In pre-market trading, SOC Telemed (TLMD) shares were rising 13.38% to trade at $5.17 at the last check. TLMD stock closed at $4.56, up 7.04% during regular session. Volume for TLMD stock was 0.62 million shares, which was higher than the average daily volume of 0.58 million shares in the past 50 days. TLMD stock has fallen by 56.74% over the past 12 months, and it has gained 2.70% in the past week.

TLMD stock has lost -39.20% over the past three months, while it has shed -45.26% over the past six months. TLMD currently has a market cap of $450.44 million and 75.81 million outstanding shares. It is unclear what has caused the surge in TLMD stock, but there are some recent developments that may have contributed to it.

What is going on at TLMD Stock these days?

Founded in 2004, SOC Telemed provides healthcare technology and solutions to hospitals, health systems, post-acute centers, physician networks, and value-based care organization clients nationwide. Telemed IQ, created by TLMD, provides rapid implementation and seamless optimization of telemedicine programs across the continuum of care using proven and scalable infrastructure.

TLMD delivers teleneurology, telepsychiatry, telecritical care, telepulmonology, telecardiology, teleinfectious disease, telenephrology, and telematernity care through a supportive and dedicated partner presence. The TLMD platform is used to build sustainable telemedicine programs for healthcare organizations across all clinical specialties.

Last week, SOC Telemed announced it has expanded its partnership with UnityPoint Health to include four hospitals in two markets in addition to its previous three. The success of UnityPoint Health’s telepsychiatry services over the last three years has led the healthcare provider to add Telemed IQ’s telemedicine platform and TLMD physicians to four more hospitals.

Additional hospitals in Des Moines, Iowa, are Methodist West Hospital, Iowa Methodist Medical, and Iowa Lutheran Hospital. Among its facilities is St. Luke’s Hospital in Cedar Rapids, Iowa. UnityPoint Health will begin offering telePsychiatry services in the second half of 2021 in both markets through TLMD. UnityPoint Health partnered with TLMD in 2018 at Allen Hospital, a not-for-profit community hospital located in Waterloo, Iowa.

As a result of TLMD’s telemedicine platform, the hospital used Telemed IQ as a primary platform for its enterprise telepsychiatry solution, which led to improved patient care and a substantial return on investment for the hospital.

How did TLMD expand its collaboration?

UnityPoint could help alleviate the stress on its other facilities as a result of the collaboration between SOC Telemed (TLMD) and Allen Hospital. In addition to providing its patients with top-of-the-line care, TLMD was a helpful morale booster for the hospital’s faculty and staff. In Allen Hospital’s 21-bed behavioral health center, one psychiatrist worked full-time before TLMD’s enterprise solution was implemented where the wait times for mental health evaluations were long.