HEALTH TECHNOLOGY

CloudMD's Enterprise Health Solutions Division is Quickly Expanding, with $5 Million Secured Since the Start of the Year

CloudMD | March 22, 2021

CloudMD Software & Services Inc., a healthcare technology corporation that is revolutionizing healthcare delivery, is pleased to provide an update on its Enterprise Health Solutions (“EHS”) Division. CloudMD has seen strong organic growth and integration synergies across the platform since launching the EHS Division.

Organic Growth

As one of their benefits programs, the EHS Division provides one of the first integrated and connected platforms of health and wellbeing options for employees. These solutions include Employee assistance systems, mental wellbeing counseling, physician/allied health facilities, professional referrals, personalized healthcare navigation, specialty drug consultation, health awareness, and education, and other services aimed at preventing and early intervention of health problems.

The majority of CloudMD's EHS business acquisitions were completed in January 2021, and the company has since signed $5 million in new multi-year customer contracts for mental and physical health solutions. Organizations of all types, including major corporate clients like Medavie Blue Cross, are included in these recurring revenue contracts. Besides, the EHS Division has found organizational synergies by centralizing marketing, infrastructure, and finance functions, allowing for a shared services strategy with annual cost savings of more than $500,000. Market share growth, margin expansion, cross-selling, and capability integration are priorities for the EHS Group. The organization expects to continue driving sustainable, organic growth in the division. With an annual pro forma revenue growth rate of over 20% and healthy gross margins above 50%, CloudMD expects the EHS Division to continue to expand.

Integrated Health Services Platform

In April 2021, the Company plans to launch its EHS fully integrated, a proprietary health care platform with a broad corporate customer covering over 10,000 employees across Canada. Employees will be triaged and evaluated using CloudMD clinical tools, then appropriate services will be enabled with navigation support to ensure the best possible outcome and care continuity. Employers will be able to use aggregate data to ensure that the best benefit plans are used for the appropriate health problems. This forum can be used by organizations to ensure inclusivity and diversity when it comes to mental and physical health issues. Better access to care, better patient outcomes, quicker recovery, and better return-to-work outcomes are all benefits of this strategy.

Scalability and Growth

About 7,000 psychiatrists, 4,500 therapists and counselors, 4,000 psychologists, 22,000 family doctors, 34,000 medical specialists, over 1,500 allied health professionals, and a committed research team make up CloudMD's network across North America. The scale of this network, combined with technological advancements, provides the basis for scalability and global expansion throughout North America and beyond.

Increasing worldwide health concerns regarding mental and physical issues have necessitated the development of new treatment services that are more effective, integrated, and accessible. Employers, insurers, and advisors will rely on CloudMD's integrated health services platform to provide workers with whole-person, personalized care through a sophisticated portfolio of healthcare services essential for improved health and wellness. The omnichannel approach to service navigation and activation can be accessed virtually through the internet, mobile phone, and telephone, ensuring proper treatment and optimum value.

Karen Adams, Global Head, EHS Division commented, “We are very excited with the performance and growth of the EHS Division since we launched in January 2021. The biggest challenge for payors is having to find multiple, siloed solutions to service their employee’s needs. Our EHS mission is to help businesses and individuals thrive by reducing the need for multiple employer benefits products, and instead create one seamless, connected platform. We have built one of the industry’s first employee benefits platforms that integrates assessment, triage, navigation, care advocacy, educational content, payments, and provider connectivity. This solution supports all paths to physical and mental healthcare prevention and treatment while using social and environmental needs currently supported through traditional EAP as the anchor. We feel strongly that this centralized platform will enable deeper member engagement, support inclusivity, and diversity and provide for more positive healthcare outcomes.” 

Additionally, CloudMD has employed Native Ads, Inc. ("Native Ads") to provide strategic digital advertising services, marketing, and data analytics (the "Services"). In exchange for the services to be provided, the Organization has decided to pay Native Advertising $300,000. As compensation for the Services, Native Ads will not obtain any Company shares.

About CloudMD Software & Services

CloudMD is revolutionizing healthcare delivery by focusing on the patient and stressing the importance of continuity of care. The company provides healthcare providers in North America with SAAS-based health technology solutions and has developed proprietary technology that provides high-quality treatment through a holistic approach that includes hybrid primary care clinics, specialty care, telemedicine, mental health support, educational resources, and artificial intelligence (AI). About 7,000 psychiatrists, 4,500 therapists and counselors, 4,000 psychologists, over 22,000 family doctors, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 hospitals, and 8 million patient charts are currently served by CloudMD throughout North America. CloudMD's Enterprise Health Solutions Division features one of Canada's top four employee assistance programs and provides a single, digitally integrated forum for corporations, insurers, and advisors to help manage their employees' and customers' health and wellness.

Spotlight

Competent and thoughtful leaders contribute to improvements in safety and organizational culture because they understand that systemic flaws can lead to latent threats to safety and that humans make mistakes. Preventing those mistakes by reinforcing the system and developing ways to recognize and address failures when they happen is the key to a safety culture.


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DIGITAL HEALTHCARE

Habersham Medical Center first hospital in Georgia to adopt digital diagnostic image-sharing platform, PocketHealth

PocketHealth | June 18, 2022

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HEALTH TECHNOLOGY

CareView Communications Selected to Exhibit Patient Safety System at Vizient Innovative Technology Exchange

CareView Communications, Inc. | June 22, 2022

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FUTURE OF HEALTHCARE

Astorg Completes Acquisition of OPEN Health From Amulet Capital Partners

Astorg and Amulet | July 18, 2022

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FUTURE OF HEALTHCARE

Concord Health Partners Adds Healthcare Veteran Brian Gragnolati as Executive Partner

Concord Health Partners | July 12, 2022

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Spotlight

Competent and thoughtful leaders contribute to improvements in safety and organizational culture because they understand that systemic flaws can lead to latent threats to safety and that humans make mistakes. Preventing those mistakes by reinforcing the system and developing ways to recognize and address failures when they happen is the key to a safety culture.

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