WELL has organized all of its business operations into two key business segments, Omnichannel Patient Services and Virtual Services.1
Omnichannel Patient Services includes all patient service companies that are exposed 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, including SaaS and services, business practitioner empowerment platform revenues or patient service businesses and have little or no exposure to in-person care.
WELL has acquired both CRH Medical and “CRH“and MyHealth Partners or”My health“over the past few months and is pleased to report that both are on track and producing as planned. CRH Medical and MyHealth are part of the Omni-Channel Patient Services group.
CRH Medical will deliver north of US $ 40 million in free cash flow before leverage and tax charges in 2021 and will have completed 10 other additional tuck-in transactions in 2021, positioning itself for a high cash flow performance in 2022.
MyHealth completed two integrated transactions after 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 $ 20 million of free cash flow in 2022.
VANCOUVER, BC, 28 October 2021 / PRNewswire / – WELL Health Technologies Corp. (TSX: WELL) (the “Society” Where “GOOD“), a company focused on positively impacting health outcomes by leveraging technology to empower healthcare professionals and their patients globally, is pleased to provide key industry updates the company’s newly updated and progress reports on its two largest acquisitions to date, CRH Medical and MyHealth Partners.
Hamed Chahbazi, Founder and CEO of WELL commented, “WELL has worked hard to integrate, streamline operations and enable network effects and we are delighted to report that the results are excellent mainly because WELL has leaders and operators phenomenal business units. Our Healthcare Technology Empowerment Practitioners and Capital Allocation Program are working and as a result we are experiencing unprecedented growth. We look forward to talking about this accelerating organic growth across our business at our next earnings event. “
WELL Organizational Update – Two Key Business Areas
WELL is very happy to update its stakeholders on its simplified and streamlined organizational vision. WELL has formed two key business lines, Omnichannel Patient Services and Virtual Services. The key differentiator between these two divisions is the significant exposure to brick and mortar operations. Virtual services have very little exposure to the above, while WELL’s omnichannel patient services are highly exposed to both in-person care and other models of virtual care and delivery.
Michel frankel, WELL Medical Director commented, “WELL offers healthcare practitioners a powerful choice to modernize their practice. companies, where WELL offers a full range of managed services. 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 the revenue generated by the Company is attributable to the more than 2,000 healthcare practitioners who work in WELL’s omnichannel patient operations. .
Update on CRH’s Progress
CRH continues to be a force in the GI community of practice, having completed 10 additional anesthesia transactions so far in 2021 with a number of new initiatives in its O’Regan banding segment, including a cross-platform digital application. patient-focused approach that we plan to roll out in the coming weeks. CRH is on track to generate more US $ 40 million of free cash flow before leverage and tax charges in 2021. CRH is also making a certain amount of progress in the digitization of its existing processes to improve its areas of activity. A key example is its revenue cycle management function. Now part of the WELL ecosystem, CRH has been instrumental in creating opportunities for other WELL business units. The examples are as follows; CRH opened a new sales channel for the Source44 business unit, namely the provision of cybersecurity tools to IM practices; WELL is currently working on scaling up patient services using the O’Regan System, its own patented, FDA-approved hemorrhoid strapping system.
MyHealth Progress Update
MyHealth has made its first two accretive acquisitions, the latest being Durham Nuclear Imaging, a nuclear medicine clinic east of Toronto in Ontario, Canada. MyHealth is on track to deliver more CAD $ 20 million generation of free cash flow in 2022 before leverage and tax charges. With the recently announced acquisition of Aware ® by WELL, WELL will soon own the DME Cerebrum ™ that powers MyHealth’s important cardiology practice. Integrating clinical services and technology on a single platform will enable WELL to enhance and digitize the practitioner and patient experience in specialty care. Building on WELL’s past success in primary care with the integration of our EMR Oscar Pro and our network of WELL Health medical clinics, WELL will seek similar synergies in our specialty care platform. MyHealth is also pleased to announce that, at the invitation of the Canadian Federal Government, the Company is offering medical examinations and associated diagnoses to newly arrived refugees from Afghanistan. MyHealth is proud to have been selected for this important humanitarian effort and sees this opportunity as a chance to serve the most vulnerable people in a welcoming environment. WELL remains the largest owner-operator of ambulatory medical clinics in Canada with 75 clinics combined.
CRH and MyHealth are both fully integrated into WELL’s back office accounting and governance programs. The Company also recently launched a company-wide procurement optimization program overseen by its COO, Amir Javidan. The results were promising with significant cost savings across all business units, representing what is expected to amount to millions of dollars over the next several years.
(1) WELL’s virtual service business encompasses all aspects of our practitioner empowerment platform, including EMRs or electronic medical records, lifecycle management or revenue, medical services companies digitally oriented patients, cybersecurity services and WELL’s digital applications business unit which includes virtual care and other physician productivity tools and applications.
WELL HEALTH TECHNOLOGIES CORP.
Through: “Hamed Shahbazi”
Chairman and Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is a technology-based healthcare company whose primary goal is to positively impact healthcare outcomes to empower and support healthcare professionals and their patients. WELL has built an innovative practitioner empowerment platform that includes comprehensive end-to-end practice management tools, including virtual care and digital patient engagement capabilities, as well as electronic medical record services. (EMR), Revenue Cycle Management (RCM) and Data Protection. WELL uses this platform to feed healthcare professionals both inside and outside WELL’s own omnichannel patient service offerings. WELL owns and operates the largest network of outpatient medical clinics in Canada providing primary and specialized health care services and is the provider of a leading multinational multidisciplinary telehealth offering. WELL is listed on the Toronto Stock Exchange under the symbol “GOODand is part of the TSX Composite Index. To learn more about the company, please visit: www.well.company.
This press release may contain “forward-looking information” within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the objectives, strategies and growth plans of the Company; the benefits and synergies expected from the acquisitions made; the expected financial performance as well as the information in the “Outlook” section hereof. Forward-looking information is necessarily based on a number of estimates and assumptions which, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information can generally be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intention”, “estimate”, “plan”, “anticipate”, “Expect”, “believe” or “continue”, or the negative of it or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to differ materially from the estimated future results, performance or achievements expressed or implied by such forward-looking statements and forward-looking statements. . statements are not guarantees of future performance. Statements of WELL expressed or implied by such forward-looking statements are subject to a number of risks, uncertainties and conditions, many of which are beyond the control of WELL, and such statements should not be relied on unduly. Forward-looking statements are subject in their entirety to inherent risks and uncertainties, including: the significant direct and indirect adverse effects of the COVID-19 pandemic; unfavorable market conditions; the risks inherent in the primary health care sector in general; regulatory and legislative changes; that future results may differ from historical results; failure to secure any future funding required on suitable terms; any inability to realize the expected benefits and synergies from 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 assumes no obligation to update or revise forward-looking statements, whether as a result of new information, events or otherwise.
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SOURCE WELL Health Technologies Corp.