Dallas-based Teladoc, a telehealth solutions provider, has submitted a confidential submission of draft registration for initial public offering.
Here are five things to know.
1. Teladoc submitted a Form S-1 to the U.S. Securities and Exchange Commission proposing initial public offering of its common stock, though the number of shares and the price range for the proposed offering have not yet been determined.
2. Teladoc was founded in 2002 with the goal of addressing issues of patient access, cost and quality in healthcare. The company offers virtual visits with physicians board-certified in internal medicine, family practice or pediatrics. Physicians are available for consultations 24/7 and every day of the year.
3. In April, the Texas Medical Board voted to prohibit physicians from writing prescriptions to unknown patients via telemedicine, bringing a longstanding debate between the two organizations to a close. In 2011, Texas Medical Board wrote a letter to Teladoc saying physicians participating in Teladoc's network were jeopardizing their licenses and that providing services over telemedicine is not comparable or as adequate as in-person care.
4. On Jan. 20, 2015, Teladoc filed a lawsuit against Texas Medical Board for filing an emergency rule limiting the use of telephones in practicing medicine. TMB passed an emergency ruling Jan. 16, 2015 requiring face-to-face visits or in-person evaluations before a clinician can supply a prescription. Teladoc's lawsuit alleges the emergency rule violates the Texas Administrative Practice Act which says emergency rules are only permitted if there is immediate threat or danger to public health, safety or welfare.
5. According to Teladoc's website, the company has approximately 10 million members and zero malpractice claims. Teladoc reporting and member surveys indicate 95 percent member satisfaction, 96 percent physician satisfaction and a 90 percent issue resolution rate. The average consultation duration is 17 minutes.
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