Why the Doctor Care Anywhere (ASX:DOC) share price is surging 11% higher

The Doctor Care Anywhere Ltd (ASX:DOC) share price is on the move again on Tuesday. Here's why…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In morning trade the Doctor Care Anywhere Ltd (ASX: DOC) share price has been a strong performer.

At the time of writing, the UK-based telehealth company's shares are up 11.5% to a record high of $1.34.

This latest gain means the Doctor Care Anywhere share price is now up 68% from its 4 December listing price of 80 cents.

Why is the Doctor Care Anywhere share price pushing higher?

Investors have been buying the company's shares this morning after it announced the signing of a new channel agreement with Allianz Partners, one of the world's largest insurance and assistance companies.

Management notes that this marks the company's first international private medical insurance (iPMI) agreement in Europe following the expansion of its offering to the Republic of Ireland in October.

What does this mean?

This agreement will give Allianz Partners iPMI policyholders and their dependents based in Europe access to Doctor Care Anywhere's digital health services. This includes its virtual GP consultations.

According to the release, the company is aiming to launch the product in Europe in January 2021. The two parties have signed an "evergreen" agreement with no set expiry period.

Doctor Care Anywhere will receive a fixed price per consultation, with consultations to be provided by the company's Irish Medical Council-registered clinicians.

The company advised that the new agreement will sit alongside its existing channel relationships with other leading global insurers and hospital groups.

Doctor Care Anywhere's Founder and CEO, Dr Bayju Thakar, commented: "We are thrilled by the opportunity to work with another world leading insurer; this is further recognition of the value that the Doctor Care Anywhere platform brings to patients, payors and providers."

"Being engaged by Allianz Partners adds to the company's growth trajectory and supports our ability to service patient needs globally. This agreement is integral to our strategic plans for 2021 and beyond, helping us to deliver joined-up, accessible, quality health and disease care in the UK and globally," he concluded.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Three people in a corporate office pour over a tablet, ready to invest.
Broker Notes

Leading brokers name 3 ASX shares to buy today

Here's why brokers believe that now could be the time to snap up these shares.

Read more »

A young woman sits at her desk in deep contemplation with her hand to her chin while seriously considering information she is reading on her laptop
Opinions

1 ASX 200 dividend stock down 20% to buy right now

This beaten-up ASX share could be a top pick for dividends and stability.

Read more »

Man sitting in a plane looking through a window and working on a laptop.
Opinions

2 cheap ASX 200 shares I'd buy in May

I think these stocks are too cheap to ignore.

Read more »

Smiling couple looking at a phone at a bargain opportunity.
Share Gainers

Why Gentrack, New Hope, Nuix, and Star Entertainment shares are charging higher

These shares are starting the week strongly. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Core Lithium, Duratec, Galan Lithium, and Michael Hill shares are sinking today

These shares are starting the week in the red. But why?

Read more »

A trio of ASX shares analysts huddle together in an office with computer screens all around them showing share price movements
Broker Notes

Why brokers just revised their outlook for these 4 top ASX All Ords shares

These four ASX All Ords companies were just re-rated by top brokers.

Read more »

Invest written on a notepad with Australian dollar notes and piggybank.
Opinions

I'd invest $10,000 into these excellent ASX shares for the long term

I’m bullish about these top stocks.

Read more »

A man slumps crankily over his morning coffee as it pours with rain outside.
Materials Shares

Why did this ASX All Ords stock just crash 24%?

What is weighing down this lithium stock today? Let's find out.

Read more »