Novo Integrated Sciences (NASDAQ: NVOS) Just Announced a Partnership That Could Shake Up the Telehealth Sector

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.

Novo Integrated Sciences NVOS stated that it has just advanced its telehealth platform through a joint venture (JV), MiTelemed+, with EK-Tech Solutions Inc.

The pandemic and associated lockdowns have accelerated the adoption of remote technologies. Working from home has led to a boom in the use of Zoom Video Communications Inc. ZM. Staying at home has led to a boom in shopping deliveries via Amazon.com Inc. AMZN. While similar adoptions in the healthcare industry have happened, albeit slowly, new technology platforms such as MiTelemed+ may allow it to accelerate its market adoption. 

Novo Integrated Sciences says that MiTelemed+ will operate, support, and expand access and functionality of EK-Tech’s proprietary telehealth platform iTelemed. EK-Tech is providing all of the underlying and proprietary technology to the JV, while Novo is responsible for the global rollout and commercialization. The JV is fully 50/50, with all profits and losses being shared on an equal basis.

The telehealth movement is rapidly evolving the delivery of medical care. To date, the current telehealth system is 1 dimensional, offering little more than the ability to have a video interaction with a health professional to discuss symptoms. Better diagnosis and treatment solutions come from being able to integrate peripheral diagnostic test equipment and related data into such remote examinations.

Novo is confident that MiTelemed+ represents the next generation of telehealth by incorporating skilled support workers at the patient location, along with any necessary peripheral diagnostic equipment, providing the telehealth practitioner with real-time data and test results thus allowing for a meaningful diagnosis and treatment solution.

By placing the diagnostic tests and capabilities at the patient end of the remote call, along with the trained staff to ensure correct functionality, the intention is to be able to offer remote visits that are as useful and accurate in primary care as the increasingly archaic physical visits.

Novo’s Chairman and CEO Robert Mattacchione said, “The pandemic has taught both patients and healthcare providers the viability, importance, and benefits of telemedicine technology for noncatastrophic primary care. To date, telehealth technology usage is 1 dimensional and limiting in comfort for practitioners to provide in-depth diagnosis and treatment solutions. Through our JV with EK-Tech, MiTelemed+ offers the next generation of  telehealth technology capability. Beyond the patient’s laptop or desktop, the iTelmed platform will interface with  Novo’s mobile application NovoConnect to provide patients and practitioners with an additional platform to administer patients remotely and create virtual visits that are intended to be as real and as effective as a physical visit.”

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.