MyHealth aims to provide shorter wait times and quicker turnaround times for diagnostic procedures, and currently have over 760 physicians and other healthcare professionals providing primary care, specialty care, telehealth services and accredited diagnostic health services from 48 locations across Ontario.
With healthcare wait times reaching record highs in 2020, receiving quality care in a reasonable amount of time is going to look more and more attractive to people in Ontario.
“We extend a warm welcome from the WELL family to the talented MyHealth team. The closing of this acquisition offers not only financial value for our shareholders, but also supports our value system at WELL as MyHealth has been built upon important pillars that we hold in high regard including: a progressive and award winning workplace culture; a forward-thinking network of health practitioners who embrace technology; and the vision of empowering patients through the provision of digital tools and technologies. We are very excited for the extended reach and depth that MyHealth offers WELL,” stated Hamed Shahbazi, Chairman and CEO of WELL.
From April 1st, 2020 to March 31st, 2021, MyHealth recorded over 500,000 patient visits; their ability to stay busy during the COVID-19 pandemic is a testament to their adaptability. MyHealth was able to achieve this by offering a mix of in-person visits and telehealth, as approximately 75% of their medical consultations are done via telehealth. MyHealth has grown at a 40% CAGR in revenue over the past 5 years, which has come from a mixture of organic revenue growth and completed deals.
This is not the first acquisition WELL has made this year. In March, they acquired Intrahealth for a total consideration worth more than $13 million, another foray into the telemedicine world, which provides electronic medical records (EMR) and clinical health care software. Before that, WELL purchased Adracare, who are in the business of providing secure clinic management, telehealth and practice management software related services, for just under $5 million.
It seems WELL knows the ABCs of the healthcare business:
It may have cost a pretty penny, but, with the acquisition of MyHealth, WELL has become the largest owner-operator of outpatient medical clinics in Canada. MyHealth will operate as a wholly-owned WELL subsidiary led by their current President and CEO Suresh Madan.
“We are delighted to be part of the entire WELL omni-channel patient services experience,” stated Suresh Madan. “Everything that WELL encompasses is aligned with our belief system, it’s a natural fit, and we feel we are positioned perfectly together for playing a leading role in advancing patient care in Canada.”
Following today’s news, WELL Health shares are down 20 cents and are currently trading at $7.79.