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".
Addison Group | July 11, 2022
Addison Group a national leader in professional services specializing in talent solutions and consulting services, announced the acquisition of Harmony Healthcare a human capital management company providing a diverse range of non-clinical healthcare workforce and consulting solutions nationwide.
With healthcare as the third-largest industry in the U.S., this investment comes amid high demands and a continued shortage of non-clinical healthcare workers. Addison and Harmony's combined 28 years of experience in non-clinical healthcare workforce solutions enable health organizations to thrive in an ever-changing environment. The acquisition furthers Addison's position as a national leader in non-clinical healthcare talent resources, recruiting, and consulting services, and Addison's ongoing expansion strategy through organic growth and acquisitions of forward-thinking specialized firms that prioritize client and employee satisfaction.
"Addison's consistent growth trajectory is due to our keen understanding of market trends and finding the right solutions for our client's business challenges. As the healthcare industry continues to navigate significant shifts, many organizations are still grappling with talent shortages, cyberattacks, and the rising cost of health services. Our ongoing investment in non-clinical healthcare workforce solutions provides our clients with innovative, accessible, and value-based health system resources. Together with Harmony, we will continue to empower our shared client base with enhanced consultant services within health information technology, reimbursement, and population health."
Thomas Moran, CEO of Addison Group
"Addison's consultative approach and expansive network of professionals will accelerate our abilities to meet customer demands nationally. Addison's culture focuses on People First, and the vast range of offerings provides our employees and consultants with added career opportunities. We are excited to partner with Addison as we continue our mission to empower healthcare organizations with quality solutions that optimize financial and clinical outcomes while enabling change management required to navigate the rapidly shifting healthcare landscape," said Brandon Martin, President of Harmony Healthcare.
Harmony Healthcare will continue to maintain its headquarters in Tampa, Florida. The company's executives and the team will retain their roles with a continued focus on expanding their organization.
About Addison Group
Addison Group is a leading professional services firm specializing in talent solutions and consulting. Addison Group delivers companies' expertise and talent to achieve and sustain business growth. We offer a full suite of consulting and recruiting capabilities across multiple sectors, including information technology, finance and accounting, non-clinical healthcare, human resources, administrative, and digital marketing. With a growing network of companies, offices across the United States, and deep relationships in regional and local markets, Addison Group is one of the top talent solutions and consulting companies in the US, providing industry-leading expertise with a national reach and a localized touch. Founded in 1999, Addison Group has been repeatedly recognized by the media as one of the fastest-growing private companies in the United States, Forbes' Top 200 America's Best Professional and Specialist Search Firms, America's Best Recruiters and Executive Search Firms, and America's Best Temporary Staffing Firms, SIA Top 100 Staffing Bold Leaders, Inc. Best 100 Places to Work, and Best of Staffing® by ClearlyRated.
About Harmony Healthcare
Harmony Healthcare, a human capital management company, provides a diverse range of non-clinical staffing and consulting solutions to healthcare organizations nationwide. Harmony Healthcare delivers quality solutions to empower healthcare organization success, enhance clinical and financial outcomes, and enable the transition to value-based healthcare. Harmony Healthcare is a trusted partner to over 300 clients, including 11 of the top 15 largest health systems in the nation, major academic health centers, hospitals, physician practices, payers, 9 of the 15 largest CPA firms, and the federal government. Founded in 2010, Harmony Healthcare is a proud member of several prestigious professional health organizations including ACDIS, HFMA, AHIMA, NCAR, NAHRI, AAHAM, NAHAM, ACHE, AHDI, ACMA, NAHQ, CMSA, and ASHRM.
Microba Life Sciences Limited | May 26, 2022
Microba Life Sciences Limited has signed a strategic partnership agreement with nib Holdings Limited backed digital healthcare company Midnight Health, to deliver a personalised health service to the Australian consumer market.
Under this Agreement, Midnight Health will promote, market and sell a world-first subscription-based service, known as Vidality, with its network of pharmacists to formulate personalised supplements for each customer based on their microbiome test results, leveraging the recommendations from Microba’s Analysis Platform.
This personalised, pharmacy-integrated service model – delivered with trained, registered pharmacists – will bring a level of science and personalisation to an industry which commonly provides customers with one-size-fits-all solutions.
Midnight Health CEO, Nic Blair said: “We are experiencing strong demand for innovative online healthcare solutions aligned to an individual needs. We already have more than 13,000 subscribers across our existing brands with strong month-on-month growth. Many of our customers are looking for gut health solutions and we are proud to bring the Vidality product to our customers in partnership with Microba”.
