Telehealth is now a $250 billion opportunity. Per a McKinsey study, telehealth utilization rose to 78X the normal in April 2020 and has since then stabilized at 38X. With an increasing focus on safe access to care during the pandemic, there was a greater willingness among payers and providers to embrace telehealth as the norms on reimbursements have become more conducive. The Center for Medicare and Medicaid Services (CMS) expanded the 2021 physician fee schedule to include telehealth codes for many services. Though it is unclear if these changes will be permanent beyond the public health emergency, we believe that the shift is definitive.

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