CardieX signs co-marketing agreement to enter growing US telehealth market
The Blue Cross Blue Shield networks provide health plan coverage to over 106 million people in the United States.
Australian digital health technology focused firm CardieX (ASX: CDX) has entered into a five-year co-marketing agreement, via its US based subsidiary, inHealth Medical Services with New York Stock Exchange listed health insurer Anthem Inc (NYSE: ANTM) which will position it as a substantial player in the nation’s growing telehealth market.
The agreement between inHealth and Anthem Inc will see inHealth’s range of telehealth service plans and expertise in virtual health coach staffing, clinical program development and clinical research services promoted to customers within the Anthem-Blue Cross Blue Shield Association network.
The combined network provides health plan coverage to more than 106 million people in the US and internationally.
Services earmarked for promotion under the agreement will focus on large-scale population health disorders such as obesity, diabetes, blood pressure, stress and chronic diseases as determined by the three companies.
Anthem is currently the largest health insurance company in the US, with a market capitalisation of US$65 billion and a top 30 ranking on the Fortune 500 list.
Telehealth technology
Telehealth refers to the use of information and communications technologies to deliver health services and transmit health information over long and short distances.
It focuses on transmitting voice, data, images and information thereby eliminating the need to move patients, health professionals or educators, and encompasses diagnosis, treatment, preventive and curative aspects of healthcare services.
“This agreement marks a transitional point for inHealth as a provider of clinically-based telehealth programs and services,” said CardieX chief executive officer Craig Cooper.
“It also opens a significant potential distribution channel for our growing portfolio of medical and consumer products and services and allows us to work collaboratively with inHealth and Anthem to develop solutions for large-scale population health disorders.”
inHealth acquisition
CardieX specialises in the development of digital and device-based solutions for large-scale population health disorders.
In November, the company entered into a separate agreement with inHealth allowing it to acquire up to 50.5% of inHealth by way of convertible notes.
Today’s co-marketing agreement builds on the inHealth acquisition and establishes CardieX as a substantial participant in the US health insurance and telehealth market, believed to be worth approximately US$25 billion and growing at an annual compound rate of 18%.
At midday, shares in CardieX were trading 11.43% higher at $0.039.