2 Buys for the Coronavirus-Fueled Telemedicine Trend
- Telemedicine use is through the roof with the COVID-19 crisis — proving it’s both a promising health care alternative and profitable investment.
- Next-gen telehealth tools — artificial intelligence and robotics — are signs of Paul Mampilly’s America 2.0 prediction.
- Here are two ways to tap the telemedicine market before it soars a whopping 240%.
I’m going on my third week of social distancing. And what I’ve realized is: I hardly ever need to leave my house these days.
I watch movies streamed directly to my TV. I order groceries, and they are delivered directly to my doorstep. I even have “digital happy hours” with my tennis buddies through video chat.
Now I don’t even need to leave to go to the doctor.
COVID-19 is ushering in a new era in American health care, showcasing both the promise and profitability of telemedicine.
In fact, this critical new medical trend is experiencing a defining moment. Doctors and hospitals across the country are embracing it:
- At Thomas Jefferson University Hospital in Philadelphia, patients who show up at the emergency room with COVID-19 symptoms are handed a mask and an iPad. In an isolation room, they video chat with a nurse practitioner who evaluates their symptoms and treatment — remotely.
- In Concord, New Hampshire, Hospital Medical Group has suspended office visits and ramped up its telehealth consultations. As of last week, 1,100 telemedicine visits had been completed and another 1,200 scheduled.
- Telemedicine companies — offering physician visits for $50 to $75 — are frantically trying to hire hundreds of doctors to keep up with the surge in patients.
In addition, the White House has loosened Medicare restrictions to increase the use of telemedicine.
It’s been a long time coming. But the COVID-19 crisis is demonstrating how effective telemedicine is.
That tells me it will continue to grow long after the coronavirus.
Even before COVID-19, telemedicine was projected to grow by nearly 240% over the next five years — to become a $130 billion industry by 2025, up from $38.3 billion in 2018, according to Global Market Insights.
Now, those numbers are almost certain to go through the roof.
Rising Use + Insurance Coverage = Massive Growth
Telemedicine is not new.
In fact, more than half of American physicians are already using some form of the technology with some of their patients. Sixty-nine percent expect to use it within a year, according to surveys by PwC and American Well.
Until the outbreak, most insurance policies only offered limited coverage to older, rural patients with limited access to nearby health care facilities.
But that’s changing — rapidly.
Insurers are reversing course to embrace this technology.
One of my tennis buddies, Arthur Brand, has been using telemedicine video chats in his practice for years as a psychologist. He says his e-consults have increased exponentially in the past month:
Now, in a time of unprecedented uncertainty, social distancing and staying home for extended time there is a great risk for developing and exacerbating mental health and relationship problems. Telehealth is a medical necessity.
So the telemedicine market is really heating up. And this is great news for patients and doctors alike. It’s cheaper, more convenient and efficient than office visits — and far less risky right now.
Jefferson Hospital reports that about 20 doctors fielded more than 1,200 telemedicine calls in one day last week!
The telehealth trend is a terrific opportunity for savvy investors who put their money where their health care is headed.
Keep in mind, what we’re seeing with COVID-19 is just the tip of the iceberg of telemedicine’s reach and potential.
The latest applications go beyond simply chatting with your doctor via video. The next generation features artificial intelligence (AI), better remote sensors and new diagnostic techniques that key into a patient’s unique symptoms and genetics. For instance:
- Chatbots are offering an online AI-robotic “therapist.” One study found people who chatted with one had a 45% reduction in depression and were 10 times more likely to take their medications.
- New technology built into consumer electronics such as smartwatches can alert doctors to a patient’s medical needs, such as detecting a heart problem that triggers a doc to reach out by phone within minutes.
- Genetic testing is driving new AI-telehealth platforms that allow patients to consult with specialists remotely for more personalized care based on their DNA.
All of these telehealth advancements point to a major boom. And now is the time to jump in.
2 Ways to Profit From the Telemedicine Revolution
We are entering a new era in precision medicine that is more accurate and affordable than the nation’s existing “one size fits all” health care system.
This is exactly what Paul calls America 2.0 — the Fourth Industrial Revolution. Our Bold Profits mega trends are merging to recreate our economy as we know it.
So, what’s the best way to profit from telemedicine, as more patients and health care providers tap into it?
- First, watch Paul’s recent interview to see how America 2.0 will unfold. In it, he reveals how certain America 2.0 stocks could surge more than 1,000% — plus his No.1 stock pick for this economic upgrade.
- Then, you can invest in the iShares U.S. Health Care Providers ETF (NYSE: IHF). This exchange-traded fund (ETF) holds a portfolio of 47 health care companies, many of which are already using telemedicine.
The market is ready to rebound and send new-world stocks sky-high. These two options are your way in now.
Until next week.
To your health and wealth,
Senior Editorial Manager, Banyan Hill Publishing