WELL Health Technologies Launches ‘WELL Health USA’ to Deepen Integration Between US Lines of Business and Facilitate Further GrowthTuesday, August 1, 2023
Vancouver, BC, July 29, 2023--(T-Net)--WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) — a practitioner focused digital health company, announced today the formation of its new WELL Health USA business unit, a re-branding of what was previously CRH Medical Corporation, a wholly owned subsidiary of WELL.
The combined WELL Health USA business is a multi-disciplinary healthcare business spanning primary and specialized care with online and offline operations at scale with operating run-rate revenues of approximately CAD$500 million. WELL Health USA is a highly profitable and rapidly growing business, according to the company.
Hamed Shahbazi, Chairman & Chief Executive Officer, WELL Health Technologies Corp.
Hamed Shahbazi, Founder and CEO of WELL commented, "This is an important and exciting move for our company as we are building on the successful acquisition of CRH more than two years ago which has not only become a much more digitally enabled healthcare enterprise, but it has also become the center of gravity in WELL's US based business. It is very clear to us that we have significant opportunities to not only grow our business in the US but also leverage our deep US based experience and capabilities for the benefit of other WELL lines of business."
WELL Health USA will be run by the current CEO of CRH Medical, Jay Kreger. Mr. Kreger originally joined CRH as President of its Anesthesia division in 2016, whereupon he developed an anesthesia management team necessary to grow and sustain our best-in-class anesthesia service and ensured a seamless integration of newly acquired practices onto the CRH Anesthesia platform. He was appointed CEO in January 2022.
Prior to joining CRH, Mr. Kreger was the VP of Development for the Ambulatory Surgery Division of HCA, where he was responsible for expanding HCA's network to over 130 ASCs through acquisitions and partnerships. Previously, he served in several capacities at Surgical Care Affiliates - namely, in Development and Operations Leadership roles.
Jay Kreger, CEO of WELL Health USA commented, "The CRH management team has deep expertise and over 100 years in combined experience in allocating capital, integrating, and growing healthcare businesses and working inside some of the largest and most prominent healthcare companies in the United States. That expertise has allowed us to execute on WELL's goals and objectives. With this move, we are now empowered to leverage our capabilities and deepen integration opportunities between our US lines of business. A great example of this is our recent acquisition of Radar Healthcare providers, which provides best-in-class provider recruitment. This is an excellent opportunity for us to evolve Radar to support other US based lines of business."
The new WELL Health USA business unit reflects WELL's Canadian tech-enabled healthcare business quite well as it is also a multi-disciplinary tech-enabled care delivery business that spans across both primary and specialized care providing both online and in-clinic operations at scale.
The platform also has exposure to and deep expertise in several exciting growth areas such as behavioral health and women's reproductive and sexual health. This integrated operating platform will support approximately 3,000 healthcare providers across 300+ clinics1, ASCs and hospitals, who provide services to over 2 million patients annually.
This business unit encompasses U.S. based companies and brands including CRH Anesthesia, CRH O'Regan System, Radar Healthcare Providers, Circle Medical and Wisp. This single business unit will help WELL better assist and continue to grow market share through a unique and unified platform offering.
As part of its mission, WELL Health USA will roll out and offer 'shared services' to other US based operating units. Such shared services may include, but not be limited to: Insurance, Billing, Credentialing, Payor Contracting/Strategies, Procurement, Legal, Human Resources/HRIS and Payroll, Benefits, Learning, Recruitment, etc. focusing on the synergies and cost-effective benefits that become available with organizational scale.
WELL Health USA will also continue to work with the rest of the WELL Health organization to ensure that shared services offered via WELL's Canadian headquarters such as cybersecurity, IT and digital marketing can be more efficiently rolled out and utilized as required.
You can learn more about WELL Health USA at usa.well.company.
About WELL Health Technologies Corp.
WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices.
WELL's solutions enable more than 28,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 130 clinics supporting primary care, specialized care and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". To learn more about the Company, please visit: www.well.company
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.
There are numerous risks and uncertainties that could cause actual results and WELL's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the primary healthcare sector in general; (iii) that the proceeds of the Offering may need to be used other than as set out in this news release and other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information.
These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
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