Telemedicine witnesses a boom amid COVID-19: A look at 3 ASX stocks  

Summary

  • With the current emergency, it is anticipated that telehealth or telemedicine could be the future of medicine.
  • COVID-19 pandemic resulted in considerable adoption of telehealth solutions, mainly to avoid physical contact.
  • The ongoing pandemic could represent an additional stimulus to the diffusion of effective telemedicine screening programs in regular clinical practice.

The ongoing COVID-19 pandemic has disrupted the worldwide healthcare system and pushed telemedicine at the forefront. With the current emergency, it is anticipated that telehealth or telemedicine could be the future of medicine, giving people remote access to healthcare.

Amid the surge in COVID-19 cases, telemedicine and virtual care have become essential tools for providing care to patients while keeping health care workers and patients safe. Meanwhile, it has also promoted the interests of advancing the healthcare of people as well as their communities.

COVID-19 pandemic resulted in considerable adoption of telehealth solutions, mainly to avoid physical contact. However, these solutions have been helpful during lockdown restrictions and also provide convenience.

DO WATCH: What is Telehealth & How Does Telehealth Work?

Several telehealth companies are gaining market participants’ attention amid the adoption of telehealth solutions. Besides, many ASX-listed stocks are providing telehealth services including, Oneview Healthcare (ASX:ONE), Global Health Limited (ASX:GLH), Painchek Ltd (ASX:PCK), Resapp Health Ltd (ASX:RAP), HeraMED Limited (ASX:HMD), and Respiri Limited (ASX:RSH).

Source: Copyright © 2021 Kalkine Media Pty Ltd

Let us discuss the importance of telehealth in pandemic and 3-ASX listed telehealth stocks- ONE, GLH, HMD.

Importance of telemedicine in COVID-19 pandemic

Initially, the use of telemedicine was to provide medical assistance either in the areas where access to care is difficult or in rural areas. Telemedicine was started mainly to improve chronic disease management, primarily in case of emergencies.

Current emergency condition amid the ongoing pandemic could represent additional stimulus to the diffusion of effective telemedicine screening programs in regular clinical practice. Besides, with new evidence and technological advancement of devices, telemedicine has become a valuable tool for screening diseases.

ALSO READ: Prescription of Mental Health Medications Surges Amid COVID-19

Mental health improvement amid COVID-19 pandemic: COVID-19 has caused severe psychological impact by causing anxiety, depression, phobia, posttraumatic stress disorder (PTSD), economic pressure, mass hysteria, as well as financial failures. Several countries have implemented telemedicine facilities through e-mail, smartphone apps, videoconference, and telephones, to prevent problems related to mental health.

Virtual care during the pandemic: Telemedicine also has a significant role in screening symptoms of COVID-19 and providing routine needs and follow-up care. With the explosive increase in new COVID-19 cases in the community, many patients remain in home isolation, and telehealth remains the only viable option available to monitor and ensure timely referral.

Furthermore, telehealth services are an effective method to offer remote access to quality healthcare services to people without increasing the risk of infection transmission.

Source: Copyright © 2021 Kalkine Media Pty Ltd

Provide control measures during COVID-19 pandemic: Telemedicine can serve as an important way for epidemiological surveillance, identify hotspots, estimate the disease burden, and provide control measures for the disease.

Besides, this platform can also be utilised to educate individuals, families, or people on various risk factors.

Telemedicine also provides disease prevention for infectious as well as non-communicable diseases.

The World Health Organization (WHO) has mentioned telemedicine among its recommendations for essential services in bolstering the response of healthcare systems to the COVID-19 strategy.

DO READ: Telemedicine: A Game-Changer to Combat COVID-19

Oneview Healthcare

ASX-listed digital health provider Oneview Healthcare offers digital tools for patients, families, and caregivers for improving the care experience. The Company helps to deliver more control for patients and families, more time for care teams, along with less complexity for executives and IT teams.

On 23 April 2021, ONE shares last traded at AU$0.385, up 4.054%.

MUST READ: Oneview Healthcare’s game-changer cloud-based care platform

Global Health Limited

A leading provider of Digital Health solutions, Global Health Limited is working with the vision of ‘Connecting Clinicians and Consumers’. The Company helps simplify the delivery of healthcare services and offer better health outcomes through several health divisions, including acute as well as community settings. GLH offers various solutions, including clinical records, consumer health records, electronic medical records (EMR), patient administration systems, patient engagement platforms, practice management systems, and secure message exchange.

On 23 April 2021, GLH shares closed at AU$0.530, in line with their previous close.

HeraMED Limited

A pioneering medical data and technology company HeraMED Limited is a leader in the digital transformation of maternity care. The Company provides a proprietary platform that uses hardware and software to reform the Doctor/Patient relationship by using its clinically validated in-home foetal and maternal heart rate monitor, artificial intelligence (AI), cloud computing, HeraBEAT, big data, as well as a digital social networking dashboard.

On 23 April 2021, HMD shares ended at AU$0.155, up 10.714%.

DO READ: 3 Australian stocks from the booming telehealth space- ICR, PCK, HMD

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