Chicago-based digital employee benefits platform HealthJoy is expanding its partnership with virtual care provider Teladoc Health to include virtual primary care services.
HealthJoy offers benefits navigation to employers as well as virtual services for chronic care management, dermatology, adult and adolescent mental health, musculoskeletal therapy, urgent care, nutrition and tobacco cessation.
Teladoc and HealthJoy established their partnership in 2022 to include a virtual medical care option within HealthJoy’s care navigation platform. The extended partnership announced today fully integrates Teladoc’s virtual primary care services into HealthJoy’s offerings for employers.
“This is an important step in our journey to improve access to primary care and simplify benefits navigation to make it easier for employees to be healthy and well. We’re proud to partner with Teladoc Health to make our vision a reality,” Justin Holland, CEO and cofounder of HealthJoy, said in a statement.
THE LARGER TREND
Privately held HealthJoy scored $60 million in Series D funding in October, just two years after it received $30 million in a Series C funding round. The company garnered $12.5 million in Series B funding in 2019.
Publicly-traded Teladoc struggled financially last year, reporting a $13.7 billion net loss in 2022, driven by multiple non-cash goodwill impairment charges, including a $6.6 billion charge related to its acquisition of chronic care management company Livongo.
The virtual care company laid off about 300 employees, or about 6% of its non-clinician workforce, earlier this year as part of a larger restructuring plan to reduce operating costs.
Last month, the company reported its Q1 2023 earnings, showing a boost in revenue of $629.2 million compared to $565.4 million in the first quarter of 2022, in part thanks to 21% growth year-over-year of its direct-to-consumer mental health division BetterHelp.
Teladoc projects its revenue in the second quarter will continue to rise to between $635 million and $660 million. For the full year, the company anticipates revenue of between $2.58 billion and $2.68 billion.