Telemedicine Is Here to Stay

COVID-19 has prompted a rapid adoption of telemedicine, a trend that some experts say could have a significant and lasting impact on the medical device industry. Jason Mills, a medtech analyst at Canaccord Genuity, shared conclusions earlier this week from three recent physician surveys that his firm conducted across the structural heart, robotic surgery, and stroke/venous thromboembolism fields. One of the key takeaways is that the overwhelming majority of doctors have "swiftly embraced" telemedicine during the crisis. A look at some of the major telemedicine players' earnings projections for the year reaffirms the theory that these companies are coming out ahead right now. Somerset, NJ-based MTBC recently reaffirmed its 2020 revenue and earnings guidance, which will represent year-over-year revenue and earnings growth (before interest, taxes, etc.) of 50% or more. MTBC provides cloud-based healthcare IT solutions and services, including telehealth. Bill Korn, MTBC's CFO, said that about 60% of the company's revenue is directly tied to the cash collected by its medical practice customers, which means the company's short-term revenue will decline as fewer patients visit their doctors during the COVID-19 pandemic. "However, a limited portion of this steep decline is expected to be offset by a significant increase in the percentage of patient encounters that are being managed through a variety of telehealth technologies," Korn sai...
Source: MDDI - Category: Medical Devices Authors: Tags: COVID-19 Digital Health Source Type: news