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

Red sell button on an Apple keyboard.
Broker Notes

Sell alert! Why this expert is calling time on Westpac shares

A top analyst forecasts growing headwinds for Westpac shares. But why?

Read more »

An arrow crashes through the ground as a businessman watches on.
Share Market News

WiseTech shares have crashed: buy, hold, or sell?

Can WiseTech's strengths overcome mounting governance concerns?

Read more »

A stressed businessman sits next to his briefcase with his head in his hands, while the ASX boards behind him show shares crashing.
52-Week Lows

These ASX tech stocks are crashing. Buy or bail?

The market is bearish. Analysts aren't so sure.

Read more »

A young man punches the air in delight as he reacts to great news on his mobile phone.
Share Market News

A rare buying opportunity in 1 of Australia's top shares?

This ASX share offers investors a lot of positives!

Read more »

Arrows pointing upwards with a man pointing his finger at one.
Broker Notes

Which ASX mining stock could rocket 100%+ after 'breakthrough'?

This mining stock could be undervalued according to Bell Potter.

Read more »

Superannuation written on a jar with Australian dollar notes.
Share Market News

How much is needed in superannuation to target an $11,000 monthly passive income?

This is what it would take to unlock $132,000 of annual passive income.

Read more »

A young man sits at his desk working on his laptop with a big smile on his face.
Share Market News

5 things to watch on the ASX 200 on Wednesday

Here's what to expect on the local market on hump day.

Read more »

The silhouettes of ten people holding hands with their arms raised against the sky, as the sun rises or sets in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another rough day on the markets.

Read more »