Amazon (NASDAQ:AMZN) is diving deeper into the healthcare space by opening a new virtual health service called Amazon Clinic. Back in August, the company announced plans to shutter its previous telehealth service, Amazon Care, after failing to meet the needs of potential business clients.
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The new care option, launched in 32 states, will provide affordable care for common health conditions such as allergies, acne, and hair loss, among others.
The customers will not be having video consultations. Instead, they are required to select the condition for which consultation is needed and choose their preferred telehealth provider. Finally, a short intake questionnaire is to be filled out. The healthcare provider will then contact the customer through messaging.
Consultation fees will vary based on the provider and cannot be paid from insurance. Further, patients can reach their telehealth provider with follow-up messages for up to two weeks after the initial consultation.
A lot seems to be going on in Amazon’s healthcare unit. The company announced plans to acquire 1Life Healthcare Inc., which operates a primary-care practice under the name One Medical, in a $3.9 billion deal. Moreover, it has a pharmacy delivering unit operational since 2020.
Is Amazon Stock a Good Buy?
Wall Street is optimistic about Amazon stock, with a Strong Buy consensus rating based on 33 Buys and one Hold. The average price target of AMZN stock is $140.36, which indicates upside potential of 41.86%.
