Teladoc Health

#2854

Rank

$4.05B

MarketCap US

US United States

Country

Summary
Teladoc Health, Inc. provides virtual healthcare services in the United States and internationally. The company offers a portfolio of services and solutions covering non-urgent, episodic, chronic, and complicated medical conditions, including diabetes, hypertension, chronic kidney disease, cancer, congestive heart failure, and mental health conditions. It offers a range of programs and services, including primary and specialty care telehealth solutions, chronic condition management, expert medical services, mental health solutions, and platform and program services. The company serves employers, health plans, hospitals and health systems, and insurance and financial services companies, as well as individual members. It offers its products and services under the Teladoc, Livongo, and BetterHelp brands. The company was formerly known as Teladoc, Inc. and changed its name to Teladoc Health, Inc. in August 2018. The company was incorporated in 2002 and is headquartered in Purchase, New York.

History

2002–2008

Teladoc was founded in 2002 in Dallas, Texas by G. Byron Brooks EE MD and Michael Gorton. Billing itself as the oldest telemedicine company in United States, Teladoc's initial business model allowed patients to remotely consult with state-licensed doctors at any time. Companies paid a monthly fee for their employees to access the service, while patients paid a flat fee for each consultation, originally about $35 to $40. With Gorton as both chairman and CEO, Teladoc launched nationally in 2005 at the Consumer Directed Health Care Conference in Chicago, Illinois. Teladoc had around 1 million members by the end of 2007, with large employers such as AT&T providing the service to employees as a health benefit.

2009–2014

Jason Gorevic was named Teladoc's chief executive in 2009. The company's initial private funding rounds raised $9 million in December 2009, $4 million in January 2011, and $18.6 million in September 2011. That year, Aetna began offering Teladoc for its fully insured members in Florida and Texas, later offering Teladoc in all 50 states. Teladoc acquired Consult A Doctor for $16.6 million cash in August 2013, allowing smaller companies to access Teladoc's services. At the time, Teladoc completed 120,000 consults annually. Teladoc raised $15 million in September 2013, with total funding at that point equaling $46.6 million.The Affordable Care Act led to a large number of insurance companies signing with Teladoc, resulting in a growth surge around 2014. By that time, insurance companies such as Blue Shield of California and Oscar had signed with Teladoc, as well as other companies such as Home Depot, T-Mobile, CalPERS, and Rent-A-Center. Teladoc acquired AmeriDoc for $17.2 million in May 2014. The acquisitions of Consult A Doctor and AmeriDoc, both Teladoc's main competitors, resulted in Teladoc becoming the largest telemedicine provider in the United States. With 8 million individual patients, Teladoc's doctors performed 299,000 consults that year. Teladoc's sales doubled in both 2013 and 2014, and Teladoc raised $50 million from private investors in September 2014, bringing total funding to $100 million.

2015–2016

The company acquired BetterHelp in January 2015 for $3.5 million, followed by Stat Health Services, Inc. in June 2015 for $30 million. After beginning the process that April, Teladoc went public on the New York Stock Exchange on July 1, 2015. The only telemedicine company on the NYSE, Teladoc's initial public offering listed at $19 per share, giving the company a market capitalization of $758 million and an enterprise value of $620 million. The initial response to the IPO was positive, as shares surged 50 percent on the opening day. Three months after the IPO, health insurer Highmark, which represented 1.5% of Teladoc's 2015 revenue, ceased to renew a contract. Teladoc shares fell significantly as a result, before rising to earlier levels.Teladoc acquired the behavioral health services provider Compile Inc. in January 2015, followed by the competitor Stat Health Services Inc. in June 2015. In 2016 Teladoc began aggressively expanding, acquiring other companies and launching health segments for dermatology, behavioral health, and sexual health. That year the company won a patent infringement lawsuit filed against competitor American Well. In July 2016, Teladoc acquired HealthiestYou for $45 million. Teladoc had 15 million members by November 2016 and a market share of 75% in the United States. It also operated its full service suite in 48 states, excluding Arkansas and Texas. In December 2016, the American Hospital Association exclusively endorsed Teladoc's telehealth technology platform. Teladoc logged 952,000 patient visits that year.

