Telemedicine Dominates Healthcare

Andrew Dudum shares his perspective on the massive digital transformation happening in healthcare, particularly accelerated by COVID-19, and his company's approach to building a sustainable telemedicine business.

• Healthcare Digital Transformation:

  • Projects approximately 80% of healthcare moving to digital telemedicine in next 5 years
  • Believes healthcare is one of the last major sectors untouched by digital transformation
  • Sees this as one of the biggest remaining business opportunities alongside retail, commerce, real estate, and transportation

• COVID-19 Impact on Telemedicine:

  • Significant acceleration in telemedicine adoption
  • People staying home created natural shift to digital healthcare solutions
  • Perfect solution when unable to visit physician's office in person

• Business Approach and Vision:

  • Building for long-term success:
    • No desire for quick acquisition exit
    • Aims to build multi-generational public company
  • Current Business Status:
    • Over $100 million in sales last year
    • Conducted over 1 million telemedicine visits
    • Currently not profitable but close to profitability
    • Reinvesting profits into growth and new conditions

• Marketing Strategy:

  • Balanced approach:
    • Majority of spending on efficient, accountable channels
    • Portion allocated to brand building and relationship development
  • Beyond Traditional Digital:
    • Not solely dependent on Facebook/Instagram
    • Explores diverse channels including dating apps, affiliate networks, education sites
    • Focus on meeting customers where they are

• Current Market Environment:

  • Survival is key focus:
    • Companies need to find profitable cohorts and channels
    • Efficient operations crucial in current market
    • Survival equals growth in current climate
  • Capital raising will be challenging:
    • Flat rounds likely to be the new normal
    • Less willingness to finance R&D and experimentation