Telehealth has become quite popular, especially after the COVID-19 pandemic. With the rise of virtual healthcare services, telehealth stocks have also gained traction in Canada. As a result, investors are now looking for the best telehealth stocks to invest in, but with so many options, it can be challenging to know where to start.
If you’re interested in investing in the telehealth industry in Canada, then you’re in the right place. This article will discuss the top telehealth stocks in Canada that you should consider investing in.
From established companies to up-and-coming startups, we’ll cover it all. So, let’s dive in and explore the best telehealth stocks in Canada.
What are Telemedicine & Telehealth?
Telemedicine and Telehealth are terms used to describe the use of technology to deliver medical care from a distance.
This includes using computers, smartphones, tablets, and other devices to connect patients with healthcare professionals to diagnose and treat illnesses, provide advice and consultation, or even remotely monitor vital signs such as blood pressure or heart rate.
The technology can also be used for administrative tasks such as scheduling appointments and filing insurance claims.
Top Telehealth Stocks in Canada
The most significant player in telehealth in Canada is Telus, but notable companies in Canada create software and provide services in the telehealth sector, check out these stocks below.
WELL Health Technologies (TSX: WELL)
WELL, Health Technologies (TSX: WELL) is an emerging telehealth space leader and one of Canada’s top telehealth stocks. The company has been providing digital health solutions since 2010, focusing on helping healthcare providers reduce costs and improve patient outcomes through innovative technology.
The company’s core products are its WELL Telehealth EMR, a comprehensive electronic medical record system, and WELL Appointments, an online appointment booking and patient communication platform. The company also offers digital health solutions in virtual care, home care, and telemedicine.
Over the past year, the company has become a leading consolidator, becoming the largest EMR provider in Canada and the largest Oscar Service Provider in Canada. A provider of digital health, billing and cybersecurity solutions. A leading electronic health record company that owns and operates several medical clinics.
Telus Corporation (TSX: T)
Telus Corporation (TSX: T) is a leading telecommunications provider in Canada that provides telehealth solutions. The company has been investing heavily in the telehealth space. Its primary offering is TELUS Health, a digital health product and service suite that aims to make healthcare more accessible and efficient.
TELUS Health includes an electronic medical records system, a patient portal for secure communication between patients and providers, remote monitoring tools for chronic conditions, virtual care services such as video visits and telehealth, and more.
Francois Gratton, the company’s executive vice president, group president of telecommunications, and chairman of Telus Health, acknowledged that the pandemic closed its health department and clinics in the spring as it processed fewer applications. Telus offers medical data software, clinics, digital tools for insurance companies, pharmacy management software and a virtual clinic called Telus Babylon. In addition, the company provides its health applications and services through broadband and wireless plans that millions of businesses and individuals have signed up for.
The company also has partnerships with leading healthcare organizations in Canada to provide digital health solutions to patients nationwide.
Loblaws (TSX: L)
Loblaws (TSX: L) is one of the top telehealth stocks in Canada. The company operates a network of grocery stores, pharmacies, and online platforms offering Canadians personalized health services.
Loblaws has been investing heavily in its digital platform to make it easier for customers to access prescription medications and healthcare information from the comfort of their own homes. The company also provides its customers with various telehealth services, such as virtual health assessments and consultations with healthcare professionals.
Loblaw’s electronic health records platform, Accuro, is available to more than 15,000 healthcare providers. Intouch Health’s mission is to provide telemedicine network services that support access and deliver high-quality clinical care on time to patients while reducing overall care costs. With a network of more than 600 doctors, its consumer-focused platform enables patients to connect with family physicians 24 hours a day, 365 days a year, from their phones or computers within minutes.
CloudMD Software & Services (TSXV: DOC)
CloudMD Software & Services (TSXV: DOC) is Canada’s telemedicine and digital health provider. CloudMD offers virtual care services to patients, providing access to a range of healthcare professionals within its network.
The company operates through its proprietary cloud-based software-as-a-service platform, which allows medical practitioners to interact with patients in real time while diagnosing and treating illnesses. The company also has a range of telehealth products and services, such as patient portals, medical records systems, remote monitoring tools, and other digital health solutions.
Dialogue Health (TSX: CARE)
Dialogue Health (TSX: CARE) is one of the top telehealth stocks in Canada. The company develops and provides software-based healthcare services to patients, physicians and other healthcare professionals.
Dialogue’s primary focus is on virtual care, offering a range of services that can be used both by patients and providers. These services include video consultation, secure messaging, prescription renewal requests, home health monitoring, and more.
