The coronavirus pandemic has caused great upheaval in the world. Much of this upheaval is negative. But for Telus Health, we are seeing a new business come to life.
Telus Health is Telus’s (TSX: T)(NYSE: T) response to a healthcare system that has been lacking. It had been steadily growing before the pandemic. But today, it is booming. The pandemic has brought the necessity of digitizing the healthcare system to the forefront. In just a few months, Telus Health has made significant strides. The benefits are far reaching and will extend beyond this coronavirus pandemic to a new way of providing healthcare.
Telus Health is looking to disrupt the traditional care market.
Telus Babylon Health
For those of us who don’t have a family doctor, who need a doctor after hours, and who can’t take time off from work for a doctor visit, Telus Babylon Health is here.
An estimated five million Canadians don’t have a family doctor. This is a problem. Telus Babylon allows patients to check symptoms and have doctor consultations. As Telus says, “seeing a doctor is now as easy as opening an app.”
Telus Babylon customers have more than tripled in the last six months.
Akira by Telus Health
Akira is a national on-demand employee virtual healthcare solution. It gives members and their family direct access to medical consults. Akira also addresses the health needs of employees through secure text and video chat anytime, anywhere. And finally, it keeps a medical history on file for easy access and monitoring. Patients as well as clinicians have access to this.
This employee benefit is a strong offering for companies. If they are looking to help facilitate the health and wellness of their employees, Akira is the answer.
EMR
The Telus Health Electronic Medical Record (EMR) solution has invested $2 billion in the Canadian healthcare system in the last five years. And it has a dedicated team to manage all tech and data needs. It was designed by a physician for physicians.
So, Telus EMR 0ffers form management, data analysis, remote access, and more. This EMR offering enhances patient outcomes and clinic efficiency. It is bringing the doctor’s office into the new world. In turn, all the benefits of digitization are at the healthcare industry’s fingertips.
Telus Health destined for rapid growth
Over 26,000 Canadian doctors conducted virtual consults in the latest quarter. Customer growth has been exceeding expectations, and we can expect this to continue. Telus recently doubled its customer growth forecast for Telus Health. Management now expects a 350-420% customer increase by the end of the year.
Beyond this, Telus is looking to further expand the capabilities of Telus Health. One example of this is using artificial intelligence in its digital health platform for diagnosis and treatment.
Foolish bottom line
The coronavirus has inspired many changes. But if we look closer, we will see that these changes were already happening. The coronavirus pandemic has just accelerated them. Telus Health is an example of this. It is the leading digital health and wellness player today.
Telus stock will continue to benefit from Telus Health. It is transforming healthcare into an increasingly efficient, digital experience. With a generous yield of 4.86%, this is the telecom stock to buy today.
