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The COVID-19 pandemic has had well-documented transformative effects on the delivery of health care. Investors, providers, payors and other stakeholders have often been at the forefront of the industry shifts in the trailing twelve-month period. We have set forth below three investment trends that may be particularly compelling.
Telehealth: The New Era
It is no secret that this last year accelerated the growth of telehealth. Specifically, telehealth accounted for over 30% of total outpatient visits during the pandemic. Of course, providers benefited from favorable changes in reimbursement rules from both governmental and commercial payors, and such changes may not be permanent. However, even if the moment is fleeting, the rapid expansion of telehealth services will likely have a lasting impact on the delivery of health care. Accordingly, investment activity involving telehealth has been tremendous. Early pioneer Teladoc has closed at least 12 acquisitions in the last few years, including the acquisition of Livongo. Amwell effectuated an IPO. Finally, several consumer-fueled platforms, including GoodRx and Hims, have also gone public, the latter of which by way of a SPAC. And while the first wave of telehealth providers have been particularly active, we are also following the new era providers focusing on specialty and acute care.