- WELL expects to announce another record performance for total
patient interactions1 of ~1.4 million in Q1-2023
reflecting a YoY increase of approximately 27%, primarily driven by
organic growth.
- WELL also achieved combined 975,500 patient visits2
in Canada and the United States for Q1-2023, an increase of
25% as compared to Q1-2022.
- WELL's patient interactions1 and patient
visits2 metrics are an important leading indicator to
demonstrate the health of WELL's operational and financial
performance.
VANCOUVER, BC, May 4, 2023
/PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX:
WHTCF) ("WELL" or the "Company"), a digital health
company focused on positively impacting health outcomes by
leveraging technology to empower healthcare practitioners and their
patients globally, is pleased to provide a preview of the volume of
its patient visit and interactions in Q1-2023.
WELL achieved a total of 1,397,353 patient
interactions1 in Q1-2023, a year-over-year increase of
27% compared to Q1-2022 and representing 5.6 million patient
interactions on an annualized run-rate basis. This was primarily
driven by strong organic growth across all of WELL's business
units.
|
Q1-2022
|
Q4-2022
|
Q1-2023
|
Canada Patient
Visits3
|
441,445
|
491,148
|
503,735
|
US Patient
Visits3
|
337,465
|
450,335
|
471,765
|
Technology
Interactions
|
318,797
|
411,765
|
421,853
|
Total Patient
Interactions
|
1,097,707
|
1,353,248
|
1,397,353
|
WELL's Canadian Patient Services business which includes primary
care, specialty, allied care, executive health, and diagnostic care
accounted for a total of 503,735 patient visits2 across
Canada in Q1-2023, representing an
increase of 14% as compared to Q1-2022.
WELL achieved 471,765 patient visits2 in the
Company's US Patient Services business in Q1-2023, an increase of
40% compared to Q1-2022. WELL's US Patient Services businesses
include CRH Medical, Circle Medical and Wisp. Growth in US Patient
Visits was primarily driven by organic growth in Circle Medical and
Wisp businesses, in addition to acquisitions by CRH over the past
year.
Hamed Shahbazi, Founder and CEO
of WELL commented, "Our impressive care provider and technology
teams turned in another outstanding performance in Q1, collectively
delivering another record quarter of results of exceptional care as
evidenced by our industry leading high NPS scores. Organic growth
continues to be a significant contributor to our overall growth,
with Q1 being the 5th consecutive quarter of double-digit organic
growth. We are now on a run-rate of 5.6 million synchronous and
asynchronous patient interactions which reflects truly impressive
scale and reach."
Footnotes
- Patient Interactions are defined as Patient Visits plus
Technology Interactions.
- Patient visits are defined by any interaction a patient has
with a WELL practitioner through all sources and channels. This
includes also diagnostic testing consultations or any asynchronous
physician consultations.
- Patient visit metrics for prior periods, Q1-2022 and Q4-2022,
have been restated to align with new segmentation based on Canadian
Patient Services and US Patient Services operating segments.
Diagnostic patient visits performed by MyHealth and False Creek
Wellness are now included in Canadian Patient visits, while Wisp's
asynchronous patient visits are now included in US Patient visits.
Patient bookings only conducted by various technology providers
such as OceanMD, Adracare, and Insig are now reported under
Technology Interactions. Technology Interactions does not include
the many millions of patient interactions supported by WELL's EMR
Group or family of digital health apps such as the OceanMD patient
engagement platform.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies
Corp.
WELL is a practitioner-focused digital healthcare company.
WELL's overarching mission is to positively impact health outcomes
by leveraging technology to empower healthcare practitioners and
their patients globally. WELL exists to enable healthcare
practitioners with best-in-class technology and services. WELL has
built the most comprehensive end-to-end healthcare system across
Canada including the nation's
largest network of clinics supporting primary care, specialized
care, and diagnostics services. In the
United States, WELL provides omni-channel healthcare
services and solutions targeting specialized markets such as the
gastrointestinal market, women's health, primary care, and mental
disorders. In addition to providing patient services, WELL
develops, integrates, and sells its own suite of technology
software and solutions to medical clinics and healthcare
practitioners. WELL's practitioner enablement platform includes:
Electronic Medical Records ("EMR"), telehealth platforms, practice
management, billing, Revenue Cycle Management ("RCM"), digital
health apps and data protection solutions. WELL is publicly traded
on the Toronto Stock Exchange under the symbol "WELL" and on the
OTC Exchange 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 WELL's expectations to report strong
financial results. Forward-Looking Information is based upon
several 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 several
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 Information is 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 information, whether as a result of new
information, events or otherwise.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/well-health-reports-record-patient-visits-and-interactions-for-q1-2023-driven-by-strong-organic-growth-301815867.html
SOURCE WELL Health Technologies Corp.