- WELL has organized all its business operations in two key lines
of business, Omni-Channel Patient Services and Virtual
Services1
- Omni-Channel Patient Services includes all patient services
businesses that have exposure to in-person operations in addition
to virtual care and/or other business models. Virtual Services are
comprised of businesses that are almost entirely digital in nature
inclusive of SaaS and services, revenues from the company's
practitioner enablement platform or patient services businesses and
have little to no exposure to in-person care.
- WELL acquired both CRH Medical or "CRH" and MyHealth
Partners or "MyHealth" in the past few months and is pleased
to report that both are on track and producing as expected. Both
CRH Medical and MyHealth are part of the Omni-Channel Patient
Services Group.
- CRH Medical will deliver north of US$40M in free cash flow before leverage and tax
costs in 2021 and will have completed another 10 additional tuck-in
transactions in 2021, positioning for elevated cashflow performance
in 2022.
- MyHealth has completed two tuck-in transactions post becoming a
WELL Health company and is expected to continue to grow with
double-digit organic growth rates in 2022 and deliver north of
CAD$20M in free cashflow in
2022.
VANCOUVER, BC, Oct. 28, 2021 /CNW/ - WELL Health Technologies
Corp. (TSX: WELL) (the "Company" or "WELL"), a
company focused on positively impacting health outcomes by
leveraging technology to empower healthcare practitioners and their
patients globally, is pleased to provide key updates on the
company's newly updated lines of business and progress reports on
its two largest acquisitions to date, CRH Medical and MyHealth
Partners.
Hamed Shahbazi, WELL's Founder
and CEO commented: "WELL has been working hard to integrate,
streamline operations and activate network effects and we are
excited to report that the results are excellent, mainly because
WELL has phenomenal business unit leaders and operators. Our
tech enablement of healthcare practitioners plus capital allocation
program is working and as a result, we are experiencing
unprecedented growth. We look forward to speaking to this
acceleration of organic growth across our business at our upcoming
earnings event."
WELL Organizational Update – Two Key Lines of
Business
WELL is very pleased to update its stakeholders on its
simplified and streamlined organizational view. WELL has
formed two key lines of business, Omni-Channel Patient Services and
Virtual Services. The key differentiator between these two
divisions is material exposure to brick-and-mortar
operations. Virtual services have very little exposure to
aforementioned, whereas WELL's Omni-Channel Patient Services have
material exposure to both in-person care and other virtual care and
fulfillment models.
Michael Frankel, WELL's Chief
Medical Officer commented: "WELL provides healthcare practitioners
a powerful choice to modernize their practice, you can choose to
source any part of our digital practitioner enablement platform
directly for your own patient service business or you can join one
of WELL's own patient services businesses, where WELL provides a
total managed service offering. You can run your own business
or join ours."
Despite the fact that more than 15,000 healthcare practitioners
use the company's products and services, the majority of revenues
generated by the Company are attributable to the over 2,000
healthcare practitioners that work in WELL's omni-channel patient
operations.
CRH Progress Update
CRH continues to be a force in the GI practice community, having
closed 10 additional anesthesia transactions in 2021 thus far with
a number of new initiatives at its O'Regan banding segment,
including a patient-focused multiplatform digital app which we
expect to roll out in the next few weeks. CRH is on track to
generate more than US$40M in free
cashflow before leverage and tax costs in 2021. CRH is also
making a number of strides towards digitizing legacy processes to
improve areas of operations. A key example of this is its
revenue cycle management function. As part of the WELL
ecosystem now, CRH has been instrumental in unlocking opportunities
for WELL's other business units. Examples are as follows; CRH has
opened a new sales channel for the Source44 business unit, namely
providing cybersecurity tools to GI practices; WELL is now working
on ramping up patient services using the O'Regan system, its own
patented and FDA approved best-in-class hemorrhoid banding
system.
MyHealth Progress Update
MyHealth has completed its first two accretive acquisitions with
the latest being Durham Nuclear Imaging, a nuclear medicine clinic
east of Toronto in Ontario, Canada. MyHealth is on track to
deliver more than CAD$20M in free
cashflow generation in 2022 before leverage and tax costs.
