Top 3 Telemedicine Companies for 2022

Telemedicine, or telehealth, companies allow individuals to see doctors and other medical professionals remotely via telephone, video call, and computer. The COVID-19 pandemic increased demand for virtual healthcare and Congress loosened rules on using telehealth services under the U.S. Medicare program.

As of 2022, the American Medical Association (AMA) is working to permanently extend telehealth coverage and payment and to ensure communities across the country can continue to access virtual care.

Large, publicly-traded health services companies such as UnitedHealth Group Inc. (UNH) and Humana Inc. (HUM) have added telemedicine, however, companies that solely provide a full spectrum of care powered by technology and data to improve health continue to emerge.

Teladoc Health (TDOC) was the first pioneer in the field to list on the New York Stock Exchange in 2015 and as of Dec. 15, 2022, three telemedicine companies emerged leaders in the virtual healthcare industry.

• Revenue: $2.3 billion
• Net Income: -$9.9 billion
• Market Cap: $4.5 billion
• 1-Year Trailing Total Return: -69.2%
• Exchange: New York Stock Exchange

Teladoc Health provides a platform for people to get healthcare from a variety of health professionals including mental healthcare providers and specialists. Founded in 2002, Teladoc first went public in 2015.

In 2021, over 15 million virtual medical visits were delivered, serving individuals in 20 countries. Teladoc has made numerous acquisitions including a $600 million cash and stock deal for InTouch Health, which provides enterprise telemedicine platforms for hospitals.

• Revenue: $384.4 million
• Net Income: $141.1 million
• Market Cap: $6.8 billion
• 1-Year Trailing Total Return: -31.7%
• Exchange: New York Stock Exchange

Doximity is an online networking service for medical professionals that first launched in 2010. Doximity addresses the workflow needs of clinicians, virtually connecting the care coordination team and benefiting patients efficiently by allowing doctors to practice telehealth in minutes through its mobile app.

Doximity’s medical network has a larger membership than the American Medical Association and includes over 80% of physicians and an increasing number of nurse practitioners, physician assistants, and pharmacists. 

• Revenue: $270.7 million
• Net Income: -$257.1 million
• Market Cap: $897.8 million
• 1-Year Trailing Total Return: -44.3%
• Exchange: New York Stock Exchange

American Well Corp was founded in 2006 and rebranded as Amwell in 2020. The company connects providers, insurers, patients, and innovators within a telehealth platform. As of 2022, over 80 million individuals have Amwell as a covered benefit under 55 health plan partners.