Teladoc Health (TDOC -3.69%) and 1Life Healthcare (ONEM) are both angling for their share of the healthcare revolution catalyzed by this year's coronavirus outbreak. The companies aren't identical -- Teladoc offers a broad array of telehealth services without any in-person component, while 1Life opts for a subscription-based mixture of face-to-face and virtual primary-care services including diagnostic tests and labs. But both stocks are growing rapidly, and each has a compelling value proposition for investors looking to pocket massive returns.

While both businesses will benefit from rising public interest in alternatives to traditional healthcare paradigms, neither is risk-free. Neither is profitable yet, and both may struggle to raise funds for further expansion without diluting shareholder value by issuing more stock. Nonetheless, on the basis of their skyrocketing membership numbers and ongoing public demand for their services, there's a good chance that buying these stocks could make you rich over the next decade. Let's investigate how each company is positioned for success.

A man consults with his doctor during a telehealth visit.

Image source: Getty Images.

Teladoc continues to expand as consumers seek virtual visits

Teladoc has had a wild year so far, with its trailing-12-month revenue growing 85% year over year to $716 million and its paid membership base expanding by 92% over the second quarter of 2019. All this newfound popularity is largely a byproduct of the coronavirus pandemic, which led many people to choose telehealth over higher-risk visits to a doctor's office or the hospital. But it's important to remember that Teladoc has been exhibiting strong membership growth over the past few years as well. By the time the pandemic hit, the company already had more than 26.8 million subscribers, and its stock had begun a steep ascent.

As of early August, Teladoc had more than 70 million members in the U.S. alone, and its stock was up nearly 120% from the start of the year. Management projects revenue growth of at least 30% next year, driven both by additional telehealth market penetration as well as the company's ongoing merger with Livongo Health (LVGO). These are all positive signs which suggest that this stock is capable of making early investors rich. The main caveat is that because the company has no earnings, its current price may be the result of speculation, potentially leaving it vulnerable to sharp corrections -- especially if it fails to replicate this year's stunning results.

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1Life Healthcare is bridging a gap

While 1Life Healthcare's telehealth services are drivers of rising revenue, its ambitions are far larger, and that's why this stock could make investors rich in the long run. Unlike Teladoc, 1Life's growth is partially contingent on its ability to set up new locations for its in-person healthcare services. Members get access to telemedicine whenever they want it, but they also have the right to an appointment with a clinician within a day of their inquiry at any of the company's locations. In short, 1Life aims to capture market share from the myriad small practices nationwide that many people depend on to get care.

Early data indicates that the approach is gaining traction. 1Life's membership base rose 25% year over year to reach slightly less than half a million subscribers in the second quarter, and its stock price is up by more than 31% so far in 2020. Trailing-12-month revenue was up 17.8% to reach $304 million. Furthermore, the company opened 13 new offices for in-person services, making 96 locations in total. 

It's clear that 1Life has plenty of room to expand, and few direct competitors that offer the same blend of digital and in-person services. If the company can demonstrate a profitable business model in several different areas of the U.S., shareholders will be rewarded handsomely. Until then, it might be worth waiting for the company to report additional favorable data on earnings before investing.