Is SteadyMD Legit? Before the pandemic, telehealth and telemedicine platforms had a tough time attracting patients. Though digital services had been integrated into most aspects of personal and professional life for some time, consumers balked at receiving healthcare via video conference.
By 2019, some consumers were starting to come around. They realized the benefits of seeing their practitioners from the comfort of their own homes, and that created steady growth in the industry as a whole.
From 2015 to 2019, the global telehealth market increased at a CAGR (compound annual growth rate) of 22.5 percent. By 2019, the industry was valued at nearly $50 billion, and analysts projected it would continue to grow through 2025.
COVID-19 upended those predictions, and suddenly, telemedicine was in high demand. Patients rapidly abandoned in-person healthcare in favor of virtual options, and the industry saw a massive boost in 2020. As the pandemic winds down, it is possible for patients to resume in-person care at 2019 levels, but will they? Experts say no.
From 2019 to 2023, the global telehealth market is expected to grow at a rate of more than 40 percent. Analysts predict the industry will be worth more than $194 billion at the end of that period. By 2025, telehealth is expected to reach $277 billion, and by 2030, that figure could be $459 billion or more.
Telehealth Set To Go Global
There is plenty of room to expand telemedicine from a geographic perspective. Nearly 44 percent of today’s telehealth visits are completed by North American patients. Most of the remaining 56 percent takes place in Western Europe and the Asia Pacific, which leaves huge opportunities in the Middle East, Africa, and South America.
That sort of industry growth has attracted a collection of innovators and entrepreneurs who are committed to making telemedicine more effective, more affordable, and more efficient. Telehealth startups are getting a lot of attention, and the stock of proven companies is in high demand.
That leads to the same conundrum that faces investors anytime they want to move early on developing technology. Which companies are most likely to see strong growth and rise to leadership positions in the new industry?
One patient favorite, SteadyMD, is now in the investor spotlight, though shares are not yet available to the public. Its model suggests a new method of delivering patient care, and that has people wondering, is SteadyMD legit?
What Is SteadyMD?
SteadyMD is a telemedicine service that is designed to address the disadvantages that usually come with this type of healthcare. Specifically, most telemedicine companies offer on-demand access to practitioners, but the specific practitioner varies depending on who is available.
SteadyMD has taken the traditional primary care model of medicine and adapted it to digital technology. Patients connect with the same primary care physician each time they log in, which leads to stronger relationships.
Communication methods reflect consumers’ current habits and preferences – patients can text, call, or connect through video chat and videoconferencing.
In addition, the platform integrates with many wearable fitness monitors and apps, so data is transferred to patients’ SteadyMD profiles automatically.
How Much Does SteadyMD Cost?
The SteadyMD service costs a bit more than its competitors at a monthly rate of $99. Note that after the first month, members move into an annual contract. In exchange for the higher subscription fee, patients enjoy guaranteed same-day appointments, along with a list of additional perks.
SteadyMD isn’t a good substitute for standard medical insurance. The $99 does not cover tests, referrals, or medication, which means patients have to pay out-of-pocket if they don’t participate in another plan.
The service is better used as a sort of health and wellness concierge. Instead of an annual in-person visit to an overwhelmed primary care physician, SteadyMD allows you to communicate regularly, ask questions anytime, and build strong relationships with your practitioner.
Is SteadyMD Legit?
So, is SteadyMD legit? The short answer is yes. It operates and is actively seeing patients in all 50 states, and the number of patients served and practitioners employed grows by the week.
SteadyMD’s strategy includes creating partnerships with major employers and health care organizations to increase the platform’s reach. The idea is that employers will offer SteadyMD as an add-on to compensation and benefits packages.
Health care organizations choose SteadyMD to manage the telemedicine side of their business, which eliminates the cost and complexity of building their own platform from the ground up.
Patients who have tried SteadyMD are near-unanimous in their praise of the platform. These excerpts from SteadyMD reviews demonstrate the value delivered by this service:
This was hands down the best experience I have ever had with a medical professional. Dr. Seth Larsen spent more time with me than probably my last 10 doctor visits combined.
~ Danny R.
SteadyMD is one of the best sites to ever be on as far as health. My doctor Dr. Seth Larsen has been one of the best doctors anybody can ask for. He proves you don’t need to physically see a doctor for you to feel like you have great communication.
~ Shamar H.
The only downside that comes up regularly in SteadyMD reviews is the cost. The subscription fee covers telehealth visits, but it doesn’t include any additional testing or in-person care. That means it isn’t right for patients with very complex medical needs, and it doesn’t replace traditional health insurance for managing illness and injuries.
Who Owns SteadyMD?
CEO Guy Friedman and COO Yarone Goren co-founded SteadyMD in 2016. The company remains privately held, and it recently completed a $25 million Series B capital raise to expand services and enhance the platform’s features.
The most recent financing round was led by Lux Capital, and it attracted big names like Guy Oseary’s Sound Ventures, Ashton Kutcher, Acrew Capital, 23andMe Co-Founder Anne Wojcicki, and Draper Associates.
How Much Venture Capital Has SteadyMD Raised?
Since its 2016 launch, SteadyMD has raised $35.5 million over the following five rounds of financing:
- 2016 Pre-Seed – $1.01 million
- 2017 Pre-Seed – $500,000
- 2018 Seed – $3 million
- 2020 Series A – $6 million
- 2021 Series B – $25 million
For now, there are no plans to take the company public, though if SteadyMD’s growth continues at its current rate, an IPO might not be far off. While that does leave average investors out, for the time being, there are other exciting telemedicine stocks to consider.
What Is the Best Online Doctor Service for Investors?
Investors who aren’t willing to wait for an IPO can buy Teladoc Health stock today. This company is favored by some of Wall Street’s most respected fund managers. For example, it currently holds a place of honor in Cathie Wood’s ARK Innovation family of ETFs.
Telemedicine and telehealth services were already catching on before the pandemic. Now, after a year of social distancing and telecommuting, texting and video chatting with physicians feels almost natural. That means a boost in the rate at which global telemedicine will grow throughout the remainder of this year and beyond. Industry leaders are expected to profit, and that means good things for shareholders.
The author has no position in any of the stocks mentioned. Financhill has a disclosure policy. This post may contain affiliate links or links from our sponsors.