Since launching its Mixed Clinical Workforce program in June 2023, telehealth company Doctor Care Anywhere (ASX: DOC) has expanded its capacity to serve customers, ultimately contributing to margin expansion and growth potential.
For the three months ended 30 September 2023, Doctor Care Anywhere’s telehealth platform delivered 180,700 consultations during the quarter, marking a 29.8% increase compared to the same period in 2022.
Total Operating and Investing Outflows for Q3 2023 were £1.6 million, a substantial reduction from £2.7 million in Q3 2022 and £2.3 million in Q2 2023. The company exited the quarter with £6.9 million in cash on hand but is confident that they are on track to achieve EBITDA profit by March 2024.
One of the key driving factors behind Doctor Care Anywhere’s September quarter success was the introduction of the Mixed Clinical Workforce program. This initiative, launched in June 2023, strategically combined different healthcare professionals, including Advanced Nurse Practitioners (ANPs), to offer a holistic approach to virtual care. This approach increased capacity, reduced costs, and improved overall patient satisfaction.
ANPs have played a significant role in Doctor Care Anywhere’s MCW program. Since the launch, ANPs have enhanced the company’s ability to serve patients while lowering the cost of care delivery. With an average Net Promoter Score (NPS) of 77, the program’s performance showcases high patient satisfaction.
Additionally, net financing cash inflows were £2.4 million, primarily due to the drawdown of the £2.5 million third tranche of the AXA loan facility, which is now fully drawn at £10 million.
The quarter also brought significant changes to Doctor Care Anywhere’s relationship with AXA Health. The two companies agreed to remove exclusivity obligations, enabling Doctor Care Anywhere to expand its services to other health benefit and healthcare providers. This move is set to diversify the client base and expand service offerings.
Doctor Care Anywhere is the biggest private company in the UK that offers online health services. The Company teams up with insurance firms, medical institutions, and big businesses to offer patients various health services through their online telehealth platform.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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