August 18, 2020
With the continued spread of COVID-19, many may ask themselves how we can be better prepared for such a catastrophic event in the future. On the front lines of an emerging outbreak, telemedicine is spurring a new way to care for patients.
As COVID-19 upends global supply chains, consumer confidence and the stock market, we believe there are connected health companies that will ultimately become stronger because of it. Telemedicine has been in existence for several years, but is coming to the forefront as a feasible solution as social distancing is enforced and as healthcare systems become stretched. This public crisis could bring a slew of new patients to adopt the valuable experience of a virtual examination. We think patient behavior is set to change and the telemedicine industry will penetrate deeper into the market for routine doctor office visits.
While telemedicine has been a critical alternative thus far, only a small percentage of the addressable population is utilizing it. Of the patients who have tried it, before COVID-19, 84% said they were able to completely resolve their medical concerns in the visit.1 In our ever-connected world, consumers are discovering they don’t have to wait in a doctor’s office to receive care.
Matthew Jenkin, senior research analyst healthcare and Kyle McDonough, research associate, Mellon.