Business
WELL Health Provides Update on the Organic Growth of its Virtual Services Business, and announces Tuck-in Acquisition of CognisantMD's Ocean Platform, Canada's Leader in Patient Engagement Technology and eReferral Software
WELL Health Provides Update on the Organic Growth of its Virtual Services Business, and a...
About this update from Well Health Technologies Corp.
[{"type":"text","content":"\n \n \n \n WELL Health Provides Update on the Organic Growth of its Virtual Services Business, and announces Tuck-in Acquisition of CognisantMD's Ocean Platform, Canada's Leader in Patient Engagement Technology and eReferral Software\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n As of Q3 2021 and inclusive of recently completed acquisitions\n \n 1\n \n , WELL's Virtual Services line of business\n \n 2\n \n had a run-rate revenue approaching\n \n $110M\n \n with over 50% Adjusted gross margins\n \n 3\n \n and positive Adjusted EBITDA\n \n 3\n \n . Organic Growth for Virtual Services was greater than 50%\n \n 4\n \n in Q3 2021.\n \n \n On\n \n December 1\n \n , WELL completed a 100% tuck-in acquisition of CognisantMD whose Ocean platform is the category leader in digital patient engagement technology and eReferral software in\n \n Canada\n \n .\n \n \n As an existing Apps.Health partner, Ocean adds best-in-class digital tools for patient engagement such as online booking, secure messaging, appointment reminders, digital forms & check-in kiosks, as well as provider network solutions including eReferral and eConsult.\n \n \n CognisantMD currently generates\n \n $4.0M\n \n in in yearly SaaS revenues, 95% gross margins, and has a history of generating 50%+ organic growth and positive Adjusted EBITDA. The Ocean platform currently supports approximately 8,000 physicians and delivers over 35,000 e-referrals per month.\n \n \n \n \n VANCOUVER\n \n , BC and\n \n TORONTO\n \n ,\n \n Dec. 2, 2021\n \n /CNW/ -\n \n WELL Health Technologies Corp.\n \n (TSX: WELL) (the \"\n \n Company\n \n \" or \"\n \n WELL\n \n \"), a company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to provide key updates on the company's Virtual Services business and announce the 100% acquisition of CognisantMD and its Ocean Platform (\"Ocean\"), an integral part of clinical workflows for practitioners across\n \n Canada\n \n .\n \n \n \n \n \n ...