid=32135016&ctype=ts&pid=32&ReturnUrl=http%3a%2f%2fpevc.dowjones.com%2fArticle%3fan%3dDJFVW00120150429eb4tqgx1s%26cid%3d32135016%26ctype%3dts%26pid%3d32. Retrieved 2015-07-02. 
  16. ↑ Hay, Timothy (2015-05-29). "Teladoc Publicly Files for Its IPO". Dow Jones. http://pevc.dowjones.com/Article?an=DJFVW00120150529eb5tsexmg&cid=32135016&ctype=ts&pid=32&ReturnUrl=http%3a%2f%2fpevc.dowjones.com%2fArticle%3fan%3dDJFVW00120150529eb5tsexmg%26cid%3d32135016%26ctype%3dts%26pid%3d32. Retrieved 2015-07-02. 
  17. ↑ "Teladoc prices upsized IPO at $19, well above the range". NASDAQ. 2015-07-01. http://www.nasdaq.com/article/teladoc-prices-upsized-ipo-at-19-well-above-the-range-cm492384. Retrieved 2015-07-02. 
  18. ↑ "Health Care Sector Update for 07/01/2015: TDOC,TLOG,XENE". NASDAQ. 2015-07-01. http://www.nasdaq.com/article/health-care-sector-update-for-07012015-tdoctlogxene-cm492657. Retrieved 2015-07-02. 
  19. ↑ "Teladoc Announces Pricing of Initial Public Offering". Business Wire. 2015-06-30. http://www.businesswire.com/news/home/20150630006593/en/Teladoc-Announces-Pricing-Initial-Public-Offering#.VZURBkYqg_k. Retrieved 2015-07-02. 
  20. ↑ 20.0 20.1 20.2 20.3 20.4 Dolan, Brian (2015-06-01). "Teladoc IPO filing reveals 299,000 visits last year, details of past aquisitions". Mobi Health News. http://mobihealthnews.com/43977/teladoc-ipo-filing-reveals-299000-visits-last-year-details-of-past-aquisitions/. Retrieved 2015-06-30. 
  21. ↑ McCluskey, Priyanka Dayal (March 7, 2017). "Remote access to doctors may drive up health costs, Harvard study says". Boston Globe. https://www.bostonglobe.com/business/2017/03/06/remote-access-doctors-may-drive-health-costs-harvard-study-says/6diNv6DNvlF7k6Vxsz9EnN/story.html. Retrieved May 4, 2017. 
  22. ↑ Zacks.com (March 27, 2017). "Teladoc Continues to Grow in Booming Telehealth Industry". NASDAQ. http://www.nasdaq.com/article/teladoc-continues-to-grow-in-booming-telehealth-industry-cm760818. Retrieved May 4, 2017. 
  23. ↑ https://www.teladoc.com/
  24. ↑ "10-K: TELADOC, INC." (in en-US). MarketWatch. http://www.marketwatch.com/story/10-k-teladoc-inc-2016-03-03. 
  25. ↑ "Teladoc to Acquire HealthiestYou" (in en-US). http://finance.yahoo.com/news/teladoc-acquire-healthiestyou-100000758.html. 
  26. ↑ "Teladoc acquires Best Doctors in $440M deal to boost international clout - MedCity News" (in en-US). https://medcitynews.com/2017/06/teladoc-acquires-best-doctors-to-accelerate-international-expansion/. 




Retrieved from "https://handwiki.org/wiki/index.php?title=Company:Teladoc&oldid=3184209"