Mednow releases Caregiver feature suite in its latest product update for the company’s web, IOS and Android applications; Mednow announces completion of Convertible Debenture Financing

Rhea-AI Summary

Mednow Inc. (OTCQX: MDNWF) has launched its largest technology update, focusing on caregivers in Canada. This new feature suite allows users to manage multiple medication profiles from a single account, simplifying the administrative tasks for those looking after dependents. The upgrade includes tools for tracking medication, refilling prescriptions, and consultations with pharmacists. Additionally, it enhances partnerships with Medvisit for homebound patients. Mednow also plans to introduce a fee-based elder care product later this year. This latest release aims to improve healthcare delivery and streamline services for caregivers, especially for Canada’s aging population.

Positive

• Launch of caregiver feature suite enhances user experience and addresses a growing need among caregivers in Canada.
• Improves collaboration with Medvisit, facilitating medication management for homebound patients.
• Upcoming fee-based elder care product poised to gain popularity in Canada, expanding service offerings.

Negative

• None.

The largest product release for the company’s virtual pharmacy platform to-date, targets a key and growing target problem in Canada; the administrative burden on caregivers who are managing multiple medications, many times for multiple dependents. This feature allows users to manage the medication profiles of multiple users from a single account. By utilizing the power of mobile technology, home-delivery and an “always on” pharmacy experience, Mednow is providing an effective solution for the caregivers of Canadian households.

TORONTO--(BUSINESS WIRE)-- Mednow Inc. (TSXV: MNOW) (OTCQX: MDNWF), Canada’s on-demand virtual pharmacy has launched its largest technology release to-date.

At the core of the new product upgrade is the new caregiver feature suite. The caregiver feature suite allows users to add dependents to their account, making it easier for caregivers to manage the medication and healthcare needs of their loved ones. This will be useful for caregivers to keep track of medication schedules, refill prescriptions, manage prescription deliveries, and consult with a clinical pharmacist relating to the care of their loved one.

By offering this feature suite, Mednow is providing a much-needed solution to a growing need in the Canadian market, particularly among the aging population.

Additionally, this feature creates a unique opportunity for Mednow to deepen its synergies with Medvisit, which specializes in providing doctor visits to geriatric patients. As a growing segment of this market consists of patients who are homebound, the caregiver feature set will allow caregivers to easily manage medication reconciliation and delivery, without either party ever needing to set foot in the pharmacy.

“I am very proud of our technology team for their work on this major product release,” said Ali Reyhany, CEO and Co-Founder of Mednow. “This feature is the latest improvement of our proprietary technology that was engineered to provide an ideal virtual pharmacy experience. When combined with the adherence solutions and clinical services Mednow provides, we believe we have a unique and unmatched offering for elderly Canadians and their caregivers. Having spent over 15 years in the pharmacy industry in Canada as a pharmacist myself, I saw first hand that it was often the children or loved ones of those on multiple medications who had to deal with the prescription management for their parents.”

Mednow will launch a comprehensive fee-based elder care product in partnership with existing and expanding distributors, plan administrators, and payors later this year. This benefit is rapidly gaining popularity in Canada and is a standard offering in many US corporate plans.

Our product combines virtual and at-home care, caregiver medication management, delivery and adherence solutions all in one application, making it an excellent solution for workers caring for elderly family members.

The combination of on-call and in-app doctor home visit dispatch or virtual services, medication management, delivery, automatic refills, and adherence solutions will provide workers with a fantastic new elder care benefit product, offering peace of mind to caregivers that their loved ones are receiving the care they need from the comfort of their homes. Our Chief Revenue Officer, David Marantz, says, “this is an excellent solution for a large (and growing) generation of Canadian workers caring for elderly family members.”

“Our software application is the gateway to our full service pharmacy team, who can provide advice on medications and recently are now also able to prescribe for 13 minor ailments in Ontario. We are on a mission to empower pharmacists to enhance our healthcare system with technology, and this is a major step towards that,” said Ali Reyhany, CEO at Mednow.

Full product release details:

• Dependents feature - patients (or their family member or power of attorney) to be able to securely communicate with their healthcare providers during time-sensitive health situations and manage multiple medication profiles from one account
• Virtual Medication Review - further enhancements to the patient experience and creation of a more efficient review of all medications with a pharmacist by phone video or where available in-home
• Medication lists and history reports for dependents - allows patients to access or share their or dependents full history with their doctor for example
• More streamlined notifications (email, SMS) - keeps patients and healthcare team informed on a timely basis
• Enhanced Platform Capabilities for B2B enterprise clients (configurable clinical flows, Unique UI/UX’s) - create unique use case based clinical experiences and support programs for patient groups and partners

The new feature is available now on the Mednow APP which is available via the Apple Store, Google Play or an account can be created via the web application at mednow.ca with no need to download an app. Additionally, Mednow is powered by accredited pharmacies and Canadian pharmacists so for those that don’t want to use the application they can always give us a call at 1-855-Mednow-1.

Mednow announces completion of Convertible Debenture Financing

Mednow announces that further to its news releases dated November 7, 2022, January 12, 2023 and February 8, 2023 regarding the Company’s private placement offering of secured convertible debentures (the “Offering”), it will not be closing any additional tranches of this particular offering.

About Mednow

Mednow (TSXV: MNOW) (OTCQX:MDNWF) is a healthcare technology company offering virtual access with a high-standard of care. Designed with accessibility and quality of care in mind, Mednow provides virtual pharmacy and telemedicine services as well as doctor home visits through an interdisciplinary approach to healthcare that is focused on the patient experience. Mednow’s services include free at-home delivery of medications, doctor consultations, a user-friendly interface for easy upload, transfer, and refill of prescriptions, access to healthcare professionals through an intuitive chat experience and the specialized PillSmart™ system that packages prescriptions in easy to use daily dose packs, each labeled with the date and time of the next dose.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements:

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. All statements in this news release, other than statements of historical facts, including, without limitation, statements relating to the expected benefits of the new caregiver feature suite, are forward-looking statements and contain forward-looking information.

Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, that the features of the caregiver feature suite will not operate as expected or provide its expected benefits, and other risk factors disclosed in the Company’s disclosure record on www.sedar.com under the Company’s profile. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230221005406/en/

Investors:

Lorraine Cardenas

1-855-686-6300

ir@mednow.ca

Source: Mednow Inc.

FAQ

What is the new caregiver feature suite launched by Mednow (MDNWF)?

The caregiver feature suite allows users to manage multiple medication profiles from a single account, simplifying care for dependents.

When will Mednow (MDNWF) introduce its fee-based elder care product?

Mednow plans to launch the fee-based elder care product later this year.

How does Mednow (MDNWF) aid caregivers of elderly family members?

Mednow provides tools for medication tracking, prescription refills, and consultations with pharmacists, which help caregivers manage healthcare needs more effectively.

What market need is Mednow (MDNWF) addressing with its new feature suite?

The feature suite is designed to alleviate the administrative burden on caregivers managing multiple medications for aging dependents.

What strategic partnership does Mednow (MDNWF) enhance with its new features?

The new features deepen synergies with Medvisit, a service that specializes in doctor visits for geriatric patients.