The news: Teladoc expanded its virtual primary care platform (Primary 360) to give members better access to more convenient care.
Why now? The telehealth giant is likely trying to boost consumer retention and acquisition to recoup the record-high losses it reported earlier this year.
Teladoc reported a total net loss of $6.6 billion in Q1 and a “goodwill impairment charge” of $6.6 billion. Stakeholders allege they are now suffering “significant losses and damages” because of the charge.
The larger trend: Telehealth use is declining overall, and that likely won’t change as the urgency around COVID-19 fades and states repeal pandemic-era virtual care policies.
US adults’ telehealth use (measured by medical claim lines) decreased 6.1% in March alone, per nonprofit Fair Health. Researchers attributed the drop in telehealth use to the falling COVID-19 cases that month. That could have led more people to tap in-person healthcare visits.
And many states, like Alabama and Illinois, peeled back their pandemic-era telehealth policies. That means many out-of-state physicians will no longer be able to conduct telehealth visits without state-specific licenses.