Dive Brief:
Teladoc Health is joining an Amazon marketplace that aims to connect consumers with health benefits programs, the telehealth vendor said Monday.
Now, eligible users can find and enroll in Teladoc’s diabetes, hypertension, pre-diabetes and weight management programs through Amazon’s Benefits Connector.
The program could help drive enrollment in Teladoc’s chronic care offerings, executives said at the J.P. Morgan Healthcare Conference in San Francisco on Monday. “I wouldn’t count on it bringing revenue for us very quickly, but it is certainly something that we will continue to pursue in terms of growing our chronic care program,” Teladoc CFO Mala Murthy said.
Dive Insight:
Amazon launched the benefits connector one year ago, starting with a partnership with chronic condition management company Omada.
The technology and retail giant has since expanded the initiative, previously called Health Condition Programs, to more digital health companies, including behavioral healthcare provider Talkspace, online therapy and mental health firm Rula and digital physical therapy company Hinge Health.
The benefits connector works by matching users with digital health programs and then checking when the benefits are covered through the consumer’s insurance plan or employer. If eligible, users can apply to join the programs.
Surfacing Teladoc’s offerings will help eligible consumers more easily access its chronic care programs, which represent an important growth driver at the telehealth firm, executives said at JPM.
The company currently has more than one million active enrollees across its chronic condition programs, according to the Monday press release.
“We offer chronic condition management programs extensively, and so we have a lot of people out there that we can recruit and enroll,” Teladoc CEO Chuck Divita said at JPM, adding: “It’s Amazon. They’ve got a great consumer experience, so we’re happy to be on the platform and see where it goes.”
Over the past year, Teladoc has focused on cutting costs and restructuring its business. The virtual care firm’s stock price has sunk compared with the heights reached during the COVID-19 pandemic as providers and patients turned to virtual care.
Divita, a former insurance executive, is also relatively new to the role. He took on the top spot at the telehealth vendor in June, months after longtime CEO Jason Gorevic abruptly left the company.
In the third quarter, Teladoc recorded a $33.3 million net loss on revenue of $640.5 million, compared with a $57.1 million loss on $660.2 million in revenue during the same period last year.
The company will report fourth quarter earnings at the end of next month, according to Divita.
