WELL Health Forms New Business Unit Focused on Allied Health Services
- WELL Health has formed “WELL Health Allied Care Inc.” (or “WELL Allied”), a new subsidiary primarily focused on operating, investing in and/or unlocking opportunities associated with allied health offerings such as physiotherapy, rehabilitation, occupational therapy, chiropractic, dietary, mental health counselling and sleep related services.
- WELL Allied will be focused on: (i) empowering allied health professionals with digital resources such as WELL’s Electronic Medical Record (EMR) and telehealth capabilities in order to advance their practices and allow them to better support patients; and (ii) activating a greater degree of multidisciplinary and team based longitudinal care in WELL’s own portfolio of owned and operated medical Clinics such that WELL patients can receive a greater degree of integrated patient centric care.
- WELL Allied is already reviewing a strong pipeline of allied health related business opportunities. The new operating unit will be initially overseen by WELL’s Chief Medical Officer Dr. Michael Frankel and supported by WELL’s professionally managed shared services teams.
Vancouver, BC, September 28, 2020 – WELL Health Technologies Corp (TSX: WELL) (the “Company” or “WELL”), a company focused on consolidating and modernizing clinical and digital assets within the primary healthcare sector, is pleased to announce the formation of its new business unit called WELL Health Allied Care Inc. (“WELL Allied”), which will be a consolidation point for a number of key operating activities and investments related to specialized care in identifying, evaluating, preventing and treating a range of conditions and illnesses including, but not limited to, physiotherapy, rehabilitation, dietary, chiropractic, mental health counselling and sleep related services. WELL Allied will include health practitioners working in a collaborative environment to support primary care physicians in a multi-disciplinary, team-based care support model.
“The overarching goal of WELL Allied is to empower allied health professionals with leading edge digital tools that allow them to advance their businesses and provide patients with the very best integrated care possible,” said Hamed Shahbazi, Chairman and CEO of WELL. “We view allied health as an exciting opportunity to not only grow as a company but also improve continuity of care and positively impact health outcomes. WELL Allied is seeking to establish investments and commercial agreements with leading allied care providers from across Canada.”
WELL Allied is WELL’s fifth business unit, augmenting the Company’s current business units: WELL Health Clinic Network, WELL EMR Group, WELL Digital Health Apps and Cycura. WELL’s objective is to be a disciplined and strategic allocator of capital to themes and opportunities that benefit from the digitization of healthcare. As such, WELL Allied will include WELL’s prior majority ownership stake in SleepWorks Medical Inc. (“SleepWorks”), and any future allied health related acquisitions and services. WELL has already developed a pipeline of compelling opportunities for the WELL Allied business unit that are benefiting from the thriving growth in the allied health sector.
WELL Allied will be initially overseen by WELL’s Chief Medical Officer Dr. Michael Frankel and supported by WELL’s professionally managed shared services teams. WELL Allied will assist allied health professionals with digitization of their practices through WELL’s EMR and digital health applications, including the Company’s VirtualClinic+ telehealth platform.
WELL’s Chief Medical Officer, Dr. Michael Frankel commented, “I am excited to be overseeing this new business unit within WELL. Our SleepWorks and Spring Medical Centre acquisitions have been very successful in demonstrating how well allied health professionals can work in partnership with primary care providers. SleepWorks has proven to be resilient though the pandemic and is currently experiencing strong growth on a YoY basis. Meanwhile Spring Medical continues to be a model clinic in terms of delivery of integrative health services provided from one location.”
WELL HEALTH TECHNOLOGIES CORP.
Per: “Hamed Shahbazi”
Chief Executive Officer, Chairman and Director
WELL is an omni-channel digital health company that operates Primary Healthcare Facilities, is the third largest digital Electronic Medical Records (EMR) supplier in Canada and is a national provider of telehealth services. WELL owns and operates 20 medical clinics, provides digital EMR software and services to over 2,000 medical clinics across Canada and is one of the country’s largest providers of telehealth services. WELL's overarching objective is to empower doctors to provide the best and most advanced care possible while leveraging the latest trends in digital health. WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL”. WELL was recognized as a TSX Venture 50 Company three years in a row in 2018, 2019 and 2020. To access the Company’s telehealth service, visit: virtualclinics.ca and for corporate information, visit: www.WELL.company.
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, without limitation, statements regarding: the intention to focus primarily on operating, investing in and/or unlocking opportunities associated with allied health offerings such as physiotherapy, rehabilitation, occupational therapy, chiropractic, dietary, mental health and sleep related services; the goal of WELL Allied to empower allied health professionals with digital resources such as WELL’s EMR and telehealth capabilities in order to advance their practices and allow them to better support patients; activating a greater degree of multidisciplinary and team-based longitudinal care in WELL’s own portfolio of owned and operated medical Clinics such that WELL patients can receive a greater degree of integrated patient centric care; and that WELL Allied is seeking to establish investments to commercialize agreements with leading allied care providers. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements 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 statements involve 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 those forward-looking statements and the forward-looking statements are not guarantees of future performance. The Company's statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of the Company's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties, including: that the Company's assumptions in making forward-looking statements may prove to be incorrect; adverse market conditions; risks inherent in the primary healthcare sector in general; COVID-19 related risks; that future results may vary from historical results; and that market competition may affect the business, results and financial condition of the Company. Except as required by securities law, the Company does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
For further information:
Pardeep S. Sangha,
VP Corporate Strategy and Investor Relations