Teladoc’s How to Guide on Monetizing Telehealth
Teladoc, Inc. is the nation’s largest telehealth platform providing remote consultations to more than 1 million patients in 2017. Teladoc has over 3,100 board-certified, state-licensed healthcare professionals working 24/7 assisting their network of over 20 million members.
Teladoc’s estimated revenue for 2017 is over $232 million with an estimated Compound Annual Growth Rate (CAGR) of 74% from 2014 – 2017. Teladoc was founded in 2002 and went public on the NYSE July 1, 2015, at an IPO price of $19 a share. Since their initial IPO, Teladoc has soared to a 52-week high of $38.35 and a market cap of over $2 billion. Teladoc believes that domestically their total addressable market size is a whopping $57 billion with an even greater opportunity within the international marketplace.
Even though Teladoc is the largest telehealth platform in the nation with over 10,000 clients including 300+ Fortune 1000 companies, they have only begun to scratch the surface. With an estimated 1.45 million consults conducted in 2017, it represents less than 1% of the overall domestic market size.
Exciting! But how did they do it?
Simple. Teladoc realized early on that they wanted to be the #1 telehealth platform in the world, but they needed a way to provide quality services for their customers while deploying a cost-effective solution that could easily scale as they grew.
Teladoc looked to Google, well in a sense. Google’s innovation and dedication to technology led them to open-source a new technology called Web Real-Time Communications (WebRTC) in 2011, after spending over $200 million acquiring the companies behind the underlying technology.
WebRTC provides the building blocks that allow any company the ability to integrate high quality, cost-effective, live audio and video capabilities into their products and services, without any licensing or royalty fees normally seen with video technology. Teladoc had found their solution.
Teladoc is creating a new paradigm for how patients access healthcare by delivering a single solution for addressing a myriad of medical conditions. By harnessing the power of WebRTC, Teladoc has been able to provide a simple, patient-centric way for members to resolve their healthcare issues, thus providing a cost-efficient way to improve patient outcomes.
However, every healthcare system and provider doesn’t like the idea of paying a service fee to another company if they are able to profit from their existing network of healthcare professionals. Many providers are building their own telehealth platforms in order to capitalize on their existing patient base without having to pay service fees to companies like Teladoc.
As WebRTC experts, our team works with healthcare providers to offer comprehensive solutions by helping them implement real-time communications capabilities that provide the same functionality as Teladoc. Our custom-built solutions offer more versatility while remaining HIPAA compliant.
Reach out to our team today to learn how we can help you do the same.
About Blacc Spot Media, Inc.
Blacc Spot Media is an Inc 5000 fastest growing company in America focused on Web Real-Time Communications (WebRTC) development across web, mobile, native desktop and telephony implementations. Our team works on strategic projects developing custom applications, enterprise platforms and mobile applications for a wide array of clients. If you are interested developing your own WebRTC product or service, let us know how we can help you.