To amend title XVIII of the Social Security Act to remove in-person requirements under Medicare for mental health services furnished through telehealth and telecommunications technology.

HR1867 removes the in-person requirement for Medicare mental health services delivered via telehealth. This change is significant because it permanently expands the scope of reimbursable virtual mental healthcare for Medicare beneficiaries, eliminating a barrier that limited widespread adoption and revenue generation for telehealth platforms. The bill's referral to Energy and Commerce and Ways and Means indicates it is moving through the legislative process. The money trail for this bill involves increased reimbursement for telehealth services. Companies providing virtual mental health platforms and services will see an expanded addressable market within the Medicare population. This translates to higher service utilization and direct revenue growth for these providers. The funding mechanism is through Medicare reimbursements, paid directly to the healthcare providers utilizing these telehealth platforms. Historically, the COVID-19 pandemic led to temporary waivers of in-person requirements for telehealth. When these waivers were first implemented in March 2020, telehealth providers experienced significant growth. For example, Teladoc Health ($TDOC) saw its stock price increase by over 100% between March and July 2020 as telehealth adoption surged. Amwell ($AMWL) also experienced substantial gains following its IPO in September 2020, driven by the expanded telehealth landscape. This bill codifies a similar expansion for mental health services specifically. Specific winners include pure-play telehealth providers like Teladoc Health ($TDOC), Amwell ($AMWL), and Livongo Health (now part of Teladoc, $LVGO). Companies with significant telehealth offerings or partnerships, such as CVS Health ($CVS) and Walgreens Boots Alliance ($WBA) through their digital health initiatives, also stand to gain. There are no direct losers from this bill; rather, it represents a market expansion for virtual care. This bill has been referred to committees. The next steps involve committee hearings, potential amendments, and a vote in both the House and Senate. The timeline for passage is uncertain but the referral indicates active consideration. If passed, the implementation would likely follow standard Medicare rule-making procedures, making the changes effective within months of enactment.