- WELL's M&A Program is ramping up with multiple signed
and actionable LOIs demonstrating its ability to execute on highly
accretive capital allocation opportunities.
- WELL forms Provider Solutions Business Unit combining
WELL EMR Group, Billing & RCM, and Digital Apps businesses into
a robust practitioner enablement platform led by industry veterans
Adam Hutton and Paulo Gomes.
- WELL launches comprehensive operating cost optimization
initiative designed to derive greater synergies to improve
operating cashflow
VANCOUVER, BC, May 25, 2022
/CNW/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF)
(the "Company" or "WELL") — a practitioner focused
digital health company that is positively impacting health outcomes
by leveraging technology to empower healthcare practitioners and
their patients globally, is pleased to provide a number of key
business updates including a ramp-up in the Company's M&A
program and the formation of its Provider Solutions Business
Unit.
WELL is Ramping up M&A and
Increasing Its Efforts to Grow and Produce Cashflow:
Following the completion of its recent oversubscribed bought
deal private placement led by several large institutional
investors, WELL confirms that it is ramping up its M&A program
with multiple signed and actionable letters of intent ("LOIs"),
demonstrating the Company's ability to execute on highly accretive
capital allocation opportunities.
"We recently made the timely and important decision to add
significant cash to our balance sheet. Additionally, WELL has a
long-dated debt maturity schedule, all vendor takebacks have been
retired, and we will continue to generate excess free cashflow
beyond any interest or earnout payments." said Hamed Shahbazi, Founder and CEO of WELL. "Our
stronger financial position comes at a time where acquisition
valuations have fallen and the expected returns on capital
allocation have improved. This added liquidity gives WELL the
ability to aggressively pursue its goal of increasing intrinsic
value on a per-share basis"
A multi-disciplinary team at WELL is collaborating with all
functional group and business unit leaders to identify cost
optimizations and margin enhancement opportunities that can
translate into improvements in operating cashflow.
Amir Javidan, WELL's COO added,
"Notwithstanding our profitability and growth which on a combined
basis is industry leading within the tech-enabled healthcare
industry, we are also embarking on a sweeping operating cost review
and optimization initiative. The combined effect of our
organic and inorganic growth opportunities and focus on operating
cost efficiency will deliver tangible value to WELL
shareholders.
Eva Fong, WELL's CFO added,
"WELL's business continues to operate very well as our business
unit leaders are delivering tangible value to healthcare
practitioners across our network and allowing them to focus on what
matters-patient care. We are increasingly becoming an
indispensable and critical piece of healthcare ecosystem in
North America that is relied upon
by thousands of healthcare practitioners who are delivering
millions of patient visits per year. We recently raised
guidance for WELL's annual revenue to over $525 million for the current fiscal year.
We look forward to updating our stakeholders and demonstrating our
strong performance in the coming days and weeks."
Formation of Provider Solutions
Business Unit and Key Management Updates
WELL is pleased to announce the formation of its new Provider
Solutions Business Unit, which combines the previous WELL EMR
Group, Billing and RCM and several Digital Application businesses
into a one single practitioner enablement platform. This
consolidation is designed to simplify the relationship healthcare
providers have with WELL and better promote the breadth and depth
of WELL's practitioner enablement platform.
WELL's new Provider Solutions Business Unit encompasses
companies and brands including AwareMD, Intrahealth, Oscar Pro, DoctorCare, and CognisantMD. It will
comprise of tools and technologies including electronic medical
records (EMR), practice management, productivity applications,
back-office billing and revenue cycle management, and WELL's
apps.health ecosystem. With close to one in four Canadian
doctors currently being served by WELL's practitioner focused
businesses, the new Provider Solutions Business Unit will further
support the onboarding of WELL's technology solutions, positively
impacting improved health outcomes by better equipping and
empowering healthcare practitioners and their patients.
This integrated offering will not only support in simplifying
the relationship we have with our growing network of over 21,000
doctors and healthcare practitioners across the country, but it
will also allow WELL to continue to grow our market share through a
unique and unified platform offering.
The unit will be run by the current managing directors of
DoctorCare, Adam Hutton and
Paulo Gomes. Paulo Gomes, founder of DoctorCare, has a deep
understanding of the challenges doctors face when running a medical
practice, including workflows, technologies, and HR. He has spent
his entire career working with primary care physicians in the EMR,
pharmaceuticals, and physician services industries. Paulo is also
the co-founder of Khure Health, a company that helps primary care
doctors identify high-risk patients for rare diseases to help them
get on a proper care pathway. Prior to providing operational
direction at DoctorCare, Adam Hutton
was Vice President of Adoption and Strategic Partnerships at the
Ontario Telemedicine Network. He is a proven entrepreneur having
started and grown previous health services companies that now
support thousands of physicians across Canada.
"Since WELL's inception, we have built our toolkit of tools for
practitioners across numerous technology verticals. Moving forward,
we have a compelling opportunity to bring the suite of tools to
market in a single platform," said Paulo
Gomes, Managing Director of WELL Provider Solutions.
"Paulo and I see meaningful opportunities to leverage the
apps.health ecosystem, improving the attach rate of services among
existing customers, and expanding our platform to new practitioners
with a more unified, enterprise grade salesforce," remarked
Adam Hutton, Managing Director of
WELL Provider Solutions.
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. As such, 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 trades on the
OTCQX under the symbol "WHTCF". 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 DoctorCare's future plans, the new Provider
Solutions Business Unit and its positive impact in healthcare, and
WELL's future M&A transactions. Forward-Looking Information is
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 Information
involves 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 such Forward Looking
Information and, which are not guarantees of future
performance. WELL's statements expressed or implied by
Forward Looking Information 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 is Information qualified in
its 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 information, whether as a result of new
information, events or otherwise.
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SOURCE WELL Health Technologies Corp.