COVID-19 may Prove to be Telehealth’s Watershed Moment; Know Why!

COVID-19 may Prove to be Telehealth’s Watershed Moment; Know Why!

Summary

  • During COVID-19 pandemic, telehealth has emerged as a lifeline for the healthcare ecosystem across the urban, as well as rural communities in combating the spread of the virus. It has also helped in flattening the curve and safeguarding both the patients, as well as staff.
  • Furthermore, telehealth has improved quality, as well as cost-effectiveness of providing treatments.
  • HeraMED, an entity engaged in the digital revamping of the maternity care inked a letter of intent with eCare21, a US-based leading provider of virtual care, to incorporate HeraCARE and HeraBEAT into the eCare21 platform and simplify the virtual care deployment for maternal health patients and providers.
  • RAP’s smartphone-based severe respiratory diagnostic test would continue to be utilised at a COVID-19 respiratory clinic in Brisbane, which is backed by the Australian government.

COVID-19 turmoil seems to be unstoppable.

Due to increasing coronavirus cases around the world, the healthcare ecosystem is grappling with the treatment of a large number of patients, along with safeguarding keeping themselves.

Noteworthy, numerous biotech and pharma companies are circling the wagons to develop an effective and safe vaccine to combat this deadly infectious virus.

Coronavirus has not only resulted in the overcrowded hospitals, insufficiency of crucial medical gears; it has notably induced increased fear, as well as panic across the world.

In the wake of the prevailing crisis, the frontline workers catering to the COVID-19 infected patients are at the radar with the highest risk.

Must read; Unveiling Current Challenges & Opportunities in Healthcare Sector Amid Coronavirus Threat

It is often said that crises bring along numerous opportunities for innovation.

In order to battle this level of crisis, telehealth has emerged as a gamechanger for the healthcare community in fighting the spread of the virus and flatten the curve. Noteworthy, the healthcare ecosystem is leveraging telehealth to safeguard both patients, as well as staff.

A Quick Read; Telehealth Gains Prominence: HMD, RAP, RSH

Telehealth has expanded its wings across the remote communities of various nations, assisting in the treatment of infected folks.

Did you read; Telemedicine: A Game-Changer to Combat COVID-19

Telehealth- a lifeline for remote communities during COVID-19

The deadly infectious virus has no boundaries, and it has also migrated from urban cities to the far flung and underserved communities.

Notably, the rural communities are marked by marginal cellular services coverage, as well as limited or no access to hospitals in their vicinity as compared to their urban counterparts.

Telehealth is supporting the medical professionals for diagnosing, evaluating, and treating patients in the rural and underserved locations via utilisation of advanced connectivity. However, the success of the telehealth services calls for advanced real-time connectivity across time and place.

Must read; Evolution and Expansion of Telehealth in Australia

With this backdrop, let us skim through two ASX200 companies that are in the business of telehealth services.

HeraMED Limited(ASX:HMD)

A medical data and technology-driven entity is heading for a digital revamping of maternity care. This revamping is done via HeraCARE, its in-home maternity care platform.

Inked Letter of intent with the US player eCare21

On 16 September 2020, HeraMED inked a Letter of intent with eCare21, a US-based leading provider of virtual care, to incorporate HeraCARE and HeraBEAT into the eCare21 platform.

This collaboration is anticipated to quicken awareness, as well as take-up of HeraBEAT and HeraCARE in the US region.

Notably, the unified solution is likely to simplify the virtual care deployment for maternal health patients and providers and is projected to be accessible by the end of 2020.

On 3 September 2020, the Company also announced that its enrolment in the HeraBEAT clinical study at Joondalup Health Campus was completed ahead of schedule. The clinical study was designed to gauge the accuracy, reliability and usability of the HeraBEAT device; primarily in the antenatal clinic and later at home.

Furthermore, the clinical study would be diversified for exploration of supplementary applications for HeraBEAT.

Financial Highlights

During the half year ended 30 June 2020, HeraMED’s revenue stood at US$36,156 versus US$87,899.

Source: ASX Announcement, dated 25 August 2020

On 18 September 2020, HeraMED share price last traded flat at AU$0.160.

An interesting read; Is Australia Poised to Become a Leading MedTech Player?

ResApp Health Limited (ASX:RAP)

A leading digital health company, ResApp is engaged in the creation of smartphone apps for the diagnosis, as well as management of the respiratory disease.

ResAppDx’s continues to be used at Government funded Clinic

September month began with the news that the Company’s smartphone-based severe respiratory diagnostic test (ResAppDx) would continue to be utilised at a COVID-19 respiratory clinic in Brisbane, which is backed by the government.

Furthermore, ResAppDx is aiding the doctors at the clinic in the identification of illnesses such as pneumonia, asthma and COPD exacerbations, and lower respiratory tract infections.

On 29 June 2020, the Company had launched SleepCheck, a CE Marked and TGA approved, clinically validated at-home sleep apnoea screening app, requiring placement of the smartphone on the bedside to evaluate an individual’s risk of sleep apnoea, for iPhone in the both UK and Australian App Stores.

Furthermore, this app was available on 36 countries’ App Stores such as Europe, Singapore Australia, Hong Kong, New Zealand to name a few.

During the year ended 30 June 2020, ResApp Health experienced incurred a net loss after tax of AU$8,469,158 as compared to AU$5,439,459 in FY19.

The Company possessed cash and cash equivalents of AU$5,775,253 and net working capital of AU$5,072,516, as of 30 June 2020.

On 18 September 2020, ResApp Health share price was at AU$0.11, decreasing by 4.348% from its previous close.

Also, read; ASX-listed Digital Healthcare Stock Amid COVID-19: A Look At RAP, HRD, TD1

In a nutshell, the value-based healthcare shift is riding on the back of advanced technology, which is likely to provide remote care at the same time reducing in-person patients visit, augmenting growth in the healthcare industry after the pandemic.

 

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