CloudMD to acquire health navigation platform
October 28, 2020
VANCOUVER – CloudMD Software & Services Inc., a telehealth company, announced that it plans to acquire Medical Confidence Inc., a healthcare navigation platform with proven results in wait time reduction and patient satisfaction. Medical Confidence provides access to a real-time digital database of publicly available specialists and their wait times, allowing patient referrals to the right specialist in the shortest available time.
The platform provides medical consultations, wellness plans and referrals to Canadian healthcare providers in support of patients’ mental and physical health issues.
“The COVID-19 pandemic is a serious public health emergency and has further deepened the need to empower individuals to manage their own health and wellbeing by providing them with the right resources,” said Karen Adams (pictured), chief health innovation officer of CloudMD.
“Recent data suggests that over 56% of Canadians believe the pandemic is having a negative impact on their mental health and that wait times for access to specialists will increase significantly over the next two years,” she said. “The acquisition of Medical Confidence will strengthen our ability to provide whole-person, longitudinal healthcare to patients and family members, by providing better, more efficient access to care.”
The company’s clinical healthcare navigators use a collaborative, team-based, approach that leaves individuals motivated and supported throughout their care journey. They also eliminate frustrations and mental health issues surrounding lack of access to care and long wait times to see appropriate care.
Medical Confidence’s solutions are utilized by a wide range of customers including employers, individuals, disability case managers, life and health insurers and property and casualty insurers. Proven results include a 20% reduction in benefit and disability costs, 6-month reduction in disability duration (on average), access to treatment 220 days sooner (on average), improved employee satisfaction (reported by 75% of clients) and 420% ROI or greater in payroll savings due to reduced illness related absences.
Currently, Medical Confidence has long standing contracts with Canada’s largest group benefit and disability insurers.
CloudMD has agreed to pay Medical Confidence shareholders aggregate consideration of $6 million, payable in cash and shares of CloudMD.
Medical Confidence recently launched a self-navigation digital tool, My Health MaP, which puts the power of navigating the healthcare system in the hands of employees, and provides employers and employees important information and resources around COVID-19 screening.
Both important resources during back to school, back to work and flu season. My Health MaP is a secure, stress-free, and easy to use COVID-19 screening platform that provides peace of mind as classrooms and workplaces reopen and reduces employee wait time for healthcare by 180 days on average.
COVID-19 has further presented the world with the urgent need to integrate physical and mental health management and CloudMD now has an integrated solution to address that need. CloudMD’s acquisition of Medical Confidence will create one of the only telemedicine companies able to provide healthcare navigation to manage comorbidity issues through triage and medical professional team-based approach.
Medical Confidence navigators provide a continuity of care program that effectively blends supported intervention with technology and human touch which is proven to reduce wait times and improve patient satisfaction and outcomes.
The integration of Medical Confidence into CloudMD’s platform of enterprise solutions will enable employers and insurers to realize lower absenteeism and improved return to work outcomes with personalized health and wellness care plans and improved access to healthcare resources.
The combined forces of CloudMD, Snapclarity and Medical Confidence changes the landscape where employers can offer one solution that addresses the health needs of their workforce and eliminates the need of multiple vendors. Employers will be able to offer their employees a group benefit plan that will not only provide access to care for mental and physical health issues but improve the financial costs associated with the current $7.5 billion dollars spent on long term disability.
CloudMD intends to integrate Medical Confidence into its suite of products to realize and optimize revenue synergies and cross selling opportunities.