PURCHASE, NY, April 14, 2020 (GLOBE NEWSWIRE) — Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, today announced preliminary financial and operating results for its first quarter ended March 31, 2020. The preliminary results are subject to completion of the company’s quarterly financial reporting process and are based on present circumstances.
As a result of the global outbreak of COVID-19, Teladoc Health has experienced an unprecedented surge in demand for its services. The company is now routinely providing in excess of 20,000 virtual medical visits per day in the United States, representing an increase of over 100% as compared to the first week of March. As a mission driven organization, Teladoc Health has stepped up in this time of need to address physical delivery system limitations to ensure that those in need have access to high quality care from a physician.The performance of Teladoc Health’s technology platform has been exceptional, and the company has responded to the rising demand with a number of initiatives. These initiatives include streamlining the company’s provider onboarding process to rapidly expand new physician capacity, enhancing visit queue algorithms, and temporarily increasing physician compensation in certain cases to ensure the company’s clients and members have access to high-quality physician care in as timely a manner as possible during the COVID-19 pandemic. These efforts have combined to significantly expand the number of active providers, while greatly enhancing the productivity of our existing network of physicians.As the majority of Americans have seen their communities come under orders to shelter in place, more than 60 percent of current Teladoc Health visits are with members who are new to the platform, seeking care ranging from possible COVID-19 infections to non-respiratory ailments, in an effort to avoid traveling in their communities and stay away from a clogged brick and mortar health care system.“Our first priority is to ensure that every patient who comes to us receives the high-quality medical care they need,” said Jason Gorevic, chief executive officer of Teladoc Health. “The Teladoc Health team and platform are performing extremely well as more consumers, employers and hospital systems rely on us during this unprecedented time. Virtual care is playing a central role during this crisis, when the traditional healthcare system is under intense pressure, and I am confident that role will only continue to expand.” Update on First Quarter 2020 Outlook
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