NEW YORK, June 25, 2024 (GLOBE NEWSWIRE) -- LifeMD, Inc. (Nasdaq: LFMD) today announced the launch of private health insurance acceptance for its virtual primary care services, including weight management for medically qualified patients. Initially available in select states, the company plans to continue enrollments with private payors to facilitate access to medically necessary services, ultimately having broad coverage options across all 50 states. As part of its early 2025 roadmap, LifeMD expects to begin accepting Medicare.
"We are excited to announce that LifeMD is now accepting private insurance for our primary care services in certain states, with plans for a strategic, phased expansion to additional geographies. This significant milestone broadens the reach of our differentiated virtual primary care business, including weight management services following consultation with a qualified medical professional. By contracting with private payors and government programs, we are making LifeMD’s high-quality care more affordable and accessible, and in turn improving clinical outcomes and patient retention rates," said Justin Schreiber, Chairman and Chief Executive Officer of LifeMD.
The acceptance of private insurance to cover medically necessary services is being offered to patients in connection with a monthly membership for non-covered services, with an out-of-pocket cost for those services that is considerably lower than current monthly self-pay fees. Once a patient’s health insurance benefits have been electronically verified, LifeMD will handle the claims submission and prior authorization processes.
Payor contracts are executed by insurance carriers in their respective licensed states, and involve the enrollment of a LifeMD-affiliated medical group entity as well as the credentialing of each LifeMD-affiliated medical provider.
About LifeMD
LifeMD is a leading provider of virtual primary care. LifeMD offers telemedicine, access to laboratory and pharmacy services, and specialized treatment across more than 200 conditions, including primary care, men’s and women's health, weight management, and hormone therapy. The Company leverages a vertically-integrated, proprietary digital care platform, a 50-state affiliated medical group, and a U.S.-based patient care center to increase access to high-quality and affordable care. For more information, please visit LifeMD.com.
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This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: “believe,” “expect,” “anticipate,” “project,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” “predict,” “continue,” and “potential,” or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, regulatory developments, legal events or outcomes, ability to comply with complex and evolving regulations, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.
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Investor Contact
Marc Benathen, Chief Financial Officer
marc@lifemd.com
Media Contact
Jessica Friedeman, Chief Marketing Officer
press@lifemd.com
