Teladoc Health acquires telehealth company InTouch Health
Purchase, New York-based company Teladoc Health has completed the acquisition of fellow telemedicine firm InTouch Health.
Teladoc was founded in 2002 and offers telemedicine and telehealth solutions, with a platform enabling on-demand remote medical care from professionals via audio and video conferencing.
Operating in over 175 countries, the company says it enables millions of instances of contact between patients and providers yearly.
Teladoc framed the acquisition as providing it with InTouch’s capabilities for linking providers together allowing Teladoc to connect care experiences across in-patient, outpatient and homecare environments.
In a press release, Jason Gorevic, chief executive officer, Teladoc Health, said: “As virtual care quickly becomes a necessity for all healthcare providers, the acquisition of InTouch Health positions us to lead this transformation in healthcare and be that single, integrated partner. Doctors and hospitals need medical grade solutions and a unified virtual care strategy that can scale and grow with them. This acquisition makes Teladoc Health the first and only company to comprehensively deliver on that need.”
The company pointed to the ongoing coronavirus pandemic as engendering a new openness among consumers to telemedicine as a practice, inspiring other providers to deliver care online or via phone.
“With both our longstanding clients and new partners that have come to us since the start of the pandemic, there is a seismic shift in the urgency and readiness of hospitals and physician practices large and small to virtualize now,” explained Joe DeVivo, president, Hospital & Health Systems, Teladoc Health. “Providers are seeking an enterprise virtual care approach. With our proven healthcare industry expertise and unified platform, we are delivering a better way to engage with patients at every point along their healthcare journey.”
The acquisition was completed on 1 July 2020, the purchase price consisting of $150mn cash and 4.6 million Teladoc Health shares.