Teladoc Well being, HealthJoy develop partnership to incorporate digital main care

Chicago-based digital worker advantages platform HealthJoy is increasing its partnership with digital care supplier Teladoc Health to incorporate digital main care companies. 

HealthJoy presents advantages navigation to employers in addition to digital companies for power care administration, dermatology, grownup and adolescent psychological well being, musculoskeletal remedy, pressing care, vitamin and tobacco cessation. 

Teladoc and HealthJoy established their partnership in 2022 to incorporate a digital medical care choice inside HealthJoy’s care navigation platform. The prolonged partnership introduced at the moment absolutely integrates Teladoc’s digital main care companies into HealthJoy’s choices for employers. 

“This is a vital step in our journey to enhance entry to main care and simplify advantages navigation to make it simpler for workers to be wholesome and properly. We’re proud to associate with Teladoc Well being to make our imaginative and prescient a actuality,” Justin Holland, CEO and cofounder of HealthJoy, stated in an announcement. 

THE LARGER TREND

Privately held HealthJoy scored $60 million in Series D funding in October, simply two years after it acquired $30 million in a Series C funding round. The corporate garnered $12.5 million in Series B funding in 2019. 

Publicly-traded Teladoc struggled financially final yr, reporting a $13.7 billion net loss in 2022, pushed by a number of non-cash goodwill impairment prices, together with a $6.6 billion cost associated to its acquisition of power care administration firm Livongo.

The digital care firm laid off about 300 employees, or about 6% of its non-clinician workforce, earlier this yr as half of a bigger restructuring plan to cut back working prices. 

Final month, the corporate reported its Q1 2023 earnings, exhibiting a lift in income of $629.2 million in comparison with $565.4 million within the first quarter of 2022, partially because of 21% development year-over-year of its direct-to-consumer psychological well being division BetterHelp.

Teladoc initiatives its income within the second quarter will proceed to rise to between $635 million and $660 million. For the total yr, the corporate anticipates income of between $2.58 billion and $2.68 billion.