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WELL Health Provides Corporate Updates including a Ramp-up in M&A, and the Formation of its Provider Solutions Business Unit

  • WELL’s M&A Program is ramping up with multiple signed and actionable LOIs demonstrating its ability to execute on highly accretive capital allocation opportunities.
  • WELL forms Provider Solutions Business Unit combining WELL EMR Group, Billing & RCM, and Digital Apps businesses into a robust practitioner enablement platform led by industry veterans Adam Hutton and Paulo Gomes.
  • WELL launches comprehensive operating cost optimization initiative designed to derive greater synergies to improve operating cashflow

Vancouver, B.C. – May 25, 2022 - 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 provide a number of key business updates including a ramp-up in the Company's M&A program and the formation of its Provider Solutions Business Unit.

WELL is Ramping up M&A and Increasing Its Efforts to Grow and Produce Cashflow:

Following the completion of its recent oversubscribed bought deal private placement led by several large institutional investors, WELL confirms that it is ramping up its M&A program with multiple signed and actionable letters of intent (“LOIs”), demonstrating the Company's ability to execute on highly accretive capital allocation opportunities.

“We recently made the timely and important decision to add significant cash to our balance sheet. Additionally, WELL has a long-dated debt maturity schedule, all vendor takebacks have been retired, and we will continue to generate excess free cashflow beyond any interest or earnout payments.” said Hamed Shahbazi, Founder and CEO of WELL. “Our stronger financial position comes at a time where acquisition valuations have fallen and the expected returns on capital allocation have improved. This added liquidity gives WELL the ability to aggressively pursue its goal of increasing intrinsic value on a per-share basis”

A multi-disciplinary team at WELL is collaborating with all functional group and business unit leaders to identify cost optimizations and margin enhancement opportunities that can translate into improvements in operating cashflow.

Amir Javidan, WELL’s COO added, “Notwithstanding our profitability and growth which on a combined basis is industry leading within the tech-enabled healthcare industry, we are also embarking on a sweeping operating cost review and optimization initiative.  The combined effect of our organic and inorganic growth opportunities and focus on operating cost efficiency will deliver tangible value to WELL shareholders.

Eva Fong, WELL’s CFO added, “WELL’s business continues to operate very well as our business unit leaders are delivering tangible value to healthcare practitioners across our network and allowing them to focus on what matters-patient care.  We are increasingly becoming an indispensable and critical piece of healthcare ecosystem in North America that is relied upon by thousands of healthcare practitioners who are delivering millions of patient visits per year.  We recently raised guidance for WELL’s annual revenue to over $525 million for the current fiscal year.  We look forward to updating our stakeholders and demonstrating our strong performance in the coming days and weeks.”

Formation of Provider Solutions Business Unit and Key Management Updates

WELL is pleased to announce the formation of its new Provider Solutions Business Unit, which combines the previous WELL EMR Group, Billing and RCM and several Digital Application businesses into a one single practitioner enablement platform.  This consolidation is designed to simplify the relationship healthcare providers have with WELL and better promote the breadth and depth of WELL’s practitioner enablement platform.

WELL’s new Provider Solutions Business Unit encompasses companies and brands including AwareMD, Intrahealth, Oscar Pro, DoctorCare, and CognisantMD. It will comprise of tools and technologies including electronic medical records (EMR), practice management, productivity applications, back-office billing and revenue cycle management, and WELL’s apps.health ecosystem.  With close to one in four Canadian doctors currently being served by WELL’s practitioner focused businesses, the new Provider Solutions Business Unit will further support the onboarding of WELL’s technology solutions, positively impacting improved health outcomes by better equipping and empowering healthcare practitioners and their patients.

This integrated offering will not only support in simplifying the relationship we have with our growing network of over 21,000 doctors and healthcare practitioners across the country, but it will also allow WELL to continue to grow our market share through a unique and unified platform offering. 

The unit will be run by the current managing directors of DoctorCare, Adam Hutton and Paulo Gomes. Paulo Gomes, founder of DoctorCare, has a deep understanding of the challenges doctors face when running a medical practice, including workflows, technologies, and HR. He has spent his entire career working with primary care physicians in the EMR, pharmaceuticals, and physician services industries. Paulo is also the co-founder of Khure Health, a company that helps primary care doctors identify high-risk patients for rare diseases to help them get on a proper care pathway.  Prior to providing operational direction at DoctorCare, Adam Hutton was Vice President of Adoption and Strategic Partnerships at the Ontario Telemedicine Network. He is a proven entrepreneur having started and grown previous health services companies that now support thousands of physicians across Canada.

"Since WELL’s inception, we have built our toolkit of tools for practitioners across numerous technology verticals. Moving forward, we have a compelling opportunity to bring the suite of tools to market in a single platform,” said Paulo Gomes, Managing Director of WELL Provider Solutions.

“Paulo and I see meaningful opportunities to leverage the apps.health ecosystem, improving the attach rate of services among existing customers, and expanding our platform to new practitioners with a more unified, enterprise grade salesforce,” remarked Adam Hutton, Managing Director of WELL Provider Solutions.

WELL HEALTH TECHNOLOGIES CORP.

Per:     “Hamed Shahbazi”             

Hamed Shahbazi

Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL is a technology enabled healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients.   WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services.  WELL uses this platform to power healthcare practitioners both inside and outside of WELL’s own omni-channel patient services offerings.  As such, WELL owns and operates Canada's largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering.  WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and trades on the OTCQX under the symbol “WHTCF”.  To learn more about the Company, please visit: www.well.company.

Forward-Looking Information

This news release may contain "Forward-Looking Information" within the meaning of applicable Canadian securities laws, including, without limitation: information regarding DoctorCare’s future plans, the new Provider Solutions Business Unit and its positive impact in healthcare, and WELL’s future M&A transactions. Forward-Looking Information is based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies.  Forward-Looking Information generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations.  Forward-Looking Information involves known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by such Forward Looking Information and, which are not guarantees of future performance.  WELL’s statements expressed or implied by Forward Looking Information are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL 's control, and undue reliance should not be placed on such statements.  Forward-Looking is Information  qualified in its entirety by inherent risks and uncertainties, including: direct and indirect material adverse effects from the COVID-19 pandemic; adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at www.sedar.com, including its most recent Annual Information Form.  Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

For further information
Tyler Baba
Investor Relations Manager
investor@well.company
604-628-7266