Teladoc Health Stock Jumps Following Amazon Alexa Partnership
Barron’s reported that shares of Teladoc were up nearly 7% in early-morning trading on Feb. 28, following the announcement.
On the morning of March 1, the stock was up 7.3% in pre-market trading.
The company recently announced that it was launching what it deems a “first of its kind experience” with Amazon Alexa — via the launch of voice-activated general medical virtual care on supported Echo devices, such as an Echo, Echo Dot, and Echo Show — according to a press release.
The service will enable customers in the U.S. to connect with a Teladoc care provider (24/7) from supported Echo devices — allowing them to share concerns related to general medical needs. Teladoc on Alexa will initially launch via audio with video visits coming soon, according to the release.
“Teladoc Health’s collaboration with Amazon is yet another step in breaking down barriers to healthcare access,” Donna Boyer, chief product officer for Teladoc Health, said in the release. “By introducing and integrating our virtual first care experience with Echo devices, we are providing an innovative and convenient way for users to connect with a doctor. We are meeting consumers where they are, to continue to deliver value and high-quality care to members.”
In terms of what the partnership might look like, customers can say, “Alexa, I want to talk to a doctor,” to their Echo device to get connected with the Teladoc call center. They will then get a call back on their Echo devices from a Teladoc doctor for virtual visits related to non-emergency health needs, such as experiencing symptoms of a cold, flu, or allergies.
The cost per visit can be as low as $0 per visit with insurance or $75 without insurance.
“We’re excited to work with Teladoc Health to offer our customers an easy, hands-free way to connect with a doctor,” Debra Chrapaty, vice president and chief operating officer for Amazon Alexa, said in the release. “Whether they’re taking care of their sick child in the middle of the night or wanting to ask a doctor about allergy symptoms in between meetings during the day, we hope this experience will help customers find the convenient help they want from the comfort of their own home.”
Investors.com said that the company held its initial public offering (IPO) in 2015. Teladoc stock listed at $19. Shares set a record high of $308 about one year ago. Teladoc stock now trades about 75% below that peak, it added.
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