WELL HEALTH TECH CORP ORD - WHTCF STOCK NEWS

WELL Health Technologies Corp. has entered into a strategic alliance with MCI Onehealth Technologies Inc. The alliance includes the acquisition of certain clinic assets of MCI, which are expected to generate annual revenues of over $21M. WELL will also lead a new round of investment into MCI, focusing on its AI and disease detection platform. The acquisition will position MCI as a key leader in the disease detection marketplace in Canada. WELL will acquire a significant portion of MCI's clinical assets, adding over 130 physicians to its network. The clinics are expected to contribute positive Adjusted EBITDA in 2024. WELL plans to integrate leading-edge software and workflows from its Practitioner Enablement Platform.

WELL Health Technologies Corp.'s subsidiary, CRH Medical, has made a strategic investment in Graphium Health, a leading EMR provider for anesthesia practices. This investment is part of CRH's ongoing efforts to digitize and modernize its billing and back-office processes. A recent pilot project with Graphium demonstrated significant improvements, including a 58% reduction in time to capture billable charges and a 24% reduction in overall accounts receivable balance at pilot sites.

CRH plans to expand this initiative to at least 54 additional ambulatory surgical centers over the next three years. The investment aligns with WELL's original thesis for acquiring CRH, emphasizing the realization of digitization benefits across the CRH Medical platform. This strategic move is expected to drive improved collections and enhance data mining capabilities for better analytics across the platform.