Telehealth involves the application of telecom along with the virtual technology to provide health care beyond conventional healthcare services. Examples of Telehealth includes the virtual health care support provided at home. For those patients who are old or are chronically ill may get assistance in specific procedures while staying at home.
Another big advantage of telehealth services, health care providers in the remote locations can get support from professionals anywhere in diagnosis, care & referral of patients. Telehealth services are also helpful for training purposes.
During the period, when most of the medical professionals are engaged in the battle against COVID-19, teleservices are assisting patients at home and providing health care services between the doctors and the patients.
In the past, there was a steady growth in the telehealth services; however, because of COVID-19 outbreak, the demand for such services boomed. People are staying at home and are provided with health care services.
In this article, we would be looking at three companies that are in the business of telehealth services. We would see the activities of these companies during the March 2019 quarter and how did the stocks perform.
HeraMED Limited (ASX:HMD) is a medical data and technology driven company heading for a digital makeover of maternity care. This transformation is through its proprietary in-home maternal health platform HeraCARE.
On 30 April 2020, the company provided an update on Q1 FY2020 ended 31 March 2020.
Achievements During Q1 FY2020:
For three months period to 31 March 2020, the company was able to achieve several milestones. It includes:
- Completed beta testing of its proprietary, fully integrated, hybrid maternity care solution, HeraCARE. Now progressing to pilot testing and clinical trials
- Started the clinical study for the foetal and maternal heart rate monitor, HeraBEAT™ with Mayo Clinic.
- Appointed US healthcare expert Alexander Radke as the US General Manager of Operations & introduced US market strategy.
- HMD during the period was able to boost its database of pregnancy monitoring information through the receipt of a huge dataset of pregnancy records. These data is of superior quality, comprehensive and contains cardiotocography information, or birth stage monitors, & nonstress test data, including earlier phases of pregnancy. The company further advanced the development of its cloud-based, machine learning SaaS platform, OrionAI.
COVID-19 Impact on HMD:
HMD confirmed that COVID-19 has resulted in fundamental modifications to global healthcare system infrastructure. Many governments across the world have started adopting telehealth solutions. In the present scenario, many leading medical and professional organizations have realized as well as laid stress on the requirement for telehealth solutions, digital tools and a comprehensive homecare-based approach.
Further, FDA, US Medicaid and Medicare, private insurers, the Australian Ministry of Health and many such organizations have started incorporating these recommendations & simultaneously revising their programs to adopt a wider range of telehealth solutions. They have started reinventing their support & refund models.
The rising demand for telehealth solutions has provided HeraMED Limited with opportunities. The company has also received multiple enquiries from interested parties across the globe with respect to its remote maternity care solutions.
By the end of day’s trade on 1 May 2020, HMD shares closed at $0.110, down 8.33% from its previous close.
ResApp Health Limited
ResApp Health Limited (ASX:RAP) is the leading digital health company engaged in the creation of a smartphone app for the diagnosis and management of the respiratory disease. On 30 April 2020, the company released its quarterly activities for Q3FY2020 ended 31 March 2020.
During the period, the company started making progress towards the commercialization of its suite of products. The Company agreed on its initial set of commercial conditions to use ResAppDx-EU in telehealth are within the targeted scale of A$5 to A$10 per test. The COVID-19 pandemic has sparkled not only the respiratory diseases but also the telehealth industry.
This is an opportunity for the company as it would be able to offer telehealth clinicians a chance to preserve the highest levels of care along with the progress in remote consultations.
Achievement During Q3 FY2020:
- Finalized ResAppDx regulatory approvals in Australia.
- First telehealth commercial terms were negotiated during this time frame.
- Announced the launch of SleepCheck, which is a regulatory-approved clinically-validated at-home sleep apnoea screening app.
- Finalized the functional testing handheld as well as wearable prototype gadgets.
- Raised A$5 million capital to fast-track European market admission.
By the end of day’s trade on 1 May 2020, RAP shares closed at $0.165, down 8.33% from its previous close.
Respiri Limited (ASX: RSH) providing support in respiratory health management, is an eHealth SaaS Company.
Achievements during Q3 FY2020:
The company continued to make strong progress during Q3FY2020 ended 31 March 2020.
- During the period, the company received its first batch of the initial order of 500 wheezo® units that will be used for conducting the real-world patient/physician experience program. It collects hard and soft data and supports all stakeholders realize the part of wheezo eHealth SaaS platform in handling asthma beyond the clinic.
- It made significant progress with contract manufacturing partner SRX.
- In the present situation, COVID-19 has focussed the medical practioners and patients on respiratory disease prevention, management & examining. In March 2020, 3 hospitals under the supervision of the Chongqing Municipal Health Commission within China requested for wheezo® device for monitoring lung function of patients admitted with the COVID19 virus.
- The company expects to execute an additional binding agreement in the present quarter. In the early April 2020, the company entered into a Joint Development Agreement with Phenix Health under which Respiri would make sure the wheezo eHealth SaaS monitoring platform gets incorporated into Phenix proprietary telehealth platform.
By the end of day’s trade on 1 May 2020, RSH shares closed at $0.070, up 1.449% from its previous close.