WELL Health Provides Organic Growth Update for Ocean, WELL’s Patient Engagement and eReferral Platform
- CognisantMD achieved $4.3M in SaaS ARR(1) in January 2022 reflecting 73% YoY organic growth. The company also achieved $5.0M in CARR (Contracted Annual Recurring Revenue) in the same month and delivered approximately 95% gross margins with positive EBITDA profitability.
- CognisantMD’s Ocean Platform currently exceeds 2,000 active clinics, representing an increase of 700 clinics year-over-year.
- With 10+ integrations underway, including leading Hospital Information Systems (HIS), Ocean continues to deepen its interoperability and actively expand its Health Information Exchange.
VANCOUVER, BC, Feb. 17, 2022 /PRNewswire/ – WELL Health Technologies Corp. (TSX: WELL) (the “Company” or “WELL“) — a company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally — is pleased today to share an update on the progress of CognisantMD, a wholly owned subsidiary of WELL that provides patient engagement technology and eReferral software solutions. CognisantMD’s Ocean Platform (“Ocean”), the Canadian category leader in digital patient engagement technology and eReferral software, achieved $4.3M in SaaS ARR(1) in January 2022 reflecting 73% YoY organic growth. Ocean also achieved $5.0M in CARR (Contracted Annual Recurring Revenue) in the same month, with 95% gross margins and positive EBITDA profitability, and continues to make meaningful headway in its interoperability with key Electronic Medical Records (EMRs) and Hospital Information Systems (HIS) across the country.
“Acquired in Q4, Ocean has been performing exceptionally well over the last couple of months and has seen an acceleration in its organic growth,” said Hamed Shahbazi, CEO and Founder of WELL. “Canadians complete over 800,000 patient engagements per month through their healthcare providers using Ocean’s digital tools. We expect the demand for patient engagement tools to continue to increase, and we expect Ocean will be the go-to provider as it strives to deepen its interoperability and integration with EMRs, HIS, and provincial healthcare assets nationwide.”
Ocean is currently in use at over 2,000 clinics across Canada, representing an increase of 700 clinics year-over-year. Furthermore, over 2,500 specialists and 4,200+ primary care clinicians use Ocean to exchange eReferrals and eConsults. WELL is pleased to share that over 60% of Ontario Health Teams have incorporated Ocean’s patient engagement tools into their 2022/2023 plans to better enable access to primary care through online booking, secure messaging, and patient reminders. Ocean is also working with the Alliance for Healthier Communities, which includes 55 community health centres and represents 1,000 online booking licenses across Ontario.
Deepening its interoperability, Ocean is working on several key integrations within WELL’s apps.health ecosystem, creating feature parity across EMR systems. Ocean continues to actively expand its Health Information Exchange with the addition of over 10 integrated systems, including work with three of the leading HIS. Over 20 major hospitals are now undertaking integration work with Ocean to support eReferrals in Ontario, in addition to the 30 acute care and community hospitals currently receiving eReferrals on Ocean.
“Joining the WELL Health family has allowed us to scale the Ocean Platform even faster and provided us with integration opportunities through WELL’s apps.health ecosystem that have opened doors to a number of exciting opportunities,” said Jeff Kavanagh, CEO of CognisantMD. “Healthcare providers and their patients continue to demand better health data interoperability and our track record demonstrates that we have the solution, and the team, to meet the needs of our customers while bridging the gaps in Canada’s healthcare system.”
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1 SaaS ARR means Annual Recurring Revenue attributable to providing its Software-as-a-Service |
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 is part of the TSX Composite Index. To learn more about the Company, please visit: www.well.company.
About CognisantMD
CognisantMD, a wholly owned subsidiary of WELL, operates as a stand-alone business within the WELL Digital Health Apps business unit. Its Ocean Platform includes a full suite of virtual patient engagement tools, including online appointment booking, secure messaging, appointment reminders, and digital forms, as well as in-clinic check-in kiosks and tablets. Ocean supports over 8,000 physicians, and approximately 35,000 referrals and consults are sent electronically through the platform monthly. Ocean’s eReferral system has resulted in reduced wait times, a 12% reduction in unnecessary MRIs, and has a 97% patient satisfaction rate. Ocean currently powers eReferrals for the province of Ontario’s eServices Program. For more information: www.cognisantmd.com
Forward-Looking Information
This news release may contain “Forward-Looking Information” within the meaning of applicable Canadian securities laws, including, without limitation: information regarding sOcean’s expected growth and revenues and expected key integration’s of Ocean’s platform. 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 statements are qualified in their 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 statements, whether as a result of new information, events or otherwise.
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SOURCE WELL Health Technologies Corp.
