NEW YORK, Sept. 19, 2024 (GLOBE NEWSWIRE) -- LifeMD, Inc.® (Nasdaq: LFMD), a leading provider of virtual primary care services, today announced significant enhancements to its weight management program, underscoring the company’s commitment to expanding patient access and improving the quality and comprehensiveness of care available on its virtual care platform. The investments include a new and improved platform and partnership for in-home lab collection, technology enhancements for prior authorization and pharmacy benefits infrastructure, and the launch of personalized prescription treatment options. These advancements further establish LifeMD as a leader in the rapidly growing market for virtual healthcare.
As part of its commitment to increasing access to branded prescription GLP-1 medications, LifeMD has developed and is launching a real-time electronic benefit verification program that allows patients to check pharmacy benefits verification before enrolling in a LifeMD virtual care program. Additionally, LifeMD has partnered with an AI-powered platform that optimizes prior authorization submissions and appeals to improve approval rates for patients. These enhancements are designed to minimize delays in care, reduce barriers to accessing brand-name medications, and ensure that a broader range of patients can benefit from LifeMD’s offerings.
“Our No. 1 objective for 2024 is to deliver on LifeMD’s commitment to build the most comprehensive and accessible virtual care offering for weight management in the United States,” said Justin Schreiber, Chairman and CEO of LifeMD. “Our latest investments in in-home lab services and our pharmacy benefits verification infrastructure – combined with our past and present investments in our medical benefits infrastructure, pharmacy, affiliated provider group, AI-enhanced workflows and technology – are highly differentiating for LifeMD and help us break down the barriers that prevent many Americans from accessing lifechanging healthcare.”
“Importantly, we are already benefitting from these investments with more than 38% of patients over the past 30 days who provided us with their insurance information receiving affordable coverage for a branded GLP-1 medication. We expect that this number will soon exceed 50% and will increase further in 2025 as private and government payors expand coverage of these therapies,” he added.
In addition, LifeMD has launched a personalized therapy for weight management, expanding its weight management program with an alternative to GLP-1 medications designed for patients who are unable or unwilling to use GLP-1 drugs. This treatment plan, consisting of three oral medications – metformin, bupropion, and topiramate – is available as a cost-effective monthly subscription and is expected to grow the program’s addressable market by approximately 15%, according to company estimates.
Another key advancement is the integration of at-home, self-collection laboratory testing services into LifeMD’s weight management offerings. Initially introduced as part of the new compounded treatment options, these services will soon be incorporated into the GLP-1 weight management program to increase the percentage of patients who qualify for treatment. LifeMD plans to use at-home collection testing across various clinical care scenarios, giving patients greater control over their health and making remote healthcare more inclusive.
“We’re building a robust, patient-centric platform that can adapt to a wide array of evolving health needs. By expanding our capabilities in anticipation of future healthcare demands, we are creating a telehealth ecosystem that provides patients with a seamless experience, helping to drive long-term outcomes,” said Dr. Anthony Puopolo, President of LifeMD Affiliated P.C.s.
For more information about LifeMD’s weight management programs, please visit https://lifemd.com/weight-management/.
About LifeMD, Inc.
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.
Cautionary Note Regarding Forward Looking Statements
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.
Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, “Risk Factors” identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.
Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.
Investor Contact
Marc Benathen, Chief Financial Officer
marc@lifemd.com
Media Contact
Jessica Friedeman, Chief Marketing Officer
press@lifemd.com
