WELL Health Technologies Corp. | July 15, 2022
WELL Health Technologies Corp. a practitioner focussed digital health company positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce it has formed a new legal entity called WELL Health Canada Clinics Inc. to house its Canadian omni-channel clinical businesses. These businesses include the Company's previous Primary Care, Allied Care and MyHealth Specialized Care business units.
The Canadian Clinics Business Unit represents WELL's owned and operated fleet of Omni-Channel outpatient clinics leveraging WELL's highly integrated 'hybrid' brick and mortar and virtual service capabilities and includes the Company's primary care, specialized care, allied health, and diagnostics services but does not include the Company's TiaHealth.com service which is part of WELL's Virtual Services division. This business unit supports almost 1,300 healthcare practitioners who provide 1.87 million patient visits annually on a run-rate basis(2); over 40% of these patients are seen remotely via one of WELL's virtual or telehealth platforms, with the remainder treated in one of WELL's 81 Canadian clinics(3). This business is also expected to generate revenues exceeding $160 million with double digit operating Adjusted EBITDA(4) margins. Driven by WELL's consolidation and capital allocation efforts, this business has been experiencing organic growth rates approaching double digit percentage growth. The Canadian Clinics business unit is a key pillar in WELL's mission to empower practitioners.
Dr. Michael Frankel, WELL's Chief Medical Officer, said "This consolidation of our Canadian clinics business provides WELL with the proper foundation to become a national health system providing the very best in highly integrated 'bricks and clicks' care. We are excited to provide healthcare practitioners with a compelling home where they are supported with exceptional front and back-office support and technology solutions so they can provide critical care to their patients. We intend on further developing our services from coast to coast."
WELL will look to continue its consolidation and modernization of healthcare resources in Canada powered by its organic growth and with the help of its funding partners RBC, the Bank of Montreal, HSBC Bank Canada, The Toronto-Dominion Bank, ICICI Bank Canada and Laurentian Bank of Canada (collectively the "Lenders"). RBC is the Lead Arranger, Sole Bookrunner, and Administrative Agent on the financing. The Lenders have amended previous MyHealth credit facilities to include the newly formed Canadian Clinics Business Unit, as well as provided an extension of their credit commitments for an incremental year, extending the maturity to June 2026. The facilities are currently priced at an interest rate which is equivalent to SOFR/CDOR plus 1.25% to 3.25%(5), depending on the debt to Adjusted EBITDA ratio of the consolidated results for the Canadian Clinics Business Unit.
WELL's goal is to continue to grow Canada's largest network of outpatient clinics using a combination of greenfield sites and new acquisitions. WELL is pleased to confirm that it has added a primary care clinic in Vancouver to its network and a new greenfield haemorrhoid treatment center in Hamilton, Ontario. The Company's combined investment to add these two clinics to the network is less than $100k. The combined annual revenues of the two clinics are expected to exceed $2 million in their first year under WELL and be profitable. The Company's recently announced acquisition of Calgary based InLiv, a premium provider of healthcare services in the Province of Alberta, will also be part of the Canadian Clinics Business Unit upon closing and is expected to exceed $7 million per year in revenues with 85% of such revenue reflecting recurring membership revenue.
"We are thrilled to have the continued support of our banking partners and to announce the amendments to our existing Canadian credit facilities. Our ability to expand our Canadian credit agreement with favourable terms in the present challenging macroeconomic environment is not only a testament to the fantastic support we are receiving from our banking partners but also the strength of WELL's outpatient clinic business. The updated credit facilities allow us to more efficiently deploy capital towards our strategic priorities and generate more shareholder value by improving our revenue and Adjusted EBITDA per share metrics."
Hamed Shahbazi, CEO and Founder of WELL
WELL's objective is to continue to grow its Canadian Clinics Business Unit both organically and inorganically and continue to demonstrate market leadership as the country's first pan-Canadian clinical network with a highly integrated network of tech-enabled outpatient healthcare clinics across the country.
About WELL Health Technologies Corp.
WELL is a practitioner focused digital 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 on OTCQX under the symbol "WHTCF".
CareView Communications, Inc. | June 22, 2022
CareView Communications, Inc. an information technology provider to the healthcare industry, has been selected to exhibit the CareView Patient Safety System®, including its patented, predictive Virtual Bed Rails® and Virtual Chair Rails® technology, at the Vizient Innovative Technology Exchange. Vizient, Inc., the nation’s largest member-driven health care performance improvement company, will hold the Exchange on October 17 at the Renaissance, Dallas.
