This Company Is Making Medical Testing and Care from Home the New Normal and You Don't Need Insurance

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Telehealth presents a unique opportunity for the world to harness the power of technology to reshape and expand healthcare delivery. The benefits new technologies offer for healthcare are enormous, and the world has barely scratched the surface of the possibilities.

Apart from expanding access, telehealth will help reduce travel costs and physical visits, ultimately resulting in cost savings for patients.

Healthcare is taking a financial toll on Americans. Currently, the U.S. has one of the highest healthcare costs globally, spending about $3.6 trillion on healthcare in 2019 alone. That number works out to be an average of about $11,582 per person.

Experts believe telehealth, the practice of medicine using technology to deliver care at a distance, is a sure way to bridge the healthcare gap, reduce costs and provide care to rural areas.

Patients will be able to have easy access to cutting-edge treatments. At the same time, medical practitioners can efficiently communicate and share information, use innovative diagnostic tools and employ less invasive procedures to offer more effective care.

COVID-19 Fueling Growth of Telehealth

The COVID-19 pandemic brought the global health sector to its knees. Out of 219 million reported cases, the deadly virus has claimed more than 4.55 million lives globally. Apart from the lives lost, coronavirus highlighted the immense potential of telehealth.

Following the implementation of restrictions on movements and closure of businesses to reduce the spread of the virus, companies, and people had to rely on new avenues — internet platforms like Zoom ZM, Google GOOGL Meet, and Microsoft MSFT Teams — to meet and get work done.

Just as businesses used these platforms, the healthcare sector also had to turn to new tech to provide medical care. Telehealth became helpful in situations where patients had to practice physical distancing or could not attend a healthcare facility in person.

Huge Market Opportunity

The telehealth market is growing at an unprecedented rate thanks to the COVID-19 pandemic. The market size was $144.38 billion in 2020 and in 2021 rose by 26.5% compound annual growth rate (CAGR). It is projected to reach $475.50 billion by 2026 and grow further to $636.38 billion by 2028 at a CAGR of 32.1%. This sector currently sees positive demand for its stocks.

Through next-gen technologies using advanced hardware and software, companies like DexCom Inc. DXCM and Teladoc Health Inc. TDOC provide enhanced medical solutions to providers and patients.

Companies like Johnson & Johnson JNJ and Medtronic PLC MDT are also making significant investments in the sector because of the huge market opportunity in telehealth.

G Medical’s Innovative Devices for the Uninsured

One disruptive medical technology company that is more than ready to capitalize on the opportunities in the sector is G Medical Innovations Holdings Ltd GMVD.

The company was established in 2014 with a clear focus on developing vital sign technologies and monitoring services. The technologies and services are geared to reduce the cost of healthcare and increase the quality of life and quality of care. 

G Medical is making medical testing and care from home affordable and the new normal, particularly for uninsured persons. It is doing this with an advanced product lineup like the G Medical PATCH, Prizma Monitor with Universal Case, and Prizma G2.

The company’s Prizma G2, the world’s first multi-test smartphone medical accessory, gives patients or users the ability to take medical tests anywhere at any time. They can share at a moment’s notice electronic medical records (EMR) with doctors, specialists, and other healthcare providers to have a deeper insight to make proactive treatment decisions.

Prizma G2 is a light portable, intuitive device that is easy to use and carry in a pocket or on a phone. It can measure vital signs like electrocardiogram (ECG), body temperature, oxygen separation (SPO2), heart rate, and stress from the comfort of home or on the go.

Another unique feature of the device is that it allows users to enter their blood pressure, body weight, glucose level, and symptoms manually. Prizma G2, which is also available as a standalone device, also helps keep track of users’ health data over time, allowing them to spot trends and assess their condition at any moment.

Investment Highlights

G Medical’s growth has been funded with more than $12 million in founder’s capital. A combination of devices and services provides steady, recurring revenue from health insurance reimbursement.

The company’s devices have significant growth potential with direct-to-consumer sales. To market the devices, G Medical has engaged the services of GRS, an affiliate of Guthy-Renker, LLC, engaged for 3 years.

Each patient activation generates revenue with Current Procedural Terminology (CPT)-coded insurance reimbursement of $55 per patient per month for each 30-day remote patient monitoring (RPM) report.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.