Stimulated by the COVID-19 pandemic, telehealth is accelerating and one of the key forces disrupting the healthcare industry. The benefits of telehealth are clear and numerous, both for patients and healthcare providers. In addition to substantial health improvements, financial savings due to timely diagnosis, unnecessary doctor visits and reduced transportation and waiting times easily run in the hundreds of billions. No surprise that investors are keen to step in. According to CB Insights, #telehealth companies raised a record $4,2 billion in equity funding in Q1 of this year, spread across 130 deals from 32 countries. As a result another six telehealth companies passed the $1 billion valuation to become unicorns. San Francisco-based Hinge Health is now, for example, valued at $3 billion after the latest round of $300 million funding. The company has developed a digital solution that combines sensor-guided exercise therapy with virtual health coaching to treat chronic musculoskeletal conditions like back and joint pain completely from home.
With a valuation of around $25 billions NYSE-listed Teladoc Health is currently the highest valued telehealth company. With branches on 5 continents Teladoc's revenues nearly doubled in 2020 to well over $1 billion for 10,6 million visits and treatments. It provides virtual access to care with a portfolio of services and solutions including various medical subspecialties from non-urgent, episodic needs, such as flu and upper respiratory infections, to chronic, complicated medical conditions, such as cancer and congestive heart failure.