Global Health Clinics Ltd. will look to expand its telemedicine service beyond cannabis and into everyday health concerns. The Company has begun investigating potential targets for acquisition in Canada and the United States. Following the COVID-19 outbreak there has been a rapid adoption of telemedicine services for physicians and patients. The idea of telemedicine with centralized hub with synchronous and asynchronous telehealth services will be able to provide rural and tribal communities with adequate and improved healthcare in combination with clinics, hospitals and pharmacies.
Specifically, the Company is exploring avenues in the lucrative niche telemedicine markets including dermatology, behavioral health, and correctional healthcare. Teledermatology is a growing area because it uses a “store and forward” system where images are transmitted to dermatologists, who may be in another state or province. They send their diagnosis to the referring physician or the patient. But dermatologists can also interact with patients in video exchanges. Behavioral health telemedicine lends itself to psychology in some ways because it focuses on a conversation between a therapist or physician and a patient. Correctional healthcare is for privately managed prisons looking to cut costs by looking at telemedicine. These are a few of the potential services the company will be looking to potentially expand into.
“Telehealth technologies provide clinicians with the tools necessary to bridge the gap in healthcare access and offer quality healthcare to all patients,” states CEO Jatinder Dhaliwal. “Services will specifically via telehealth are more efficient and will allow companies like our to generate greater revenues moving forward.”
A new report released this week from Bloomberg Intelligence predicted that the telehealth sector could bring in $20 billion in U.S. revenue by 2027. The Digital Reshaping the Health Care Ecosystem publication said that virtual care is set to “become a staple” of healthcare delivery. With more major healthcare providers embracing telehealth services, our analysis finds annual revenue growth for top telehealth providers at 30%.