WELL Health absorbs two more companies
January 13, 2021
VANCOUVER – WELL Health Technologies Corp., a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, announced that it has acquired Open Health Software Solutions Inc, an OSCAR service provider to medical clinics primarily located in Ontario. The company also said that it has transitioned all clinics from ClearMedica Corp., formerly a certified OSCAR service provider, onto WELL’s OSCAR Pro platform.
WELL ended the year 2020 with approximately 2,200 clinics and over 10,700 physicians, which includes the clinics formerly using ClearMedica’s EMR product.
“We are very excited to have transitioned all the approved OSCAR service providers associated with OpenHealth and ClearMedica onto our OSCAR Pro platform,” said Arjun Kumar (pictured), CIO of WELL. “In addition, our first agreement to migrate doctors and clinics from a non-OSCAR EMR provider to OSCAR Pro is an important milestone in WELL’s ability to continue to grow its EMR customer base. This type of arrangement is powerful in that it expands our addressable market and furthers our aggressive growth strategy.”
Based in Ottawa, Ontario, OpenHealth is in the business of providing open-source software services and support related to OSCAR EMR.
ClearMedica was previously a certified OSCAR EMR provider based in Mississauga, Ontario. The company successfully migrated all of its doctors and clinics to WELL’s OSCAR Pro system in the second half of 2020.
Under the terms of WELL’s first non-OSCAR customer purchase agreement, WELL has agreed to pay the certified non-OSCAR EMR provider an agreed upon amount for each customer that transitions or migrates to become a customer of WELL over a two-year period. The price payable by WELL for each customer is based on that customer’s annual recurring revenue. The non-OSCAR EMR provider is in the business of providing services and support related to medical practice and clinical management software, including EMR and related services.
About WELL Health Technologies Corp.
WELL is an omni-channel digital health company whose overarching objective is to empower doctors to provide the best and most advanced care possible while leveraging the latest trends in digital health. As such, WELL owns and operates 27 primary healthcare clinics, is Canada’s third largest digital Electronic Medical Records (EMR) supplier serving approximately 2,200 healthcare clinics, operates a high quality telehealth services in both Canada and the United States and is a provider of digital health, billing and cybersecurity related technology solutions. WELL is an acquisitive company that follows a disciplined and accretive capital allocation strategy. WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL” and was recognized as a TSX Venture 50 Company three years in a row in 2018, 2019 and 2020. To access the Company’s telehealth service, visit virtualclinics.ca or tiahealth.com, and for corporate information, visit www.well.company.