WELL Launches ';WELL Health USA' to Deepen Integration Between US Lines of Business and Facilitate Further Growth

Rhea-AI Summary

WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) has re-branded CRH Medical Corporation as WELL Health USA, aiming to mirror its mission of tech enabling care providers in the US while digitizing and modernizing healthcare businesses. WELL Health USA is a highly profitable and rapidly growing multi-disciplinary healthcare business with operating run-rate revenues of approximately CAD$500 million.

Positive

• WELL Health USA is a highly profitable and rapidly growing business with operating run-rate revenues of approximately CAD$500 million.
• The new WELL Health USA business unit reflects WELL's Canadian tech-enabled healthcare business quite well as it is also a multi-disciplinary tech-enabled care delivery business that spans across both primary and specialized care providing both online and in-clinic operations at scale.
• The combined WELL Health USA business spans primary and specialized care with online and offline operations at scale, supporting approximately 3,000 healthcare providers across 300+ clinics, ASCs, and hospitals, who provide services to over 2 million patients annually.

Negative

• None.

• WELL Health announced that it has re-branded CRH Medical Corporation as WELL Health USA.
• WELL Health USA's goal is to mirror WELL's mission of tech enabling care providers in the United States while digitizing and modernizing healthcare businesses.
• In addition, WELL Health USA will leverage its deep US based healthcare expertise and structural advantages to create a whole new category of shared services that will benefit and deliver improved integration with WELL's US based lines of business.
• The combined WELL Health USA business is a multi-disciplinary healthcare business spanning primary and specialized care with online and offline operations at scale with operating run-rate revenues of approximately CAD$500 million. WELL Health USA is a highly profitable and rapidly growing business.

VANCOUVER, BC, July 27, 2023 /PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (the "Company" or "WELL") — a practitioner focused digital health company that is positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce the formation of its new WELL Health USA business unit, a re-branding of what was previously CRH Medical Corporation, a wholly owned subsidiary of WELL.

Hamed Shahbazi, Founder and CEO of WELL commented, "This is an important and exciting move for our company as we are building on the successful acquisition of CRH more than two years ago which has not only become a much more digitally enabled healthcare enterprise, but it has also become the center of gravity in WELL's US based business. It is very clear to us that we have significant opportunities to not only grow our business in the US but also leverage our deep US based experience and capabilities for the benefit of other WELL lines of business." 

WELL Health USA will be run by the current CEO of CRH Medical, Jay Kreger. Mr. Kreger originally joined CRH as President of its Anesthesia division in 2016, whereupon he developed an anesthesia management team necessary to grow and sustain our best-in-class anesthesia service and ensured a seamless integration of newly acquired practices onto the CRH Anesthesia platform. He was appointed CEO in January 2022. Prior to joining CRH, Mr. Kreger was the VP of Development for the Ambulatory Surgery Division of HCA, where he was responsible for expanding HCA's network to over 130 ASCs through acquisitions and partnerships. Previously, he served in several capacities at Surgical Care Affiliates – namely, in Development and Operations Leadership roles.

Jay Kreger, CEO of WELL Health USA commented, "The CRH management team has deep expertise and over 100 years in combined experience in allocating capital, integrating, and growing healthcare businesses and working inside some of the largest and most prominent healthcare companies in the United States. That expertise has allowed us to execute on WELL's goals and objectives. With this move, we are now empowered to leverage our capabilities and deepen integration opportunities between our US lines of business. A great example of this is our recent acquisition of Radar Healthcare providers, which provides best-in-class provider recruitment. This is an excellent opportunity for us to evolve Radar to support other US based lines of business."

The new WELL Health USA business unit reflects WELL's Canadian tech-enabled healthcare business quite well as it is also a multi-disciplinary tech-enabled care delivery business that spans across both primary and specialized care providing both online and in-clinic operations at scale. The platform also has exposure to and deep expertise in several exciting growth areas such as behavioral health and women's reproductive and sexual health. This integrated operating platform will support approximately 3,000 healthcare providers across 300+ clinics¹, ASCs and hospitals, who provide services to over 2 million patients annually. This business unit encompasses U.S. based companies and brands including CRH Anesthesia, CRH O'Regan System, Radar Healthcare Providers, Circle Medical and Wisp. This single business unit will help WELL better assist and continue to grow market share through a unique and unified platform offering.

As part of its mission, WELL Health USA will roll out and offer 'shared services' to other US based operating units. Such shared services may include, but not be limited to: Insurance, Billing, Credentialing, Payor Contracting/Strategies, Procurement, Legal, Human Resources/HRIS and Payroll, Benefits, Learning, Recruitment, etc. focusing on the synergies and cost-effective benefits that become available with organizational scale. WELL Health USA will also continue to work with the rest of the WELL Health organization to ensure that shared services offered via WELL's Canadian headquarters such as cybersecurity, IT and digital marketing can be more efficiently rolled out and utilized as required.

You can learn more about WELL Health USA at usa.well.company.

Footnotes:
1.	The figure of 300+ clinics includes mostly ASCs where WELL/CRH supports care delivery but doesn't own and operate the facilities themselves.

WELL HEALTH TECHNOLOGIES CORP.

Per: "Hamed Shahbazi"

Hamed Shahbazi

Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare 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 28,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 130 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". To learn more about the Company, please visit: www.well.company

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SOURCE WELL Health Technologies Corp.

FAQ

What is the new business unit formed by WELL Health Technologies Corp.?

The new business unit formed by WELL Health Technologies Corp. is WELL Health USA, a re-branding of what was previously CRH Medical Corporation, a wholly owned subsidiary of WELL.

Who will be running WELL Health USA?

WELL Health USA will be run by the current CEO of CRH Medical, Jay Kreger.

How many healthcare providers does WELL Health USA support?

WELL Health USA supports approximately 3,000 healthcare providers across 300+ clinics, ASCs, and hospitals, providing services to over 2 million patients annually.

What shared services will WELL Health USA offer to other US based operating units?

WELL Health USA will offer shared services such as insurance, billing, credentialing, payor contracting/strategies, procurement, legal, human resources/HRIS and payroll, benefits, learning, recruitment, etc., focusing on the synergies and cost-effective benefits that become available with organizational scale.