Teladoc Health, a virtual healthcare company that has faced a decline in investor interest, is getting a much-needed boost through an expanded partnership with Microsoft. The company announced that it will be utilizing Microsoft’s artificial intelligence (AI) technology to automate the creation of clinical documentation during virtual exams.
Teladoc shares experienced a 3% increase, rising to $25.72, with earlier gains briefly reaching above $27. Although the stock has seen an 8.6% increase this year, it has significantly fallen from its peak of over $290 during the Covid-19 pandemic. This decrease in value stems from waning interest in virtual healthcare and the company’s disappointing guidance for the year.
Tom McGuinness, Microsoft’s corporate vice president for Global Health & Life Sciences, expressed enthusiasm for the collaboration, stating, “We are pleased to continue our collaboration with Teladoc Health, leveraging innovative technologies to help make it easier for clinicians to deliver care virtually and enhance the patient experience.”
The partnership between Teladoc Health and Microsoft showcases their commitment to utilizing technology to improve healthcare delivery and provide a superior patient experience.