2017–2021

In its largest acquisition at the time, in 2017 Teladoc spent $440 million purchasing Best Doctors, a medical consultation firm and provider of medical second opinions and pay-to-play medical award listings. On February 28, 2019, non-profit group ProPublica released a report critical of companies like subsidiary Best Doctors that sell physician awards, including "Best Doctors" awards. Teladoc had 7,500 clients in 2017, of which 220 were Fortune 1000 companies. Sales that year were $233 million, 89% higher than the year prior.As of July 2018, Teladoc Health brands included Teladoc, Advance Medical, Best Doctors, BetterHelp and HealthiestYou. With a market capitalization of $4.1 billion, on August 10, 2018, Teladoc, Inc. changed its name to Teladoc Health, Inc. while continuing to trade on the NYSE. Teladoc Health began partnering with CVS in August 2018 on remote consults at MinuteClinics. In December 2018, Teladoc Health's chief financial officer and chief operating officer Mark Hirschhorn resigned after a report that he engaged in a sexual relationship and insider trading with an employee. According to Yahoo Finance, stock value fell roughly 20% in the days following, while an investor class action lawsuit alleged that Teladoc Health had violated securities laws by failing to disclose Hirschhorn's behavior. Teladoc Health denied making false statements or any legal violations. Joining from American Express, Mala Murthy was appointed CFO in June 2019.In late 2018, Teladoc Health acquired the telemedicine company Advance Medical for $352 million, which employed doctors in Latin America, Europe, and Asia. In 2019, the French health company MédecinDirect was acquired.Teladoc Health provides free telehealth visits to natural disaster and hurricane victims, and in 2019 it provided the telemedicine system implemented for patients in Paradise, California after the Camp Fire, working through Blue Shield of California. In April 2019, Teladoc launched in Canada with the Teladoc Telemedicine Service. In May 2019, the company created a virtual care patient safety organization dubbed the Institute for Patient Safety and Quality of Virtual Care. Currently headquartered in Purchase, New York, as of 2019, the company was active in 130 countries and had around 27 million members. David Sides was appointed COO in 2019. In 2019, the company had revenues of $533 million and 4.1 million total visits.In January 2020, Teladoc announced that it was acquiring InTouch Health for both cash and stock. Closing the deal in July 2020, Teladoc predicted that its "hospital-based telemedicine business" would grow significantly as a result. In March 2020, Teladoc was "partnering with the CDC to provide near real-time surveillance data on the spread of the ." By July 2020, Teladoc's reported revenue was up 85% from 2019, with its paid US membership doubled from 26.8 million to 51.5 million.In August 2020, the business announced it would acquire Livongo Health for $18.5 billion. It was the "third-largest deal for a U.S. company" that year, with the combined companies to have a joint enterprise value of around $37 billion.


Mission
Teladoc Health’s mission is to use technology to increase access to care, improve health outcomes and lower break-even costs within health systems.

Vision
Our vision is to become the most trusted virtual healthcare provider, ensuring our customers’ health and wellbeing.

Key Team

Mr. Andrew Turitz (Sr. VP of Corp. Devel.)

Mr. Claus Torp Jensen Ph.D. (Chief Innovation Officer)

Dr. George Byron Brooks (Co-Founder)

Mr. Patrick Thomas Feeley C.F.A., CPA (VP of Investor Relations)

Mr. Mike Waters (Chief Operating Officer)

Ms. Courtney Kraemer McLeod (Director of Communication)

Mr. Richard J. Napolitano (Sr. VP, Chief Accounting Officer & Controller)


Recognition and Awards
Teladoc Health has won a variety of awards, including the 2019 Tech Culture Award from the American Business Awards, the 2019 Big Innovation Award from the American Technology Awards, and the 2018 Digital Health Impact Award from Digital Health Awards. Teladoc has also twice earned recognition from Forbes as the No. 1 Media Company on its annual America’s Best Small Companies list.

References
Teladoc Health
Leadership team

Mr. Jason Nathanial Gorevic (CEO & Director)

Ms. Mala Murthy (Chief Financial Officer)

Mr. Adam Christian Vandervoort (Chief Legal Officer & Sec.)

Products/ Services
Health Care, Hospital, mHealth
Number of Employees
1,000 - 20,000
Headquarters
Purchase, New York, United States
Established
2002
Company Registration
SEC CIK number: 0001477449
Revenue
Above - 1B
Traded as
TDOC
Social Media
Thu Feb 29 2024
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