WELL Health to Expand its Canadian Clinic Network with Acquisition from Shoppers Drug Mart Inc. of Medical Clinics operating as The Health Clinic by Shoppers™
- WELL is adding 10 primary care medical clinics operating under the name The Health Clinic by ShoppersTM to its national primary care network.
- The 10 clinics are located in Ontario and BC and include over 35 physicians. WELL expects the clinics to contribute approximately $8M in annual revenue.
VANCOUVER, BC and TORONTO, April 16, 2024 /CNW/ - WELL Health Clinic Network Inc. ("WELL"), a subsidiary of WELL Health Technologies Corp. (TSX: WELL), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce it has entered into an agreement with Shoppers Drug Mart Inc. ("Shoppers") to acquire all of the primary care medical clinics operated by Shoppers under the name The Health Clinic by Shoppers™. The Health Clinic by Shoppers™ comprises of 10 clinics (four in British Columbia and six in Ontario), with over 35 physicians on staff. Post-close, WELL will rebrand these clinics under the WELL Clinic brand.
"We are pleased to welcome the clinical and medical teams from The Health Clinic by Shoppers™ to the WELL primary care family in British Columbia and Ontario" said Dr. Michael Frankel, Chief Medical Officer and President of Canadian Clinics for WELL Health. "We will continue to ensure that these locations support optimal patient outcomes."
WELL will onboard the 10 clinics through its Clinic Absorption program and intends to enhance operational and service capabilities across the newly added clinics, through its Clinic Transformation Team. WELL will focus on optimizing cost structures, integrating digital workflows, adding patient engagement technologies, and implementing advanced AI tools such as WELL AI Voice, WELL AI Inbox Admin, and WELL AI Decision Support systems. Additionally, efforts will be intensified to recruit more physicians to join the new WELL clinics, ensuring a broader reach and impact on patient care. WELL expects the assets to contribute approximately $8M in annual revenue.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
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 34,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 165 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 WELL, please visit: www.well.company.
SOURCE WELL Health Technologies Corp.
Tyler Baba, Investor Relations, Manager, [email protected], 604-628-7266
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