This Company Could Beat Out Teladoc, and It's Not Amazon
The pandemic has encouraged a transition toward home-based healthcare solutions. Demand for telemedicine skyrocketed, and roughly two-thirds of Americans are now willing to meet their doctor remotely through a video visit. At the same time, virtual sessions are inherently limited since caregivers can not perform a comprehensive physical exam. Both caregivers and patients alike may be concerned that relying too heavily on telemedicine could hurt long-term care and that many chronic conditions can not be fully treated remotely.
Rapidly growing health services company DocGo (NASDAQ: DCGO) aims to bridge the gap between telemedicine and traditional office care, by providing "last mile" services that enable in-home care. The company describes itself as providing first-of-its-kind "Uber-like" non-emergency transportation for hospitals and "upskilled" medical professionals that can perform in-home visits at a lower cost.
Teladoc's (NYSE: TDOC) virtual visits almost doubled at the beginning of the COVID-19 outbreak, and roughly one in four Americans opted for telemedicine services during the pandemic. The rising demand for virtual healthcare caused Teladoc's revenue to nearly quadruple over two years, from $550 million in 2019 to $2.1 billion in 2021. But growth is slowing, as revenue increased only 7% over the first half of 2022. While this growth rate is certainly still respectable, it is falling short of its lockdown levels.
Source Fool.com
