The MedAdvisor Ltd (ASX: MDR) share price has been on fire on Tuesday morning.
At the time of writing the medical technology company's shares are up 10% to 44 cents.
Why is the MedAdvisor share price rocketing higher?
Investors have been buying the company's shares this morning after it announced the launch of a new telehealth tool to help fight the spread of coronavirus.
This follows the recent decision by the Federal Government to extend the Medicare rebate to cover bulk billed telehealth consultations with doctors and many other health professionals. This will allow patients to seek trusted medical advice from the comfort of their own home.
According to the release, MedAdvisor is extending its GP Link technology to enable patients to undertake telehealth consultations with their GP or one of MedAdvisor's OnDemand GPs.
Positively, this completes MedAdvisor's medication management loop by allowing patients to conduct every part of the GP visit process remotely, where available. These additional telehealth services are expected to be online in April.
MedAdvisor's CEO, Robert Read, said: "The ability for patients to access these services without leaving home has significant benefits in not having to attend the practice, both through social distancing and allowing the GP and Pharmacist to manage their dramatically increased workflow."
The chief executive believes the company is well-placed to benefit from the rapidly changing environment.
He explained: "Telehealth is gaining popularity globally as the next generation of medication management. The current pandemic has meant that governments are fast-tracking their adoption of these services and MedAdvisor is perfectly placed to provide this crucial service at scale."
"MedAdvisor has been developing this functionality over a number of years and has now fast-tracked to launch the service imminently to help protect our patients and assist our medical practitioners to maintain our world-class health services," he added.
