WELL Health Technologies Corp (TSX: WELL) has released its corporate update, in addition to providing a report on its healthcare services amid the COVID-19 outbreak.
Thus far, the company’s patient visit levels in the last several weeks is up to par with the previous year’s numbers, but WELL is expecting that number to rise amid the COVID-19 outbreak in Canada. The revenue generated from the company’s clinics has thus far been robust, and WELL is anticipating its business model to remain recession-proof.
This far, WELL has made six acquisitions through its WELL EMR Group, which relies on recurring revenue generation via its SaaS (Software as a System) business. That recurring revenue has put the company in a position where it is experiencing positive cash flows as well as significant annual growth. In addition, the company has recently announced $11 million in financing, which will fuel WELL’s increase in acquisitions.
In the forthcoming weeks, WELL is expecting to close on the MedBASE Software Inc purchase- the company’s sixth acquisition to date. WELL is also on a successful path of integrating the EMR customers of its recent Trinity Healthcare Technologies acquisition into its cloud-based OSCAR McMaster Professional Edition. The Canadian Open Source Clinical Application Resource (OSCAR) system is an electronic medical record (EMR) program designed by the Department of Family Medicine at McMaster University.
With regards to the COVID-19 outbreak escalating from an epidemic to a pandemic, WELL has been preparing for an influx of activity at its clinics given the anticipated increase in demand for health services. The company has recently launched its VirtualClinic+ telehealth platform, which is a digital-based healthcare service that allows patients to communicate with doctors via secure messaging, video, and telephone. Due to potential stress on Canada’s healthcare system, WELL’s telehealth platform can mitigate that stress by reducing overcrowding at clinics and thus reducing the spread of the virus.
In line with public health official’s resolute of “flattening the curve,” which is aimed at slowing down the spread of the virus all while reducing the burden on an already-stressed healthcare system, WELL has on-boarded 40 physicians to its telehealth service, with an additional 60 physicians in the queue in the forthcoming weeks. Currently, WELL’s 1500 clinics provide care for over 10,000 patients across Canada; going forward however, the company anticipates to increase the number of physicians onboarded on the telehealth platform in order to increase the patient base.
WELL Health is a Canadian company focused on operating primary healthcare clinics and telehealth services which utilize the EMR system, and is currently trading at $1.35 on the TSX.
Information for this briefing was found via Sedar and WELL Health Technologies Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.