CloudMD Software & Services (CSE: DOC) has officially launched its flagship telemedicine app for use in the Province of Ontario. The app, which is free to use, will enable Ontarians to book same-day virtual visits with a licensed physician via real-time videoconferencing on the mobile app.
The app, which initially launched in British Columbia a few short weeks ago, has seen a massive spike in use amidst the ongoing coronavirus, or COVID-19, pandemic. The app enables patients to consult a licensed physician remotely, without the need for the patient to be exposed to a practitioners waiting room or office, thus limiting exposure to potential disease.
Since the start of the pandemic, CloudMD has been enabling on average more than 110 consultations a day since the beginning of the coronavirus self-isolation period. The last two weeks have seen a 69% increase in patient consultations, while last week the app saw an increase of 83% over the first week of March, demonstrating the implicit demand for telehealth offerings among Canadians.
Demand for the app has been demonstrated by data verifiable by third parties that include the Apple App Store, where the CloudMD app reached #2 in medical app downloads, as well as Google Play which reports of 1,000+ downloads of the app, while recently hitting #5 in free medical app downloads. The app has seen an overall increase in downloads of 71% since the beginning of the coronavirus self-isolation period in Canada as Canadians take necessary measures to limit their exposure to others and take part in social distancing.
The Province of Ontario earlier this month embraced the use of telemedicine services in the face of the ongoing pandemic. The provincial health authority issued an emergency billing code to be used by telemedicine providers, enabling the visit to be billed through OHIP, the Ontario Health Insurance Plan. The use of telemedicine enables resources to be freed up at clinics and hospitals, enabling healthcare providers to be able to provide a better quality of care to patients.
The coronavirus pandemic has transformed public behaviour faster than ever before, and in response we’re seeing government move at uncharacteristic speed to adapt to this “new normal” we find ourselves in. With many global forecasts predicting the coronavirus crisis will last until spring 2021, this is our opportunity to show the benefits of telemedicine, and how it can be used effectively to receive timely care and reduce strain on hospital resources, while minimizing the outbreak’s spread.Dr. Essam Hamza, CEO of CloudMD
The CloudMD app is now available to 20 million Canadians across British Columbia and Ontario and is available free to download at the Apple App Store and on Google Play. Healthcare service is currently available to patients seven days a week, Monday to Friday 9am – 7pm and Saturday and Sunday 9am – 5pm.
CloudMD Software & Services last traded at $0.50 on the CSE, following the mid-morning announcement yesterday that the company has closed its private placement for aggregate proceeds of $3.02 million.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.