WELL, Health Technologies Corp. a leading digital health company positively impacting healthcare by developing technology to empower healthcare professionals and their patients worldwide, is pleased to announce the formation of a new legal entity called WELL Health Canada Clinics Inc. all-channel clinical company. These businesses include the company’s primary care, allied care, and My Health specialty care businesses.
The Canadian Business Unit of Clinics represents WELL teams that own and operate multi-channel outpatient clinics that utilize WELL’s highly integrated “hybrid” brick-and-mortar and service delivery capabilities, including but not limited to Primary Care, Technical Assistance, Alliance Health, and Enterprise Diagnostics. Services include the company’s TiaHealth.com service, which is part of WELL’s Virtual Services division. This business unit supports approximately 1,300 healthcare providers who rapidly process 1.87 million patient visits per year (2); more than 40% of these patients are seen remotely through one of WELL’s virtual or telemarketing platforms, and the remainder is treated at one of WELL’s 81 Canadian clinics (3). The company is also expected to generate revenue in excess of $160 million with a double-digit adjusted EBITDA (4) margin. Driven by the WELL integration and equity capital, the business grew rapidly, approaching double-digit growth. The Canadian Clinic business is a core pillar of WELL’s physician empowerment mission.
Dr. Michael Frankel, WELL’s chief medical officer, said: “Combining our Canadian clinical business puts WELL on the right footing to become the nation’s health system that offers the best opportunity to integrate ‘bricks and faucets’ care. We are excited to offer physicians a compelling home where they can be supported with excellent pre-trial support and administrative and data processing solutions to provide critical care to patients.
GOOD is focused on continuing to integrate and develop healthcare resources in Canada through its own growth and with the help of financial partners RBC, Bank of Montreal, HSBC Bank Canada, Toronto-Dominion Bank, ICICI Bank Canada, and Laurentian Bank. Canada (collectively, the “Lenders”). RBC is the lead arranger, sole bookrunner, and managing agent for the financing. The lenders have restructured MyHealth’s existing loans to include the newly formed Canadian Clinics business unit, as well as extending its credit facilities by another year to extend the term to June 2026. These funds are sold at an interest rate equal to SOFR / CDOR. plus 1.25% to 3.25% (5) based on the debt to adjusted EBITDA ratio of the consolidated results of the Canadian Clinics business unit.
WELL’s goal to continue to grow Canada’s largest outpatient network through a combination of greenfields and new acquisitions. NOW is pleased to announce that it has added a primary care clinic in Vancouver and a new hemorrhoid treatment center in Hamilton, Ontario to its network. The total cost to the company to add these two clinics to the network is less than $100,000. The two clinics are expected to exceed $2 million in annual revenue in WELL’s first year and become profitable. The company recently announced the acquisition of Calgary-based InLiv, a leading health care provider in the province of Alberta, also part of the closing Canadian Clinics business unit, with revenues expected to exceed $7 million annually at 85%. ownership. fees reflect recurring membership fees.
“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 favorable 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 goal is to continue to grow its Canadian Clinics Business Unit both formally and informally and to continue to show market leadership as the country’s first pan-Canadian Clinical network with a well-integrated network of clinics that serve outpatients across the country.
About WELL Health Technologies Corp.
WELL is a professionally focused digital healthcare company whose primary goal is to disrupt healthcare to empower and support healthcare providers and their patients. WELL has built a technology-enabling platform that includes full end-to-end process management tools including real-world care and digital patient management capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM), and data protection services. NOW is using this platform to empower healthcare providers inside and outside of WELL’s unique all-channel patient offering. As such, WELL owns and operates Canada’s largest network of outpatient clinics outside of primary care and health care specialties and is a leading multinational, multidisciplinary telecare provider. WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL” and on the OTCQX under the symbol “WHTCF”.