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2021-12-02 23:38
10:31 AM EST, 12/02/2021 (MT Newswires) -- WELL Health Technologies Corp. (WELL.TO) says its Virtual Services business, which includes Electronic Medical Records (EMR) software, Revenue Cycle Management (RCM) and digitally oriented patient service businesses, continues to show strong growth across the organization with over 50% organic growth YoY. According to COO Amir Javidan, as of Q3 2021 and including recently completed acquisitions, the platform was generating $110 million in run-rate revenues with 50%+ adjusted gross margins.
WELL has also acquired CognisantMD whose Ocean platform includes a full suite of virtual patient engagement tools, including online appointment booking, secure messaging, appointment reminders, and digital forms and in-clinic check-in kiosks and tablets. Each month, Canadians complete over 800,000 patient engagements with their healthcare providers using Ocean's digital tools, WELL said. Ocean has built strong interoperability, with integrations into over 18 EMRs, Electronic Health Records (EHRs), and provincial healthcare assets and third-party technology platforms using industry-leading open standards.
Ocean's platform also supports over 8,000 physicians, and approximately 35,000 referrals and consults are sent electronically through the platform monthly.
CognisantMD will operate as a stand-alone business within the WELL Digital App Business Unit and will be operated by its current President, Jeff Kavanagh and Medical Director, Dr. Doug Kavanagh.
WELL acquired CoginsantMD for approximately $10.57 million in cash at closing. In addition, WELL will pay $7 million in time-based payments, as well as a conditional earn-out based on overall operating performance of up to approximately $7 million. The consideration is subject to standard closing adjustments and a working capital holdback.
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