The annual Innovative Technology Exchange offers selected suppliers the unique opportunity to demonstrate their technologies to supply chain and clinical leaders from Vizient’s member hospitals and subject matter experts who serve on its supply councils. Each technology will showcase how it improves clinical outcomes, enhances safety, or drives incremental improvements to health care delivery or business models.
The CareView Patient Safety System leverages CareView’s patented Virtual Bed Rails and Virtual Chair Rails, which use machine learning to differentiate between normal patient movements and behaviors of an at-risk patient. Exclusive integrations with the health system’s electronic health record (EHR) and nurse communication systems allow for enhanced clinical workflows and improved response times. With CareView’s system, one staff member can safely monitor and interact with up to 40 patients, resulting in fewer false alarms, quicker staff interventions, and a significant reduction in patient falls.
“We are very excited to bring our CareView Patient Safety System to the Vizient Innovative Technology Exchange. CareView’s latest equipment will address hospital staffing shortages, ease care burdens, and improve care efficiency by having a virtual sitter in every at-risk and high acuity patient room.”
Sandra McRee, CareView’s Chief Operating Officer
“Suppliers come to the Exchange hoping to be awarded an Innovative Technology contract, which signals health care providers of their product’s unique qualities,” said Kelly Flaharty, director of contract process, Vizient. “We are pleased to include CareView’s technology in the group selected to participate.”
The annual Innovative Technology Exchange is part of Vizient’s Innovative Technology Program that includes product review of supplier-submitted technologies by member-led councils and task forces. Since 2003, Vizient has reviewed over 1,600 product submissions as part of its Innovative Technology Program.
About CareView Communications, Inc.
As a leader in turnkey patient video monitoring solutions, CareView is redefining the standard of patient safety in hospitals and healthcare facilities across the country. For over a decade, CareView has relentlessly pursued innovative ways to increase patient protection, providing next generation solutions that lower operational costs and foster a culture of safety among patient, staff and hospital leadership. With installations in more than 150 hospitals, CareView has proven that its innovative technology is creating a culture of patient safety where patient falls have decreased by 80% with sitter costs reduced by more than 65%. Anchored by the CareView Patient Safety System, this modular, scalable solution delivers flexible configurations to fit any facility while significantly increasing patient safety and operational savings. All configurations feature HD cameras, high-fidelity 2-way audio/video, LCD displays for the ultimate in capability, flexibility, and affordability. Corporate offices are located at 405 State Highway 121 Bypass, Suite B-240, Lewisville, TX 75067.
MCI Onehealth Technologies, Inc. | July 29, 2022
MCI Onehealth Technologies Inc. a clinician-led healthcare technology company focused on increasing access to and quality of healthcare, and MDClone, a digital health company and leader in synthetic data, are pleased to announce an advanced clinical intelligence offering for their global partners. This offering combines real-world health insights with mirrored synthetic data to power deeper research and inspire novel therapeutic development.
“MCI’s collaboration with MDClone will provide our partners with greater access to high-value data-insights-as-a-service for an array of research, clinical and data science needs. Whether through MCI’s clinic network, international healthcare providers, or pharmaceutical, life sciences and biotech partners, our mutually enhanced insights will help to quickly translate healthcare data and research into improved health and quality of life for patients.”
Dr. Alexander Dobranowski, MD, Chief Executive Officer of MCI
The real-world patient health journeys that MCI’s tech-enabled network is able to capture offer a comprehensive picture to researchers, who can benefit from a fuller perspective. The partnership between MCI and MDClone will leverage MDClone’s technology to load, organize and protect MCI-generated patient data and use this data to help find insights to improve care. In addition, MCI and MDClone intend to work together to improve data collection and curation to better serve the needs of applied healthcare research.
MDClone offers clients robust, detailed data for thorough end-to-end, real-world analysis. Using the MDClone ADAMS Platform analytics tools and synthetic data capabilities, clinicians, researchers, and healthcare professionals can explore healthcare data more efficiently to accelerate real-world evidence processes. With synthetic data capabilities at the forefront, users can leverage self-service tools to access, analyze, and share information without privacy concerns. Additionally, the real-time identification and extraction of information about a specific population of interest allows users at healthcare systems to overcome some of the common barriers that can slow clinical data projects’ progress.
“We’re thrilled to partner with innovators like MCI in the healthcare and life science industries and beyond. Together, we can provide tailored clinical insights that meet clients’ needs, and from those insights, MDClone can generate synthetic data that researchers can use to better understand disease progression, enhance care delivery, and develop new products that can improve patient outcomes,” said Josh Rubel, Chief Operating Officer of MDClone.
