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Telehealth Likely to Continue Growing Long After the Public Health Crisis

FN Media Group Presents Market Commentary

The past year has made very clear the value of technology that makes health services available instantly from the comfort of the patient’s own home. As the world begins to move on from the public health crisis, the advancements made to the telehealth industry will continue to be valuable, making life easier for patients with limited mobility, helping to reduce the spread of contagious illnesses, and simply reducing the barrier to health services for people with busy lives. The global telehealth industry received a boost in 2020, and is now set to reach $559.52 billion by 2027. Meanwhile, companies like Mydecine Innovations Group Inc., Teladoc Health Inc., 1Life Healthcare Inc., American Well Corp., and CVS Health Corp. are establishing themselves as leaders in the space.

Mydecine Innovations Group Brings Telehealth to the Psychedelics Space

Mydecine Innovations Group Inc. is a pioneering healthcare company in both the emerging psychedelic therapy sector and the rapidly growing telehealth space. The company aims to modernize, simplify, and improve access to mental health support. Mydecine’s subsidiary Mindleap Health is a virtual healthcare company that has built the industry’s only psychedelics-focused telehealth platform, allowing patients to access safe, professionally supervised psychedelic mental health services from the comfort, convenience, and privacy of their own homes.

Mindleap’s telemedicine platform lets patients track their mood, emotions, and habits while providing analytics for these metrics, with the goal of promoting personal breakthroughs. The platform gives users access to virtual mental health coaching from an international network of specialists. Mindleap is in the process of adding new and more advanced mental health and wellbeing tools, including expert on-demand programs, streaming mental wellbeing content, and more.

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On February 17Mydecine Innovations Group announced that Mindleap had filed a provisional patent for its technology platform in both the United States Patent and Trademark Office and the Canadian Intellectual Property Office. The company also provided details for the company’s updated Mindleap 2.0 platform, set to launch in Spring 2021. Enhancements to the platform will include improved remote telemedicine services, as well as the release of new Digital Mental Health and Well-Being Programs featuring daily audio or video sessions created by world-class experts in each of their respective fields. The update will also include a redesigned user interface, along with audio programs for psychedelic integration, addiction, meditation, breathwork, cognitive behavioral therapy, and others.

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“We’re really excited about what we’re working on right now at Mindleap. There are a number of advancements that we’ll be introducing to the public over the next few months, and we can’t wait to see how our users respond,” Jack Bunce, Head of Digital at Mindleap, said in the company’s release. “More than ever before people are looking for ways to access high-quality, on-demand content that will positively impact their mental health and well-being. Through the creative partnerships we’ve formed and the digital programs we’ve developed, there is an outstanding opportunity to continue to leverage the telehealth experience into something that can help people make significant progress on their mental health journey.”

Healthcare Companies Position Themselves in Growing Telehealth Space

On October 30, 2020Teladoc Health Inc. completed a merger with fellow leading virtual care company Livongo, effectively making the combined company into a juggernaut in the telehealth space. The company says that the combined capabilities of the two companies allows Teladoc to provide services that “span a person’s entire health journey.”

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1Life Healthcare Inc. rolled out its virtual-only enterprise health platform One Medical Now early last year. In August, the company announced that the platform has seen strong interest from national employers looking to provide service in areas where 1Life doesn’t currently provide physical service.

On February 18American Well Corp “Amwell” announced the expansion of its telehealth platform with the addition of its new Hospital TV 100 Carepoint device, which turns existing hospital TVs into telehealth endpoints. This system allows hospitals to upgrade their telehealth infrastructure and give patients access to off site healthcare specialists without the need for expensive equipment upgrades.

Pharmacy retail chain CVS Health Corp. has made recent moves into the telehealth space as well. In July, the company began testing out in-store telehealth visits through its MinuteClinics for customers in Georgia and Massachusetts. In January, the company introduced Symphony, a medical alert system that uses IOC connected sensors to monitor senior patients for falls and signs of health emergencies, and provides 24/7 personal emergency response. The system also allows patients to communicate hands free with caregivers or emergency responders at any time.

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