Teladoc Health (NYSE: TDOC) is expanding its Canadian operations significantly. The Empire Life Insurance CO (TSX: EML.A) announced this morning that the firm is adding Teledoc’s telemedicine services to its benefits plans in Canada. Starting next month, all group plan members with Empire Life group health benefits will automatically have access to the service.
Teladoc Health is viewed as the leading telemedicine healthcare provider within the US, making the announcement significant for the Canadian telemedicine sector, which includes the likes of WELL Health (TSX: WELL) and CloudMD Software & Services (TSXV: DOC). Empire Life has approximately 419,000 individual customers, whom will now have coverage for telemedicine services, rapidly expanding the Canadian sector.
In making the announcement, Empire Life identified the need for such services in Canada, based on the fact that roughly 5 million Canadians prior to the pandemic did not have a regular care provider, while only 16% of primary care doctors have capacity for additional patients. The new service also offers same day or next day appointments, something that prior to the pandemic only 43% of Canadian had access to.
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Financial aspects of the partnership were not provided.
Empire Life is an insurance provider within Canada that currently has total assets under management of $17.8 billion.
Empire Life Insurance Co last traded at $25.59 on the TSX.
Information for this briefing was found via Sedar and Empire Life Insurance. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
