Notes on Employer Benefit Guides

Credit Suisse published detailed findings from their review of more than 200 Employer Benefit Guides. This was done in an effort to better understand the trends related to telehealth, mental health, second opinion, chronic care management, employee navigation, etc.

Below the key findings are grouped by offerings:

Key findings related to Telehealth showed a) Telehealth offerings for general medical consultations are steady, b) Very few telehealth vendor contract switches, c) Employers lowering co-pays for telehealth but not as many times as last year, d) Acceleration in employers offering telehealth services for behavioral and behavioral and dermatology, e) Some early success for Doctor on Demand’s virtual primary care offering, f) UNH’s tele-behavioral offering vendors are Amwell and Doctor on Demand, and g) OC24Health, (Optum’s provider network) is powered by Teladoc.

Key findings related to Mental Health Offerings showed a) An acceleration in employers rolling out mental health benefits either via direct partnerships or leveraging plan offerings and b) Several new contract wins for Talkspace.

Key findings related to Chronic Care Programs showed a) Several high profile new contract wins for Livongo, and b) Some employers are switching to Next Generation Transform Diabetes Care through CVS

Key findings related to Employee Engagement/Navigations showed  a) New contract wins for Accolade, and b) Other employee engagement/navigation vendors often cited include Grand Rounds, Quantum Health, Advocate etc.

Key findings related to Expert/Second Opinion showed a) Unlike 2020, not many new rollouts, b) “Carrot or Stick” which are employers pushing for second/expert opinion utilization, and c) Teladoc rebranding “Best Doctors” offering as “Teladoc Medical Experts” in some cases.

Key findings related to Innovative Primary Care Practices showed a) Telehealth & innovation primary care model offerings continue to co-exist, and b) New contract wins for ONEM

Based on Credit Suisse’s analysts’ positive findings from the 2021 employee benefit guides review and with the entire digital health universe seeing an uptick in valuation, the analysts are raising the TP multiples for TDOC and ACCD. The analysts now value TDOC on 18x (vs 16x previously) our 2022 revenue multiple, yielding a new $296 TP. The analyst’s value ACCD shares on 12x (vs 11x previously) our 2022 PF revenue multiple, yielding a new $65 TP and the analysts reiterate their Outperform rating on both.

If you wish access to the detailed spreadsheet or want more information, have questions, and/or provide feedback, email Jailendra Singh at or call 212-325-8121.


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