Teladoc Health, Inc. TDOC recently introduced Mental Health Care — the telemedicine service — that intends to offer improved mental health outcomes for Canadian employees. This initiative adds another feather to Teladoc Health’s diversified suite of mental health offerings in Canada. Notably, the company already has an established presence in the country with its Mental Health Navigator and disability products for addressing mental health issues.
What makes this telemedicine service noteworthy is that it can be called the first platform to collectively provide general medical and mental health care. Another notable feature is the benefit of virtual therapy offered by this new telemedicine service, which not only ensures confidential appointments but also provides essential treatment to those who have limited time availability or find it more secure in a controlled space.
Members of Mental Health Care will have access to Teladoc Health’s licensed psychiatrists, psychologists and therapists with whom they can have multiple sessions via any medium, which they find convenient like phone, web or mobile app.
Moreover, the same members will not only get an average of five-day lead time for booking appointments but will also have access to Mental Health Care on a 24-7 basis.
Shares of this Zacks Rank #3 (Hold) health care provider have soared 220.8% in a year compared with the industry’s rally of 42.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Addressing Mental Issues: Need of the Hour
It has to be noted that mental health issues, aggravated further by the COVID-19 pandemic, have been rising alarmingly across the United States and Canada. With unemployment levels remaining high, financial burden is bound to take a toll on mental health of most people. Thus, addressing mental issues at the earliest has become crucial amid this pandemic.
A study conducted by Teladoc Health in May this year reported that the mental health of half of Canadian respondents were adversely affected by the pandemic, and most of them were in favor of opting for virtual care in order to resolve their mental health issues.
Furthermore, we believe that the launch of Mental Health Care comes at an opportune time and will be a boon for Canadian employers as most employees are emphasizing on employee benefit plans, which offer virtual care for mental health needs. Notably, the World Health Organization (WHO) has also stressed on the fact that workplaces need to address mental health issues of employees. The inability to do so often leads to lower productivity and absenteeism.
Teladoc Health has been banking on several initiatives to boost telehealth offerings. With stringent social distancing measures being observed on account of the coronavirus, patients have been compelled to resort to telehealth services in order to avail medical help. The pandemic has further highlighted the importance of telehealth services, and Teladoc Health is well poised to capitalize on the current scenario.
In sync with its endeavors, Teladoc Health decided to merge with Livongo Health, Inc. LVGO in August in order to create a comprehensive virtual healthcare delivery system. Among other stocks in the medical space, Magellan Health, Inc. MGLN and Humana Inc. HUM have also developed telehealth services.
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