The company also has a range of digital health products, such as electronic medical records systems and remote monitoring tools.
Carebook Technologies Inc. (CRBK.V)
Carebook Technologies Inc. (CRBK.V) is a top telehealth stock in Canada, providing digital health solutions to patients and healthcare providers alike.
By leveraging artificial intelligence, cloud computing, and mobile technologies, Carebook provides a comprehensive suite of virtual care and digital health services that help improve the quality of care for individuals nationwide.
Their products include telehealth solutions such as video consultation, remote monitoring tools, electronic medical record systems, and more.
Private Telemedicine Companies
Two private companies to watch for are Mediseen and Maple Corp, two telehealth software providers. Keep an eye out for them to go public at some point.
Maple, founded in 2015 by executive Dr. Brett Belchetz (pictured), a former emergency physician, is proud to service thousands of families’ pharmaceutical and health needs in the Monsey, Spring Valley Airmont and Chestnut Ridge areas. The company offers virtual doctor appointments, healthcare, healthcare diagnostics and artificial intelligence and cloud-based services that underpin it. It has a good year ahead of it. As with most telemedicine stocks, connecting patients with doctors, insurers, hospitals, and healthcare systems is a win-win.
These are just a few of the top telehealth stocks in Canada that you should consider investing in. With the growing demand for digital health solutions, these companies could be poised for significant growth over the coming years. However, research before investing and consult a professional financial advisor if necessary.
Best Telemedicine Stocks US
Teladoc Health (TDOC)
Teladoc Health (TDOC) is a leading telehealth company based in Purchase, New York. The company provides virtual care services to healthcare organizations and employers worldwide. Their services include virtual doctor visits, on-demand specialist consultations, care coordination, remote patient monitoring, and more.
Teladoc Health has seen remarkable growth in recent years due to increasing demand for telehealth services. As a result, their share price has risen by nearly 500% in the last three years.
American Well (AMWL)
American Well is a telehealth company that connects patients with physicians and other healthcare professionals. They provide various services, including telemedicine, digital health assessment tools, and electronic health records management.
The company is based in Boston, Massachusetts and operates in all 50 states. It has seen substantial growth over the last few years as demand for telehealth services continues to increase. Over the previous three years, their share price has risen by nearly 200%.
GigCapital2 (GIX) is a publicly traded venture capital fund that invests in innovative, disruptive technologies in the digital healthcare space. It focuses on companies in the United States and Canada, emphasizing those that leverage technology to reduce costs or improve access to care.
GIX has made several investments in telehealth companies, including DocDoc, which enables medical providers to offer virtual care services.
Is There a Telehealth ETF?
Global X Telemedicine & Digital Health (NASDAQ: EDOC)
Global X Telemedicine & Digital Health ETF (EDOC) is a healthcare exchange-traded fund (ETF) focused on the global telemedicine and digital health industry.
This ETF seeks to provide investors with exposure to companies within the telemedicine and digital health industry that have the potential to benefit from increased adoption of telehealth services.
EDOC invests in a portfolio of global companies across the telemedicine and digital health industry, including providers of healthcare technology and services, health information systems, and medical devices.
HDOC is another smaller fund which mimics this ETF index.
Is Telehealth a Growing Industry?
Telehealth is a rapidly growing industry that is revolutionizing the delivery of healthcare. It provides access to care for those who may not have had access before, reduces costs and increases efficiency. Telehealth involves using digital information and communication technologies to deliver health-related services and support remotely. This includes medical visits, online counselling, remote patient monitoring, virtual education, and more.
Telehealth has become increasingly popular over the past few years thanks to technological advances and increasing demand for convenient care. According to a recent report by Grand View Research, the global telehealth market is expected to reach $266.8 billion by 2027, growing at a CAGR of 19.2% from 2020 to 2027.
Is Canadian Telemedicine a good investment?
With the increasing popularity of telemedicine and its potential to improve access to healthcare services, many investors are asking whether Canadian telemedicine is a good investment like mushroom stocks Canada has. The answer depends on several factors, including the current market for telemedicine in Canada, the growth potential, and the risks associated with investing in this relatively new industry.
Canada has been slower to adopt telemedicine than many other countries. Still, the market is growing rapidly, and several Canadian telemedicine companies are well-positioned to capitalize on this growth. Of course, investing in any company carries risk, but those with sound business models and experienced leadership teams can offer potential rewards for investors.
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