In keeping with its objective to be a preeminent health technology leader, MCI nurtures international opportunities to leverage its vast pool of high-quality structured clinical information. The MDClone ADAMS Platform’s unique ability to convert datasets and cohorts of interest into synthetic files that are statistically comparable to the original data, but composed entirely of artificial patients, aids in broader and more secure access and opens the doors to third-party access and larger-scale research impact.
MCI’s audience for health insights continues to grow in Canada and will further benefit from access to MDClone’s global roster of top-tier health system and pharma relationships. The collaboration with MDClone will accelerate MCI’s entry into the clinical insights and analytics sectors in the United States of America and Israel, including potential access to headquarter-level decision-makers of global pharma and life science leaders.
“Through this commercial arrangement, we each have the benefit of immediate introduction to the active client rosters of the other, and we each gain a superior — and unique — offering to acquire new partners, fueling the expansion of MCI’s health insight services into international markets,” added Dr. Dobranowski.
MCI is a healthcare technology company focused on empowering patients and doctors with advanced technologies to increase access, improve quality, and reduce healthcare costs. As part of the healthcare community for over 30 years, MCI operates one of Canada’s leading primary care networks with nearly 260 physicians and specialists, serves more than one million patients annually and had nearly 300,000 telehealth visits last year, including online visits via mciconnect.ca. MCI additionally offers an expanding suite of occupational health service offerings that support a growing list of nearly 600 corporate customers. Led by a proven management team of doctors and experienced executives, MCI remains focused on executing a strategy centered around acquiring technology and health services that complement the company’s current roadmap.
MDClone offers an innovative, self-service data analytics environment powering exploration, discovery, and collaboration throughout healthcare ecosystems cross-institutionally and globally. The powerful underlying infrastructure of the MDClone ADAMS Platform allows users to overcome common barriers in healthcare in order to organize, access, and protect the privacy of patient data while accelerating research, improving operations and quality, and driving innovation to deliver better patient outcomes. Founded in Israel in 2016, MDClone serves major health systems, payers, and life science customers in the United States, Canada, and Israel.
FUTURE OF HEALTHCARE
Spectrum Science | June 10, 2022
Spectrum Science, an independent, integrated marketing, communications and media agency hyper-focused on health and science, announced the acquisition of The Seismic Collaborative, an independent health and life science agency that specializes in supporting early-stage health tech and biotech companies. The Seismic acquisition establishes the Emerging Innovation Group within Spectrum, a new offering that expands the agency's capabilities to deliver at all points of a company and product lifecycle.
"We're delighted to welcome Seismic's incredible talent and expertise to the Spectrum team," says Jonathan Wilson, Owner and CEO of Spectrum. "For the past several years, we've worked to strategically diversify talent and capabilities within our agency, to keep pace with client needs in a rapidly evolving industry—including the burgeoning biotech and health tech sectors. With today's acquisition, we're now able to broaden the scope of clients we support, bringing a flexible model and approach to service both early-stage and start-up clients as well as those who are more established."
This new venture brings seasoned leaders with extensive experience and current business in emerging innovation and health technology to the Spectrum team, including Seismic CEO, Lisa Rodriguez, who will serve as the President of the Emerging Innovation Group within Spectrum and will play a lead role within the company's existing Health Tech practice.
"Becoming a part of the Spectrum organization strengthens Seismic's connection to clients who are growing, expanding and advancing innovation in the health tech and life science sectors. Now more than ever before, emerging companies require end-to-end, global capabilities to reach their hypergrowth goals—Spectrum is the perfect place to make that happen. Our new home provides a dynamic and vibrant extension of our services where we can evolve with our client partners throughout their lifecycle."
Seismic CEO Lisa Rodriguez
Also joining the Spectrum organization from Seismic are EVPs Melissa Laverty and Vikki Herrera, along with Seismic's full team of strategists, writers and earned and social media specialists.
Today's announcement builds on the recently announced acquisition of SONIC Health, the first deal of its kind for Spectrum in the company's 26-year history. Financing for both acquisitions was provided by Monroe Capital.
About The Seismic Collaborative
The Seismic Collaborative communicates the stories of the people, products and services that transform healthcare and save lives through a range of strategy, media relations, content and social media services. The Seismic Collaborative's model rejects traditional PR agency norms, focusing instead on high-touch, deeply engaged, collaborative partnerships that are structured upon the results achieved. To learn more, visit www.teamseismic.com.
About Spectrum Science
Spectrum Science is an integrated marketing, communications and media agency like no other. An independent, full-service agency with end-to-end capabilities, Spectrum's team are experts in science—focused on strategic engagements with our audiences. We leverage human-centered insights, motivating creative, innovative storytelling and technology to reach audiences where they are with the content they need and want. Spectrum offers global reach as the US partner and chair of Global Health Marketing & Communications (GHMC).