WELL Health Technologies Provides Organic Growth Update for Ocean, WELL's Patient Engagement and eReferral PlatformWednesday, February 23, 2022
Vancouver, BC, February 23, 2022--(T-Net)--WELL Health Technologies Corp. (TSX: WELL) shared an update today on the progress of CognisantMD, a wholly owned subsidiary of WELL that provides patient engagement technology and eReferral software solutions.
CognisantMD's Ocean Platform, a leader in digital patient engagement technology and eReferral software, achieved $4.3 million in SaaS ARR(1) in January 2022 reflecting 73% YoY organic growth.
Ocean also achieved $5.0 million in CARR (Contracted Annual Recurring Revenue) in the same month, with 95% gross margins and positive EBITDA profitability, and continues to make meaningful headway in its interoperability with key Electronic Medical Records (EMRs) and Hospital Information Systems (HIS) across the country.
Hamed Shahbazi, Chairman & Chief Executive Officer, WELL Health Technologies Corp.
"Acquired in Q4, Ocean has been performing exceptionally well over the last couple of months and has seen an acceleration in its organic growth," said Hamed Shahbazi, CEO and Founder of WELL. "Canadians complete over 800,000 patient engagements per month through their healthcare providers using Ocean's digital tools. We expect the demand for patient engagement tools to continue to increase, and we expect Ocean will be the go-to provider as it strives to deepen its interoperability and integration with EMRs, HIS, and provincial healthcare assets nationwide."
Ocean is currently in use at over 2,000 clinics across Canada, representing an increase of 700 clinics year-over-year. Furthermore, over 2,500 specialists and 4,200+ primary care clinicians use Ocean to exchange eReferrals and eConsults. WELL is pleased to share that over 60% of Ontario Health Teams have incorporated Ocean's patient engagement tools into their 2022/2023 plans to better enable access to primary care through online booking, secure messaging, and patient reminders. Ocean is also working with the Alliance for Healthier Communities, which includes 55 community health centres and represents 1,000 online booking licenses across Ontario.
Deepening its interoperability, Ocean is working on several key integrations within WELL's apps.health ecosystem, creating feature parity across EMR systems. Ocean continues to actively expand its Health Information Exchange with the addition of over 10 integrated systems, including work with three of the leading HIS. Over 20 major hospitals are now undertaking integration work with Ocean to support eReferrals in Ontario, in addition to the 30 acute care and community hospitals currently receiving eReferrals on Ocean.
Jeff Kavanagh, CEO, CognisantMD
"Joining the WELL Health family has allowed us to scale the Ocean Platform even faster and provided us with integration opportunities through WELL's apps.health ecosystem that have opened doors to a number of exciting opportunities," said Jeff Kavanagh, CEO of CognisantMD. "Healthcare providers and their patients continue to demand better health data interoperability and our track record demonstrates that we have the solution, and the team, to meet the needs of our customers while bridging the gaps in Canada's healthcare system."
About WELL Health Technologies Corp.
WELL is a technology enabled 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 is part of the TSX Composite Index. To learn more about the Company, please visit: www.well.company.
CognisantMD, a wholly owned subsidiary of WELL, operates as a stand-alone business within the WELL Digital Health Apps business unit. Its Ocean Platform includes a full suite of virtual patient engagement tools, including online appointment booking, secure messaging, appointment reminders, and digital forms, as well as in-clinic check-in kiosks and tablets. Ocean supports over 8,000 physicians, and approximately 35,000 referrals and consults are sent electronically through the platform monthly. Ocean's eReferral system has resulted in reduced wait times, a 12% reduction in unnecessary MRIs, and has a 97% patient satisfaction rate. Ocean currently powers eReferrals for the province of Ontario's eServices Program. For more information: www.cognisantmd.com
Notice Regarding Forward Looking Information
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. [ MORE ]
Notice Regarding Forward Looking Information
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.
These statements generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the prospective lead order and the intended use of proceeds of the Offering.
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