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…

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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.

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