The ongoing COVID-19 pandemic has made us realize that healthcare and digital world can work efficiently if they join hands. The primary health care sector in Canada is significantly overlooked and under digitized.
The website Canada.ca states that currently, the family physicians and general medical practitioners deliver primary care services in Canada that focus on the diagnosis and treatment of illness and injury. We need developments on this front.
WELL Health Technologies Corp. is both a primary healthcare provider and a technology innovator that allows both the sectors to collaborate and offer expert quality solutions. WELL was founded in 2010 by Hamed Shabazi with its headquarters based in Vancouver. The company’s vision is to address the challenges of the healthcare sector.
WELL hints that Canada’s primary healthcare industry is below par in digitization and imagination. It also faces setbacks from low investment levels.
Patients face long wait times, while overworked physicians face operational challenges. WELL’s mission is to impact health outcomes by leveraging technology to empower and support patients and doctors.
WELL health’s business model
WELL Healthcare operates 19 clinics in British Columbia with over 600,000 patient visits per year. The company graduated from the Toronto Venture Exchange to TSX in January 2020.
The company’s business strategy is similar to a step-wise methodology. The company licenses healthcare software suites to primary health care providers.
WELL Healthcare acquires primary health care service providers and digital assets in British Columbia, creating the largest chain of health care clinics.
The company then integrates technology into the daily operations and EMR of healthcare providers. This creates a network chain which allows the company to receive real-time feedback from consumers, helping in the optimization process.
Through production, WELL shares its innovations to rest of the world so other clinics can benefit from it. This helps to tackle the problem of fragmentation by helping the small scale clinics in Canada.
WELL also offers various applications that healthcare providers can use to ease their work and adapt to new technology easily. Through apps.health, Phelix.ai and insig you can get access to different applications according to your requirements.
Recently, the company also added PrescribeIT, a national e-prescription network that enables prescribers and pharmacists to electronically create, receive, renew and cancel prescriptions, while improving overall patient care through secure clinician messaging.
Financial Metrics on WELL health
The global telehealth market could grow to a size of $559.52 billion by 2027, says MotleyFool. This represents a compound annual growth rate of 25.2% from here. WELL Health has doubled its growth since last year, with a 430% return.
This small-cap company has grown tremendously and re-invests heavily which has resulted in a net loss. In Q4 2020, WELL has closed seven transactions so far, propelling the Company to an annualized revenue run-rate of more than $94M.
Along with these factors, WELL Health’s advancement into the American healthcare market and its positioning within Canada make it a company that investors should be on the lookout for.
The COVID-19 pandemic has surely given this company a boost with increasing use of technology in every field. With this rate of growth, financial performance and the company being in a sector which has immense growth rate, WELL Health is here to stay.