Over 10 years ago, a client hired me to investigate whether telehealth — using technology to connect patients with doctors — was a good business opportunity. At the time, patients who lived far from doctors or hospitals needed telehealth — but it was unclear who would pay enough to cover its costs.
Technology has advanced considerably since then. What’s more COVID-19 has vastly expanded the demand for telehealth — which is expected to grow at nearly a 17% average annual rate from $25.4 billion in 2020 to $55.6 billion in 2025, according to Markets and Markets.
Investors have taken notice. A publicly-traded supplier of telehealth services, TelaDoc, has enjoyed a surge in its stock price. And a TelaDoc partner, Tyto Care — a privately-held New York-based maker of an at home health monitoring device that sends results to medical professionals — saw its revenues “triple in 2019 and expects them grow 2.5-fold in 2020,” according to my April 28 interview with CEO Dedi Gilad.
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