CardieX Limited (ASX: CDX) announced the execution of Co-marketing agreement between inHealth Medical Services Inc and Anthem Inc to jointly promote the services of inHealth across Anthem’s healthcare and health insurance networks in the United States and internationally.
inHealth Medical Services Inc is CardieX subsidiary and leading telehealth services provider of the United States. Whereas, the other party to the contract, Anthem, Inc is an NYSE-listed health insurance provider in the United States, having a market capitalization of US$65 billion.
The agreement has been inked for a term of 5-year under which Anthem and inHealth will co-promote inHealth’s range of telehealth services within Anthem network of health insurance providers with a focus on Blue Cross Blue Shield Association of health insurance providers. It will include promotion of inHealth’s service plans and expertise in virtual health coach staffing, clinical research services and clinical program development to more than 80 US and international health plans.
CardieX CEO, Craig Cooper stated that this agreement outlines the transitional phase of the company in the provision of clinically based telehealth programs and services. Mr. Copper added that this agreement would also open doors to CardieX growing portfolio of medical and consumer heart health and hypertension products.
The Commercial-In-Confidence 5-year financial Agreement extends on an earlier services agreement between the two companies. This Agreement establishes CardieX/inHealth as a substantial participant in the US health insurance and health care industry, and particularly in the US telehealth market worth approximately US$25 billion with an annual compounding growth rate of 18%.
inHealth CEO, Aubrey Jenkins commented “The reputations and corporate standing of Anthem and the Blue Cross Blue Shield network in the US health insurance sector are second to none, and the decision of Anthem to partner with inHealth under the terms of the Agreement speaks to the level of quality services and expertise that inHealth has built in the telehealth and digital health services sector.
The Blue Cross Blue Shield combined networks together provide health plan coverage to more than 106 million people in the United States across 36 states in the US and internationally. Nearly one in three Americans rely on Blue Cross Blue Shield companies for access to safe, quality, and affordable healthcare services. Under the agreement with Anthem, plan services to be provided by inHealth include Population health/employer-based programs; Obesity management programs; Diabetes management programs; Stress management programs; Healthy blood pressure programs; and other chronic disease programs as determined by the parties.
inHealth offers e-commerce, digital and mobile tools for patients to connect them online with health consultants and doctors as part of a patient care program. In November 2018, CardieX inked an agreement with inHealth to acquire up to 50.5% of its shares by way of a convertible note.
Going forward, CardieX anticipates working in collaboration with Anthem and inHealth on further developing solutions for large scale population health disorders.
Following this update, CardieX shares made a rebound and started trading at higher ends. At the time of writing, 15 January 2019 (2:16 PM AEST), CDX stock price has gone up by 25.714% to trade at $0.044.
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