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Fly News Breaks for May 15, 2019
TDOC
May 15, 2019 | 13:35 EDT
Wells Fargo analyst Jamie Stockton notes that anyone refreshing the Teledoc page on the NCQA website Wednesday morning would have seen the company's certification date go from 5/14/19 to 5/14/21, indicating it got another two-year certification. While they are now recertified, there is a disclosure on the NCQA website that Teledoc's certification is "under corrective action" and apparently that corrective action will be reviewed again in 6 months. Teledoc and NCQA are not giving details on the corrective action, but it seems like NCQA found some issues with the workflow the company was using for credentialing providers that they would like to see fixed, he notes. Stockton points out that the company does not expect extra expenses to stem from the corrective action, and expects to be able to satisfy NCQA's concerns when the matter is reviewed in 6 months. The analyst has an Outperform rating on the shares.
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