Walgreens Boots Alliance, Inc. (WBA) has once again proven that it’s ahead of the curve. In this case, Walgreens is going to offer online dermatological information, care, and treatment to anyone willing to pay a $59 consultation fee. Other than the fee, the only requirement is to visit Walgreens.com or use the app.
These services are offered thanks to a partnership between Walgreens and DermatologistOnCall by Iagnosis, Inc. Iagnosis provides teledermatology solutions for dermatology providers, practices and health systems. Thanks to Iagnosis, anyone with a skincare concern can post a picture of that concern on a private and secure platform. Approximately 3,000 skin, hair, and nail conditions can be diagnosed and treatment plans can be sent within 24 hours by a United States-based and board-certified dermatologist.
According to an IBISWorld industry report published in July 2015, the average wait time to see a dermatologist in the U.S. is just shy of 29 days, and it can sometimes be as long as several months. With this new service, Walgreens has provided a solution to a problem.
According to Walgreens, more than 2 million people visit its digital channels every day. This service should provide a boost to that number and increase the company’s exposure. Furthermore, in addition to the $59 fee, basic skin and product recommendations will be made to visitors for the Walgreens Pharmacy cart. This should provide another revenue steam.
Dave Zynn, chief executive officer of Iagnosis, released the following statement: “We are very excited to announce this relationship with Walgreens, which has shown innovative leadership in embracing telehealth applications that deliver a high clinical quality standard to its customers. Consistently, 98% of DermatologistOnCall patients say they’d recommend the service to a family member or friend, and we look forward to serving Walgreens customers as they look for solutions that support their health and well-being.”
WBA has slid 7.66% over the past 12 months and currently offers a dividend yield of 1.84%.