Innovation in Virtual Healthcare | #JPMHC19 | J.P. Morgan


Thanks for tuning in. I’m Jess Fye, senior
biotech analyst at J.P. Morgan. I’m in San Francisco for the J.P. Morgan Healthcare
Conference this week where we’ve had over nine thousand attendees who have
seen keynote speakers like J.P. Morgan CEO, Jamie Dimon, and FDA Commissioner, Scott Gottlieb. With over 450 public and private companies we’ve heard a number
of updates this week and one of the innovative companies at the conference
is Teladoc Health. One of our managing directors, Lisa Gill, sat down for an
interview with their CEO, Jason Gorevic, and we’re going to show you
that now. Hi, this is Lisa Gill coming to you live from the 37th annual J.P. Morgan
Healthcare Conference in San Francisco. With me today I have Jason Gorevic,
CEO of Teladoc, Teladoc Health these days. That’s right. So Jason
let’s talk about virtual health care. When did it start? How do we think about where
it came from and where it’s going? Yeah so it’s been quite an evolution and
we’re happy to have led the way. Virtual care really started as sort of a narrow
set of clinical services really like a virtual Urgent Care service and has now
migrated as we’ve expanded both through organic growth as well as through
acquisition to cover a full range of services ranging from coughs and colds,
to cancers and cardiac conditions, serving different populations now
globally all around the world and that really opens up a whole new world of
opportunity for virtual care. And as we think about the technology aspect of it
right so we think about global growth and technology,
you made an acquisition about almost a year ago, right, moving more globally
around the world well first with best doctors you know then advanced medical,
so how do we think about this new technology and what it’s going to be
able to bring to the market? Yeah so now almost a quarter of our business is
outside the U.S. and we offer global virtual care so whether that’s for an
international insurance company like Aetna international or Cigna
international or AXA or for a U.S. multinational
who has employees all over the world, they can access a physician any time of
day or night 24/7/365, regardless of where they are and know that they’re
gonna be able to get their needs taken care of in a way that is high-quality
convenient and really in the palm of their hands. And we think about that, we
think about the convenience aspect, we think about providing health care in
areas where maybe you can’t get it today think about rural areas and so how does
Teladoc and virtual health care help from that perspective? Well just in the
U.S., 65 million people live in primary care deserts where there’s not good
enough access to health care. The physician shortages are rampant and
that’s for medical care much less when you’re talking about behavioral
health care where there are tremendous access issues, there are stigmas about
getting care, so it certainly addresses that need here in the U.S. and in fact we
think about virtual care as sort of the great equalizer when it comes to access
to health care globally so globally about 60% of the world’s population has
a mobile device and that gives them access to health care regardless of
where they are. You talk about the front door to virtual care as soon as we think
about that from here what’s next? How do we think about what’s coming next in the
virtual world? Well I think 2019 really becomes the year when virtual care
becomes the front door to the health care system for consumers and we’re seeing
the largest health plans, we’re seeing employers all across the country move to
benefit designs and integrating virtual care at the core of their offerings and
their healthcare strategies so whereas that narrow point solution Telehealth
used to be something off on the side of somebody’s priority list, now its front
and center in the C-suite of the leading healthcare companies in the country. And
how do we think about that from the consumer perspective I mean better
health is a great example of a directed consumer product but how do we think
about other aspects of virtual care in the consumer mind? Well I think our
partnership with CBS is a great example of that where CBS is moving to become a
healthcare hub for the consumer and they’ve engaged us to be a virtual
extension of that so that the consumer can access a CBS video visit any time of day or night and be connected into the healthcare
system and of course when you add Aetna into that mix there are a whole new set of
opportunities. So we think about low cost high quality convenience. That’s exactly
right. We believe are the key aspects as we
think about consumerism in health care. Thanks so much for your time today Jason. This is Lisa Gill with J.P. Morgan coming to you from the J.P. Morgan Healthcare
conference in San Francisco. Look for us on Facebook, Twitter, and Instagram.

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