With WELL's recently announced acquisition of Aware MD, WELL
will soon own the Cerebrum™ EMR that powers MyHealth's substantial
cardiology practice. The integration of clinical services and
technology on a single platform will allow WELL to enhance and
digitize the Practitioner and Patient experience in specialty care.
Leveraging WELL's past success in primary care with the integration
of our Oscar Pro EMR and our WELL Health Medical Clinic Network,
WELL will seek similar synergies in our specialty care
platform. MyHealth is also pleased to announce that upon
invitation from the Canadian Federal Government the company is
offering medical examinations and associated diagnostics to newly
arrived refugees from Afghanistan.
MyHealth is proud to have been selected for this important
humanitarian effort and views this opportunity as a chance to serve
those more vulnerable in a welcoming environment. WELL
remains the largest owner-operator of outpatient medical clinics in
Canada with 75 combined
clinics.
Both CRH and MyHealth are fully integrated with WELL's
backoffice accounting and governance programs. The Company
has also recently launched a corporate-wide procurement
optimization program overseen by its Chief Operating Officer,
Amir Javidan. The results have
been promising with significant cost savings across all business
units accounting for what is expected to be millions of dollars
over the next few years.
Footnotes:
(1) WELL's Virtual Services
Businesses includes all aspects of our practitioner enablement
platform, including EMR or Electronic Medical Records, RCM or
Revenue Cycle Management, digitally oriented patient service
businesses, cybersecurity services, and WELL's digital app Business
Unit which includes virtual care and other physician productivity
tools and applications.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is a technology enabled healthcare company whose
overarching objective is to positively impact health outcomes to
empower and support healthcare practitioners and their patients.
WELL has built an innovative practitioner enablement
platform that includes comprehensive end to end practice management
tools inclusive of virtual care and digital patient engagement
capabilities as well as Electronic Medical Records (EMR), Revenue
Cycle Management (RCM) and data protection services. WELL
uses this platform to power healthcare practitioners both inside
and outside of WELL's own omni-channel patient services offerings.
WELL owns and operates Canada's largest network of
outpatient medical clinics serving primary and specialized
healthcare services and is the provider of a leading multi-national
multi-disciplinary telehealth offering. WELL is publicly
traded on the Toronto Stock Exchange under the symbol "WELL"
and is part of the TSX Composite Index. To learn more about the
company, please visit: www.well.company.
Forward-Looking Information
This news release may contain "Forward-Looking Information"
within the meaning of applicable Canadian securities laws,
including, without limitation: information regarding the Company's
goals, strategies and growth plans; the expected benefits and
synergies of completed acquisitions; the expected financial
performance as well as information in the "Outlook" section
herein. Forward-looking information are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant
business, economic and competitive uncertainties, and
contingencies. Forward-looking information generally can be
identified by the use of forward-looking words such as "may",
"should", "will", "could", "intend", "estimate", "plan",
"anticipate", "expect", "believe" or "continue", or the negative
thereof or similar variations. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause future results, performance or achievements to be
materially different from the estimated future results, performance
or achievements expressed or implied by those forward-looking
statements and the forward-looking statements are not guarantees of
future performance. WELL's statements expressed or implied by
these forward-looking statements are subject to a number of risks,
uncertainties, and conditions, many of which are outside of WELL 's
control, and undue reliance should not be placed on such
statements. Forward-looking statements are qualified in their
entirety by inherent risks and uncertainties, including: direct and
indirect material adverse effects from the COVID-19 pandemic;
adverse market conditions; risks inherent in the primary healthcare
sector in general; regulatory and legislative changes; that future
results may vary from historical results; inability to obtain any
requisite future financing on suitable terms; any inability to
realize the expected benefits and synergies of acquisitions; that
market competition may affect the business, results and financial
condition of WELL and other risk factors identified in documents
filed by WELL under its profile at www.sedar.com, including its
most recent Annual Information Form. Except as required by
securities law, WELL does not assume any obligation to update or
revise any forward-looking statements, whether as a result of new
information, events or otherwise.
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SOURCE WELL Health Technologies Corp.