- WELL expects to announce record quarterly revenue in Q3-2023,
underpinned by record care metrics which includes record patient
visits1 of over 1.03 million and almost 1.58 million
Total Care Interactions3, which now includes Billed
Provider Hours.
- This quarter's strong performance was driven by organic growth
as well as a full quarter of recently announced acquisitions.
Q3-2023 will be WELL's 19th consecutive quarter of record quarterly
revenues.
- Following the acquisition of CarePlus at the beginning of Q3,
which included staffing and locum tenens services branded under
"RADAR Healthcare Providers", WELL now reports metrics associated
with Billed Provider Hours.
- WELL will announce its Third Quarter 2023 Financial Results on
November 14, 2023. Conference call
details are provided below.
VANCOUVER, BC and TORONTO, Nov. 7, 2023
/CNW/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF)
("WELL"), a digital healthcare company focused on positively
impacting health outcomes by leveraging technology to empower
healthcare practitioners and their patients globally, is pleased to
announce it has achieved another record in patient visits and this
achievement has driven record revenues for Q3-2023. WELL will also
announce its Third Quarter 2023 Financial Results on November 14, 2023.
"We had an outstanding quarter of performance thanks to our
talented and dedicated team of healthcare providers, technologists
and operators. Despite the traditional seasonal dip in patient
visits during the summer months of Q3, I am thrilled to report that
we have delivered yet another successive record quarter of patient
visits and Total Care Interactions that will deliver our
19th consecutive quarter of record quarterly revenue
when we announce earnings later this month," said Hamed Shahbazi, Founder and CEO of WELL. "These
strong results and our continued momentum overall are due to us
delivering on our mission of tech enabling care providers and
supporting them so that they can focus on care delivery and not be
as concerned about support services or technology implementation.
We remain laser focused on helping care providers be as successful
as possible. They continue to be the backbone of our healthcare
ecosystem and continue to be the key to delivering superior patient
outcomes."
WELL's patient visits1 and Total Care
Interactions3 metrics are an important leading indicator
to demonstrate the health of WELL's operational and financial
performance. With these robust care growth metrics, WELL is
expecting to report record revenue for Q3-2023. This financial
performance is underpinned by record revenue achievements from both
our Canadian and US Patient Services businesses.
|
Q3-23
|
Q2-23
|
Q3-22
|
Canada Patient
Visits4
|
532,000
|
537,000
|
472,000
|
US Patient
Visits4
|
505,000
|
478,000
|
425,000
|
Technology
Interactions2
|
458,000
|
453,000
|
340,000
|
Billed Provider
Hours
|
81,000
|
-
|
-
|
Total Care
Interactions3
|
1,576,000
|
1,468,000
|
1,237,000
|
WELL's Canadian Patient Services business which includes primary
care, specialty, allied care, executive health, and diagnostic care
accounted for a total of 532,242 patient visits1 across
Canada in Q3-2023. WELL Health
USA achieved 505,298 patient
visits5 in Q3-2023. WELL Health USA includes CRH Medical, Circle Medical and
Wisp. Growth in US Patient Visits was primarily driven by organic
growth in Circle Medical and Wisp businesses, in addition to
acquisitions by CRH Medical over the past year, notably CarePlus
which was acquired in July 2023. As
part of the CarePlus acquisition, WELL acquired Radar Healthcare
Providers ("RADAR"), a leading professional medical recruitment
firm in the United States
providing staffing and locums tenens services. RADAR billed a total
of 81,079 provider hours in Q3-2023.
WELL achieved a total of 1,576,701 Total Care
Interactions3 in Q3-2023, a year-over-year increase of
~27% compared to Q3-2022 and representing ~6.3 million Total Care
Interactions on an annualized run-rate basis. This was primarily
driven by strong organic growth across a number of WELL's key
business units, alongside material acquisitions such as CarePlus
and HEALWELL AI Inc.'s (formerly MCI Onehealth Technologies Inc.)
clinical assets in Alberta.
Third Quarter 2023 Financial
Results Conference Call
WELL will release its Third Quarter 2023 financial results for
the period ended September 30, 2023,
on Tuesday, November 14, 2023. The
Company will hold a conference call and simultaneous webcast to
discuss its results on the same day at 1:00
pm ET (10:00 am PT). The call
will be hosted by Hamed Shahbazi,
Chairman and Chief Executive Officer and Eva Fong, Chief Financial Officer. Please dial
in 10 minutes prior to the start of the call.
Date: Tuesday, November 14,
2023
Time: 1:00 PM ET / 10 AM PT
Local: Toronto: 416-764-8650
Vancouver: 778-383-7413
North American Toll-Free: +1-888-664-6383
International: +1-416-764-8650
Webcast URL: https://www.well.company/for-investors/events/
Footnotes:
- Patient visits are
defined by any interaction a patient has with a WELL practitioner
through all sources and channels. This includes also diagnostic
testing consultations or any asynchronous physician
consultations.
- Technology
interactions are defined as patient visits facilitated with WELL's
technologies but supported by non-WELL healthcare
providers
- Total Care
Interactions are defined as Patient Visits in addition to
Technology Interactions and Billed Provider Hours.
- Patient visit
metrics for the prior period, Q3-2022, has been restated to align
with new segmentation based on Canadian Patient Services and US
Patient Services operating segments. Diagnostic patient visits
performed by MyHealth and False Creek Wellness are now included in
Canadian Patient visits, while Wisp's asynchronous patient visits
are now included in US Patient visits. Patient bookings only
conducted by various technology providers such as OceanMD,
Adracare, and Insig are now reported under Technology Interactions.
Technology Interactions does not include the many millions of
patient interactions supported by WELL's EMR Group or family of
digital health apps such as the OceanMD patient engagement
platform.
- US Patient Visits
include all patient visits, as defined in Footnote 1, facilitated
by WELL Health USA and its subsidiaries.
|
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies
Corp.
WELL's mission is to tech-enable healthcare providers. We do
this by developing the best technologies, services, and support
available, which ensures healthcare providers are empowered to
positively impact patient outcomes. WELL's comprehensive healthcare
and digital platform includes extensive front and back-office
management software applications that help physicians run and
secure their practices. WELL's solutions enable more than 31,000
healthcare providers between the US and Canada and power the largest owned and
operated healthcare ecosystem in Canada with more than 148 clinics supporting
primary care, specialized care, and diagnostic services. In
the United States WELL's solutions
are focused on specialized markets such as the gastrointestinal
market, women's health, primary care, and mental health. WELL is
publicly traded on the Toronto Stock Exchange under the symbol
"WELL" and on the OTC Exchange under the symbol "WHTCF". To learn
more about WELL, please visit: www.well.company.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/well-health-announces-record-patient-visits-and-total-care-interactions-for-q3-2023-resulting-in-record-quarterly-revenue-301979801.html
SOURCE WELL Health Technologies Corp.