6 Top Telehealth Companies
One positive outcome of the pandemic has been the rapid adoption of telemedicine. After a huge spike in utilization during the early months of the COVID shutdown, telehealth usage now consistently remains above 20%, according to a report from the Department of Health and Human Services.
Usage of video or audio-only telehealth platforms is relatively even, with a slightly higher usage of video. Disparities persist among socioeconomic groups, however, in video telehealth visits.
According to a report by analytics firm Definitive Healthcare, these telehealth vendors have the highest market share based on number of installations.
Zoom dominates the telehealth arena, with 32% market penetration. It has become a pervasive element of many people’s personal and professional lives, so it has a built-in advantage in terms of adoption.
Cisco Systems acquired video conferencing platform WebEx back in 2007. The company could not have anticipated the entry WebEx would give them into healthcare, but it worked out in their favor. Prior to Zoom, WebEx was the dominant teleconferencing platform. People’s familiarity with the software gave them a big advantage in launching WebEx for Healthcare.
Another leader in the market, American Well, or Amwell, is a privately held telehealth company based in Boston. In addition to urgent and primary care, Amwell offers online appointments with providers in areas including women’s health, physical therapy, and breastfeeding support. In 2019, American Well announced a partnership with Cleveland Clinic to launch their telehealth offering The Clinic, which specializes in offering second opinions.
Doxy.me (no relation to Doximity) is a cloud-based telemedicine platform that offers some nice features, including a virtual waiting room, notifications, file sharing and image capture.The company offers a low-definition video product for free, and a high-definition video product for a monthly fee.
Launched in 2002, Teladoc is one of the oldest telehealth companies, and consequently, one of the largest. It reported revenues of more than $2.4 billion in 2022.
Teladoc offers consultations with physicians in internal medicine, family medicine, pediatrics, emergency medicine, dermatology, behavioral health, and more. Doctors can also write some prescriptions at their discretion, but Teladoc does not offer any medication delivery for patients.
Vidyo is different from the other companies on this list. In addition to traditional telehealth features, it bills itself as a virtual sitter, allowing clinicians to monitor up to 16 patients at a time. The platform promotes its ability to prevent patient falls and manage chronic conditions without overburdening staff.
According to Becker’s Hospital Review, there are more than 280 telehealth companies in the US. In order to drive scale and efficiency, consolidation in the industry is inevitable.