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National Telehealth Network
9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
National Telehealth Network

4. National Telehealth Network

In 2012, the Company and an affiliate of Elevance Health Inc. formed NTN to expand the availability and adoption of telemedicine. The Company did not have a controlling financial interest in NTN, but it had the ability to exercise significant influence over the operating and financial policies of NTN. Therefore, the Company accounted for its investment in NTN using the equity method of accounting through December 31, 2015.

On January 1, 2016, the Company made an additional investment in NTN, which increased its ownership percentage above 50%. The Company also obtained the right to elect the Chairman of NTN, who has the ability to cast the tie-breaking vote in all decisions. Therefore, on January 1, 2016, the Company obtained control over NTN and has the power to direct the activities that most significantly impact NTN’s economic performance. This step-acquisition was accounted for as a business combination and the results of the operations of NTN from January 1, 2016, have been included in the Company’s condensed consolidated financial statements. However, because the Company owns less than 100% of NTN, the Company recognizes net loss attributable to non-controlling interest in the condensed consolidated statements of operations and comprehensive loss equal to the percentage of the ownership interest retained in NTN by the respective non-controlling party.

The proportionate share of the loss attributed to the non-controlling interest amounted to $690 and $491 for the three months ended September 30, 2023 and 2022, respectively. The proportionate share of the loss attributed to the non-controlling interest amounted to $2,551 and $1,214 for the nine months ended September 30, 2023 and 2022, respectively.

The carrying value of the non-controlling interest was $17,423 and $19,974 as of September 30, 2023 and December 31, 2022, respectively.