Who wants to sit in a crowded waiting room at the local medical center with people coughing and sneezing around them?
With the onset of the Coronavirus pandemic, a number of telehealth regulations have been eased to help doctors and patients interact virtually. We recognized the potential growth in Telemedicine being jolted into overdrive as news of the virus spread. Searching within the sector, we identified Teladoc (TDOC) as the dominant player in virtual healthcare as it commands 75% of the market. 674 financial institutions including Blackrock, Vanguard and other financial monstrosities are currently holding shares of TDOC as the smart money jumped on the bandwagon. We just about got in ahead of many of them.
Teladoc provides virtual healthcare services on a business basis in the U.S. and beyond. The company covers more than 450 medical specialities including non-critical, episodic care, chronic and more serious conditions such as cancer and health problems. Teladoc offers telehealth solutions, expert medical services, behavioral health solutions, guidance and support and platform and program services. The platform can handle 50,000 visits per day and it can serve 100 million members.
We opened a position in TDOC on 13 March of this year and are currently up 56% on the trade. Telemedicine looks like a trend we want to be invested in for the foreseeable future.