Audio-Only Telehealth Access Act of 2025

The Audio-Only Telehealth Access Act of 2025, HR1899, expands Medicare reimbursement for audio-only telehealth services. This legislation removes existing barriers to access for patients without reliable internet or video capabilities, significantly broadening the reach of telehealth. The bill's referral to the Committees on Energy and Commerce and Ways and Means indicates it is moving through the legislative process, as these committees have direct jurisdiction over healthcare policy and Medicare. This expansion of covered services translates to a larger patient base for telehealth providers, directly increasing their potential revenue streams. This bill does not appropriate new funding but rather expands the scope of existing Medicare reimbursement. The money trail flows from Medicare directly to healthcare providers who utilize audio-only telehealth services. Companies like Teladoc Health ($TDOC), Amwell ($AMWL), Livongo Health (now part of Teladoc Health, $TDOC), and One Medical ($ONEM) are positioned to capture this expanded reimbursement. Health insurance companies that manage Medicare Advantage plans, such as Molina Healthcare ($MOH) and Centene Corporation ($CNC), also benefit from increased utilization and potentially lower overall care costs through preventative audio-only consultations. Historically, similar expansions of telehealth coverage have driven significant market reactions. During the COVID-19 pandemic, the Centers for Medicare & Medicaid Services (CMS) temporarily expanded telehealth coverage, including audio-only services, in March 2020. Following this expansion, Teladoc Health ($TDOC) stock surged over 100% between March and July 2020, and Amwell ($AMWL) saw substantial gains after its IPO in September 2020, reflecting investor confidence in the expanded market. This historical precedent demonstrates that policy changes increasing telehealth access directly translate to positive market sentiment and stock performance for key players. Specific winners include Teladoc Health ($TDOC), which provides a comprehensive virtual care platform, and Amwell ($AMWL), a leading telehealth technology provider. Livongo Health's ($LVGO) chronic care management services, now integrated into Teladoc, also benefit from expanded access. One Medical ($ONEM) stands to gain through its primary care services. Health insurers like Molina Healthcare ($MOH) and Centene Corporation ($CNC) will see increased utilization of covered services. There are no direct losers from this expansion, as it broadens access without restricting existing services. The next step for HR1899 involves committee hearings and potential markups within the Committee on Energy and Commerce and the Committee on Ways and Means. If it passes out of committee, it will proceed to a floor vote in the House. The timeline for passage is uncertain but the referral to key committees indicates active consideration. If passed, implementation would likely follow within 6-12 months, providing a clear runway for companies to adapt and expand services.