How Do They Make Money?

Teladoc's business model it a hybrid of recurring subscriptions and per-visit fees (and other from hardware rental/lease/sale)

Employers, insurers, and individuals pay an access fee to access Teladoc's network of doctors, therapists, specialists, and chronic-care programs.

86% of their revenue from 2024 came from "access fees" (damn!)

Access fees are paid on a "per-member-per-month" (PMPM) or "per-participant-per-month" (PPPM).

For services not covered under access plans, Teladoc charges visit fees. These make up ~10% of total revenues (not broken out, just categorized in the "other" line item).

Revenue has been mostly flat for the past 3 years, which is no bueno. But the Street does think AI will be a game changer and move this company from a pandemic-relic to a health-tech superstar.

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