MDLive Get Smart

Goals

To help the client get smart on MDLive by providing information on the Telehealth/Virtual Healthcare market and industries, how COVID-19 has impacted those industries, how MDLive is doing over the course of the year, who are its customers, who are it's competitors, and current and potential future trends/opportunities in the telehealth/virtual healthcare industry.

Early Findings

MDLive Overview

Products and Services

  • MDLive offers the cloud-based Virtual Medical Office software platform that enables medical professionals, patients, and plan administrators to collaborate securely and effortlessly using voice, video, mobile devices, and email.
  • The company also offers the HIPAA-compliant system to be used by providers and payers "to collect and share clinical data from patient medical records, lab results, and in-home biometric devices for real-time risk assessments, wellness advice, diagnosis, and treatment. "
  • In addition, MDLive provides affordable consultations "via a nationwide network of board-certified physicians and licensed therapists."

Partnerships

  • MDLive partners with Sentara Healthcare, Sutter Health, Trinity Health, FONEMED, Yale-New Haven Hospital, Centura Health, Cone Health, Delaware Health Information Network, St. Joseph Health, and University Hospitals to offer its products and services.

Customers

Competitors

  • Comparably names American Well, Accolade, HealthTap, and Ob Hospitalist Group as some of the competitors for MDLive.
  • CB Insights names Teladoc Health and Amwell as competitors for MDLive.
  • ZoomInfo provides Amwell, Doctor on Demand, WellVia, Dialogue, Advance Medical, and Maven Clinic as the top competitors of MDLive.

How COVID-19 has Impacted the Telehealth/Virtual Healthcare Market

  • Lockdowns and social distancing rules in many countries due to COVID-19 have forced non-urgent health care providers to shut their doors and encouraged many patients to receive treatment remotely, leading to growth in the telehealth/virtual market. According to Medgadget, "40% of doctors are providing treatment for coronavirus patients, and 60% of doctors are forced to abandon their treatment unless they have been told otherwise."
  • The Covid-19 pandemic has led to some healthcare providers considering modifying their business model and introducing telehealth solutions as part of their daily medical system. Telehealth has become a must-have option for patients and health practitioners.

Current and Potential Future Trends/Opportunities in the Telehealth/Virtual Healthcare Industry

Considerable Growth

  • The telehealth industry was already experiencing considerable momentum among patients and healthcare providers over the past few years, even before the novel coronavirus hit.
  • This growth has been driven by more streamlined technology and the young generation of tech-savvy getting more involved in this care model.
  • The global telehealth market is expected to reach USD 16,173.8 million, with a CAGR of 22.74% from 2017 to 2024.
  • The growth in the industry is driven by a lack of doctors, an increase in the geriatric population, and the growing prevalence of chronic diseases.

Health Care Providers Modifying Their Business Model

  • Due to the volatility of the COVID-19 crisis, some health care providers have considered modifying their business model to introduce telehealth solutions as part of their daily medical system. Telehealth is no longer a secondary treatment option but a must-have option for health practitioners and patients.

A Rise in Usage of Telehealth Post COVID-19

  • After rapid expansion due to COVID-19, telehealth services and solutions "will remain readily accessible even after the end of the coronavirus pandemic."
  • In the future, the telehealth industry will see a rise in usage with improved functionality and accessibility worldwide, since people have already seen telehealth in practice during this unpredictable period and are experiencing its benefits,
  • The relaxation of the HIPAA regulations and the breach penalty will be lifted after the pandemic and patients and care professionals are likely to turn to HIPAA-compliant and more safe telehealth systems to receive medical attention.

Summary Of Our Early Findings Relevant To The Goals

We were able to provide information on customers, competitors, How COVID-19 has Impacted the Telehealth/Virtual Healthcare Market, and current and potential future trends/opportunities in the telehealth/virtual healthcare industry.

Proposed next steps:

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