CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF,
Frankfurt: 6PH) (the “
Company” or
“
CloudMD”), a healthcare technology company
revolutionizing the delivery of care, is pleased to provide an
update on its Enterprise Health Solutions (“
EHS”)
Division. Since launching the EHS Division, CloudMD has seen
significant organic growth and integration synergies across the
platform.
Organic Growth
The EHS Division offers one of the first
centralized and connected platforms of health and wellness
solutions for employers as part of their benefits programs. These
solutions include employee assistance programs, mental health
support, physician/allied health services, professional referrals,
personalized healthcare navigation, speciality drug consultation,
health literacy and education and other services aimed at
prevention and early intervention of health concerns.
CloudMD closed the majority of its EHS business
acquisitions in January 2021 and since then, the Company has
secured $5 million in new, multi-year customer contracts for mental
and physical health solutions. These recurring revenue contracts
include organizations of all sizes including large corporate
clients like Medavie Blue Cross. Additionally, the EHS Division has
identified operational synergies by centralizing marketing,
technology and finance functions, enabling a shared services
approach with annual cost savings exceeding $500,000. The EHS
Division is executing on market share growth, margin expansion,
cross-selling and integration of capabilities. The Company expects
to continue driving additional profitable, organic growth across
the entire division. CloudMD anticipates the continued growth of
the EHS Division, with annual pro forma revenue growth rate of over
20% and healthy gross margins exceeding 50%.
Integrated Health Services
Platform
In April 2021, the Company will be launching its
EHS fully-integrated, proprietary health services platform with a
large corporate customer, serving over 10,000 employees across
Canada. Employees will be triaged and assessed using CloudMD
clinical tools followed by appropriate service activation with
navigation assistance to ensure the individual has the optimal
outcome and continuity of care. Employers will have aggregate data
to ensure the right benefit plans are being used for the right
health issues. This transformational platform is revolutionizing
the way employees access healthcare by providing one seamless
patient experience, including personalized care plans, triage and
navigation, and full support through their treatment journey.
Organizations can use this platform to ensure inclusivity and
diversity for mental and physical health issues. This approach
provides better access to care, improved patient outcomes, faster
access to treatment and improved return to work outcomes.
Scalability and Growth
CloudMD’s network includes over
7,000 psychiatrists, approximately
4,500 therapists and counsellors, over
4,000 psychologists, over 22,000
family physicians, approximately 34,000 medical
specialists, over 1,500 allied health
professionals and a dedicated research team across North America.
The size of this network, leveraged by technology, provides the
foundation for scalability and growth across North America and
globally.
Rising global health concerns surrounding mental
and physical issues have created new needs for providing more
efficient, integrated and accessible care options. Employers,
insurers and advisors can entrust CloudMD’s integrated health
services platform to provide employees with whole-person,
personalized care through a complete portfolio of healthcare
services that are required in supporting improved health and
wellness. The omni-channel approach to navigation and activation of
services can be accessed virtually through the web, mobile and
telephone, ensuring appropriate care and optimized value.
Karen Adams, Global Head, EHS
Division commented, “We are very excited with the
performance and growth of the EHS Division since we launched in
January 2021. The biggest challenge for payors is having to find
multiple, siloed solutions to service their employee’s needs. Our
EHS mission is to help businesses and individuals thrive by
reducing the need of multiple employer benefits products, and
instead create one seamless, connected platform. We have built one
of the industry’s first employee benefits platforms that integrates
assessment, triage, navigation, care advocacy, educational content,
payments and provider connectivity. This solution supports all
paths to physical and mental healthcare prevention and treatment
while using social and environmental needs currently supported
through traditional EAP as the anchor. We feel strongly that this
centralized platform will enable deeper member engagement, support
inclusivity and diversity and provide for more positive healthcare
outcomes.”
In addition, CloudMD announces it has engaged
Native Ads, Inc. (“Native Ads”) to provide
strategic digital media services, marketing, and data analytics
services (the “Services”). The Company has agreed
to pay Native Ads $300,000 in consideration for the Services to be
provided. Native Ads will not receive any securities of the Company
as compensation for the Services.
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare
by providing a patient centric approach, with an emphasis on
continuity of care. The Company offers SAAS based health technology
solutions to healthcare providers across North America and has
developed proprietary technology that delivers quality healthcare
through a holistic offering including hybrid primary care
clinics, specialist care, telemedicine, mental health support,
educational resources and artificial intelligence (AI). CloudMD
currently services a combined ecosystem of over
7,000 psychiatrists, approximately
4,500 therapists and counsellors, approximately
4,000 psychologists, over 22,000
family physicians, over 34,000 medical
specialists, over 1,500 allied health
professionals, over 500 clinics, and 8
million patient charts across North America. CloudMD’s
Enterprise Health Solutions Division includes one of the top 4
Employee Assistance Programs in Canada and offers one
comprehensive, digitally connected platform for corporations,
insurers and advisors to better manage the health and wellness of
their employees and customers. For more information visit:
www.cloudmd.ca.
ON BEHALF OF THE BOARD OF
DIRECTORS “Dr. Essam
Hamza, MD"Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia BeckerVP, Investor
Relationsjulia@cloudmd.ca
Forward Looking Statements
This news release contains forward-looking
statements that are based on CloudMD’s expectations, estimates and
projections regarding its business and the economic environment in
which it operates, including with respect to its business plans.
Although CloudMD believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and
involve risks and uncertainties that are difficult to control or
predict. Therefore, actual outcomes and results may differ
materially from those expressed in these forward-looking statements
and readers should not place undue reliance on such statements.
These forward-looking statements speak only as of the date on which
they are made, and CloudMD undertakes no obligation to update them
publicly to reflect new information or the occurrence of future
events or circumstances, unless otherwise required to do so by
law.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
CloudMD Software & Servi... (TSXV:DOC)
Historical Stock Chart
From Mar 2024 to Apr 2024
CloudMD Software & Servi... (TSXV:DOC)
Historical Stock Chart
From Apr 2023 to Apr 2024