13:42:34 EDT Sat 04 May 2024
Enter Symbol
or Name
USA
CA



Well Health Technologies Corp
Symbol WELL
Shares Issued 242,831,580
Close 2024-04-16 C$ 3.50
Market Cap C$ 849,910,530
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Well Health to acquire 10 clinics from Shoppers

2024-04-16 16:42 ET - News Release

Dr. Michael Frankel reports

WELL HEALTH TO EXPAND ITS CANADIAN CLINIC NETWORK WITH ACQUISITION FROM SHOPPERS DRUG MART INC. OF MEDICAL CLINICS OPERATING AS "THE HEALTH CLINIC BY SHOPPERS(TM)"

Well Health Clinic Network Inc., a subsidiary of Well Health Technologies Corp., has entered into an agreement with Shoppers Drug Mart Inc. to acquire all of the primary care medical clinics operated by Shoppers under the name The Health Clinic by Shoppers. The Health Clinic by Shoppers comprises 10 clinics (four in British Columbia and six in Ontario), with over 35 physicians on staff. Postclose, Well will rebrand these clinics under the Well Clinic brand.

  • Well is adding 10 primary care medical clinics operating under the name "The Health Clinic by Shoppers" to its national primary care network.
  • The 10 clinics are located in Ontario and British Columbia, and include over 35 physicians. Well expects the clinics to contribute approximately $8-million in annual revenue.

"We are pleased to welcome the clinical and medical teams from 'The Health Clinic by Shoppers' to the Well primary care family in British Columbia and Ontario," said Dr. Michael Frankel, chief medical officer and president of Canadian Clinics for Well Health. "We will continue to ensure that these locations support optimal patient outcomes."

Well will on board the 10 clinics through its clinic absorption program and intends to enhance operational and service capabilities across the newly added clinics, through its clinic transformation team. Well will focus on optimizing cost structures, integrating digital work flows, adding patient engagement technologies and implementing advanced AI tools such as Well AI Voice, Well AI Inbox Admin and Well AI Decision Support systems. Additionally, efforts will be intensified to recruit more physicians to join the new Well clinics, ensuring a broader reach and impact on patient care. Well expects the assets to contribute approximately $8-million in annual revenue.

About Well Health Technologies Corp.

Well's mission is to tech-enable health care providers. The company does this by developing the best technologies, services and support available, which ensures health care providers are empowered to positively impact patient outcomes. Well's comprehensive health care 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 34,000 health care providers between the United States and Canada and power the largest owned and operated health care ecosystem in Canada with more than 165 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.

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