The Agreement was signed, for an initial period of 3 years, after a successful pilot which tested the service model and product offering. It further demonstrates Microba’s scalable technology and ability to deliver evidence-based gut health solutions together with distribution partners.
“Consumers are seeking personalised, evidence-based solutions to support their gut health. Together with Midnight Health, we are excited to bring the Vidality product to consumers, a truly personalised solution powered by our technology”.
Microba CEO, Dr Luke Reid
This delivers on an undertaking in the Company’s Prospectus to enter into an Australian partnership with a fast growth innovative consumer healthcare company.
This announcement has been authorised for release by the Board.
About Midnight Health
Midnight Health delivers innovative online healthcare solutions through a patient-led digital platform. With the primary goal of democratising healthcare and enabling individuals to take control of their own healthcare, Midnight Health integrate telehealth technology, doctors, pharmacy network and other partners to provide a seamless patient experience for fast, convenient and discreet access to treatments, prescriptions and education through niche digital brand platforms.
About Microba Life Sciences Limited
Microba Life Sciences is a precision microbiome company driven to improve human health. With world-leading technology for measuring the human gut microbiome, Microba is driving the discovery and development of novel therapeutics for major chronic diseases and delivering gut microbiome testing services globally to researchers, clinicians, and consumers. Through partnerships with leading organisations, Microba is powering the discovery of new relationships between the microbiome, health and disease for the development of new health solutions.
KAID Health | August 02, 2022
KAID Health, an AI-powered health care data analysis and provider engagement platform, announced the results of a study that validates the potential utility of its Natural Language Processing technology to improve provider efficiency and care quality. The peer-reviewed “doctor vs. artificial intelligence” paper found that KAID Health’s NLP technology greatly aligned with the clinician reviewers in completing a pre-operative checklist, and further was able to identify 16.6% of instances where the presence or absence of a specific condition was not found by the anesthesiologist. The research study was undertaken at UCSD’s Department of Anesthesiology, Division of Perioperative Informatics. The authors of the manuscript were Harrison S. Suh, BS, Jeffrey L. Tully, MD, Minhthy N. Meineke, MD, Ruth S. Waterman, MD, MS, and Rodney A. Gabriel, MD, MAS.
“We have demonstrated that NLP technology can help identify critical medical conditions relevant to preanesthetic evaluation. Key to this was KAID Health’s ability to utilize unstructured free-text input from the electronic medical record to flag critical medical conditions for anesthesiologists,” researcher and senior author Dr. Rodney Gabriel explained. “This research shows that NLP may be a useful tool to aid preoperative anesthesia providers in screening and evaluation of surgical patients.”
For each of the 93 patients in the study, researchers collected all pertinent free-text notes from the EMR. The free-text notes were then processed by a Named Entity Recognition pipeline, which incorporated an NLP machine learning model developed by KAID Health. The model recognizes and labels spans of text that correspond to medical concepts. Medical concepts were then mapped to a list of medical conditions that were of interest for a preanesthesia evaluation. The most common conditions that the NLP pipeline captured that the anesthesiologist did not include cardiac arrhythmias, angina, anticoagulation, peripheral vascular disease, obstructive sleep apnea, and neuromuscular disease.
“We are proud that leading academic institutions, such as UCSD, are partnering with KAID to ensure our NLP and AI models meet the demanding accuracy and usability standards required of the industry. KAID Health’s NLP technology played a vital role in this study in identifying pertinent preanesthesia history to optimize efficiency for anesthesiologists. Our model demonstrated that NLP holds the potential to reduce clinician workloads, improve profitability, and, most importantly, make surgery safer.”
Kevin Agatstein, CEO of KAID Health
The International Anesthesia Research Society published the study, “Identification of Preanesthetic History Elements by a Natural Language Processing Engine,” in its journal, Anesthesia & Analgesia, one of the leading anesthesiology journals in the world.
About KAID Health
KAID Health makes care delivery more efficient, effective, and profitable for providers and their payers and Accountable Care Organization partners. Its Whole Chart Analysis platform extracts all relevant data from electronic medical records, including structured data and text, using artificial intelligence and natural language processing. The solution identifies the patient care interventions needed for providers to achieve their clinical, financial, or operational objectives. In parallel, KAID Health extends to payers a comprehensive view of members’ health by combining claims and EMR data. Today, KAID Health’s technology is used by leading providers, health systems, academic medical centers, and payers to automate a variety of workflows, including coding accuracy, quality measurement, prior authorization support, and pre-operative assessment. The company was founded by a veteran team of healthcare information technology and population health innovators. It is based in Boston, MA.