Telehealth in the Time of COVID — the Rosecliff Portfolio Responds with Community-Driven Solutions
We’ve been impressed by how swiftly and effectively our portfolio companies have adapted to the ‘new normal’ we are all experiencing. The CDC has recommended that hospitals rely on telemedicine services. This indicates that a “virtual consultation is the least hazardous, most efficient way to provide non-emergency care” for people in need (GQ). In response to the shelter in place orders released by most states in early March, telehealth visits that month “surged 50% amid the coronavirus pandemic” (CNBC). In particular, Rosecliff’s telemedicine companies have jumped to adapt to the crisis, seizing the moment to showcase the power of virtual care.
We’ve seen Ro (parent brand of Roman, Rory, and Zero) adapt it’s existing telemedicine capabilities to offer free virtual consultations for those suffering from COVID-19 symptoms. “Forrester analysts estimate coronavirus-related virtual visits could top 900 million this year, based on current projections for COVID-19 infections in the U.S.” (CNBC). Ro’s product is available in all 50 states, and is completely free of charge for anybody who would like to speak with a doctor about potential COVID-19 symptoms. Of course, this is not a diagnostic test for COVID-19, but it is an intermediate step to assess a patient’s condition before recommending further in-person treatment.
“We’re seeing the capacity of the US healthcare infrastructure being strained in unprecedented ways. This is particularly true of the telehealth industry. This is the first time we are seeing government officials, providers, health plans and employers recommend telehealth as the first choice for care, as opposed to an alternative,” said Robin Glass, president at Doctor on Demand in Quartz
Hospitals are unquestionably feeling the strain, with more and more patients needing urgent care but unable to go to a doctor in person, due to COVID fears. In response to hospital crowding, Thirty Madison (the parent brand of Keeps, Cove, Evens) launched it’s virtual urgent care for free, in an effort to keep non-COVID patients out of emergency rooms. According to CNBC, Telehealth visits are booming, and are expected to remain strong as the virus accelerates a paradigm shift in how we interact with healthcare providers.
While the assessment of physical illnesses may be more challenging to adapt to virtual treatment, mental health concerns have already been successfully treated virtually since the telehealth took hold of the venture landscape. Bloomberg Businessweek reported that “Brightside, an app that offers treatment and medication for anxiety and depression, has seen a 50% bump in new users since the start of [the second quarter]”. Brightside CMO, Dr. Mimi Winsberg joined Bloomberg Businessweek’s live town hall “Mental Health in the Time of COVID” on April 8th. Dr. Winsberg spoke about the spike in requested psychiatric treatment on the telehealth platform. She joined the conversation alongside Doctors from Talkspace and NAMI, two other services addressing mental health needs by connecting patients to doctors, psychiatrists, and/or therapists remotely.
We’re particularly proud of the way Rosecliff portfolio companies have used their cutting edge technology and managerial flexibility to tackle the problem of COVID-19 with telemedicine solutions.
“The use of telemedicine is going to be critical for management of this pandemic,” said Dr. Stephen Parodi, an infectious disease specialist and executive with The Permanente Medical Group, in The New York Times
While we adapt to living the majority of our lives online, we’re certain that this period of pause will solidify the increasing importance of investing in impactful technologies that are positioned to shape the world.
