With substantially increased awareness around healthcare, demand for remote health services is booming with telehealth provider Doctor Care Anywhere (ASX: DOC) reporting record consultations even with the lifting of lockdown restrictions.
For the quarter ended 30 September 2021, Doctor Care Anywhere reported 41,000 new customers having their first ever DOC consultation. Growth in Europe was driven by worsening wait time for appointments across the UK public health system.
In total the Company delivered 116,800 consultations which represented a 30.6% increase on the June 2021 quarter which generated $10.7m in revenue, a 21.6% increase on the June quarter.
“We are excited by the continuing rapid growth in demand for our services. The increasing volume of consultations and diagnostic referrals completed in Q3 provides further evidence that patients, doctors and insurers are seeing the benefits of our integrated digital offering,” said Doctor Care Anywhere CEO, Dr Bayju Thakar.
“The convenience that our solution provides is compelling for patients. We are also demonstrating value for doctors and insurers by removing inefficiencies and reducing costs throughout the patient journey.”
While the UK remains its core market at present, the Company advanced its global expansion plans during the quarter with its acquisition of Australian tele-health and tele-mental provider, GP2U Telehealth for $11m.
With that acquisition, Doctor Care Anywhere secured 50 mental health clinicians and 10 general practitioners that combined for more than 35,000 consultations in FY21. These however were not included in DOC’s September quarter figures.
Offering telehealth services in the UK where DOC estimates the addressable market is 10 million potential patients, most of the Company’s revenues are generated via its internet hospitals. Under the model, a typical patient would log in for an initial GP consultation (£45) who may then recommend a diagnostic test (£50). Pending the results, they may then be referred to a specialist for review (£60) before returning to the original GP for a follow up (£45).
Accessibility to medical professionals here is the most attractive lure for patients who can get through the process in one week where the same process using the public health system can take up to six months.
It’s why Doctor Care Anywhere has seen 65% of its consultations delivered to returning customers. With this popularity, the Company is set to expand its network of diagnostic specialties and pathways to include Neurology, Urology, Gynaecology.
Doctor Care Anywhere listed on the ASX in December 2020 following a $102 million IPO at an Offer Price of $0.80 per share. Following an initial share price spike in response to their COVID-19 services, hitting a high of $1.52 in January, DOC shares have retreated back to be trading around $0.74.
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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