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

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 EML, GQG Partners, IGO, and Integrated Research shares are sinking today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of…

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why EOS, News Corp, Polynovo, and Pro Medicus shares are roaring higher today

These shares are starting the week positively. But why?

Read more »

A couple stares at the tv in shock, one holding the remote up ready to press.
Mergers & Acquisitions

Telstra share price climbs amid $3.4b Foxtel sale

Who is buying the Foxtel business? Let's find out.

Read more »

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company
Share Market News

Brokers say these ASX 200 growth stocks could rise 50% to 70%

Analysts think these shares could be dirt cheap and destined to generate big returns.

Read more »

Two people having a meeting using a laptop and tablet to discuss Seven West Media's balance sheet
Broker Notes

Why these ASX shares could be top SMSF options in 2025

Analysts are bullish on these high-quality shares. Let's find out why.

Read more »

The words short selling in red against a black background
Share Market News

These are the 10 most shorted ASX shares

Let's see which shares short sellers are targeting this week.

Read more »

Smiling man with phone in wheelchair watching stocks and trends on computer
Share Market News

5 things to watch on the ASX 200 on Monday

A good start to the week is expected for Aussie investors. Here's what to watch.

Read more »

A businessman compares the growth trajectory of property versus shares.
Opinions

What's the outlook for shares vs. property in 2025?

The experts have put out their new year predictions...

Read more »