---
title: "Telehealth Industry: Companies, KPIs"
description: "Telehealth companies deliver medical visits by video, phone and messaging, from urgent care to mental health and chronic condition coaching."
canonical: https://www.getswoopr.com/stocks/industries/health-care/telehealth/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Telehealth Industry

## Direct Answer

Telehealth companies deliver medical visits by video, phone and messaging, from urgent care to mental health and chronic condition coaching. They are paid by insurers, employers and patients, and compete with health systems that built their own virtual care.

## Industry Overview

Telehealth sits within the health care sector. The first numbers to compare across companies here are visits and paid memberships, revenue per visit or member and gross margin. The outside forces that move them are listed under Primary Macro Drivers.

## Key Industry Metrics

- **Visits and paid memberships**: Number of virtual visits and subscribers paying for access. Visits show use, while memberships show recurring revenue; low usage per member can mean fewer paying customers later.
- **Revenue per visit or member**: Average income per consultation or per enrolled person. It depends on contract terms with employers and plans, so pricing and the mix of services shape it.
- **Gross margin**: Share of revenue left after clinician pay, technology and support costs. Because clinicians are paid per visit or salaried, margin is sensitive to visit volume and staffing.
- **Customer count among employers and health plans**: Number of organizations contracting for virtual care. Contracts bring access to many members at once, but usage per member determines profit.
- **Cash flow**: Cash generated or consumed by operations. Telehealth firms grew fast with heavy spending, so positive cash flow shows the model can sustain itself without new financing.

## Primary Macro Drivers

- **Reimbursement parity with in-person visits**: When insurers pay the same for virtual and in-person visits, providers have reason to use them, which supports visits and revenue per visit.
- **Employer benefit adoption**: Employers and health plans buy virtual care as a benefit, which expands paid memberships and customer count.
- **Clinician supply**: Virtual care depends on having enough licensed providers to staff visits, so supply affects visit capacity and cost per visit.
- **Cash-pay prescription programs**: Direct-pay programs for prescriptions can add revenue outside insurance, which shows up in memberships and revenue per member.

## Major Risks

- **Slowing visit growth after the pandemic**: After the pandemic surge, visit growth slowed, which can leave costs high against flat revenue; watch visits and paid memberships against prior periods.
- **Reimbursement and licensing rules**: Payment parity and cross-state licensing rules can change what virtual visits earn and where they can be offered; watch regulatory updates and revenue per visit.
- **Competition from health systems and retailers**: Health systems, retailers and insurers offer similar services and may price low to retain patients; watch customer count and gross margin.
- **Customer concentration**: A few large employer or plan clients may supply much of revenue, so a contract loss moves results; watch customer concentration.

## Industry Characteristics

| Characteristic | Profile |
| --- | --- |
| Cyclicality | Defensive |
| Capital Intensity | Low |
| Regulatory Intensity | Medium |
| Industry Maturity | Growth |
| Geographic Importance | U.S. |

## Companies Associated with Telehealth

The SEC's Standard Industrial Classification has no code that describes telehealth as a group, so there is no complete list of its filers. The companies below come from Swoopr's SEC dataset and have operations in or next to the industry. Each is classified by the SEC under its own main business.

| Company | SEC classification | Revenue | Growth | Net margin | Year |
| --- | --- | --- | --- | --- | --- |
| [Teladoc Health, Inc.](https://www.getswoopr.com/stocks/companies/teladoc-health-inc/) | Services-Offices & Clinics Of Doctors Of Medicine | $2.5 billion | -1.5% | -7.9% | FY 2025 |
| [Hims & Hers Health, Inc.](https://www.getswoopr.com/stocks/companies/hims-and-hers-health-inc/) | Services-Offices & Clinics Of Doctors Of Medicine | $2.3 billion | 59.0% | 5.5% | FY 2025 |
| [American Well Corp](https://www.getswoopr.com/stocks/companies/american-well-corporation/) | Services-Business Services, Nec | $249 million | -2.0% | -38.4% | FY 2025 |
| [Lifemd, Inc.](https://www.getswoopr.com/stocks/companies/lifemd-inc/) | Services-Offices & Clinics Of Doctors Of Medicine | $194 million | 25.3% | -5.8% | FY 2025 |

Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. Listing here describes a business relationship to the industry, not a recommendation. To find more companies, use the [company directory](https://www.getswoopr.com/stocks/companies/) and the [health care hub](https://www.getswoopr.com/stocks/industries/health-care/).

## Where to Go Next

The Telehealth guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.

### More in Health Care

- [Health Care sector overview](https://www.getswoopr.com/stocks/industries/health-care/)
- [Urgent Care](https://www.getswoopr.com/stocks/industries/health-care/urgent-care/)
- [Surgical Supplies](https://www.getswoopr.com/stocks/industries/health-care/surgical-supplies/)
- [Vaccines](https://www.getswoopr.com/stocks/industries/health-care/vaccines/)
- [Surgical Robotics](https://www.getswoopr.com/stocks/industries/health-care/surgical-robotics/)
- [Veterinary Services](https://www.getswoopr.com/stocks/industries/health-care/veterinary-services/)
- [Specialty Pharmacies](https://www.getswoopr.com/stocks/industries/health-care/specialty-pharmacies/)
- [Women's Health Pharmaceuticals](https://www.getswoopr.com/stocks/industries/health-care/women-s-health-pharmaceuticals/)
- [Specialty Pharmaceuticals](https://www.getswoopr.com/stocks/industries/health-care/specialty-pharmaceuticals/)

### Put it to work

- [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)
- [Company research](https://www.getswoopr.com/stocks/companies/)
- [All industries](https://www.getswoopr.com/stocks/industries/)

## Frequently Asked Questions

What are the main KPIs for the Telehealth industry?

Key performance indicators for the Telehealth industry include: Visits and paid memberships, Revenue per visit or member, Gross margin, Customer count among employers and health plans, Cash flow. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.

How cyclical is the Telehealth industry?

The Telehealth industry is generally defensive, meaning demand tends to remain relatively stable regardless of the economic cycle. Companies in this space can provide portfolio stability during recessions, though growth may lag in strong expansions.

What are the biggest risks in the Telehealth industry?

The primary risks for Telehealth companies include: Slowing visit growth after the pandemic, Reimbursement and licensing rules, Competition from health systems and retailers, Customer concentration. Investors should assess each company's exposure to these factors and its track record of navigating them.

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).