The health-care sector is a government-backed, recession-resilient industry, and this firm is shaping up to be a major player. By this point, the company is the largest private-sector operator of outpatient medical clinics in Canada.
Its aggressive acquisition strategy is targeted at telehealth and other services across Canada and New Zealand.
WELL HEALTH TECHNOLOGIES CORP. (Symbol WELL on Toronto; www.well.company) provides Electronic Medical Records software and services to a network of 2,200 medical clinics. (It owns 27 of them.) WELL also operates a national telehealth service and is a provider of digital health technology software.
The company is now buying Toronto-based MyHealth Partners Inc. for up to $266.3 million. This will be the company’s 10th acquisition this year.
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MyHealth, founded in 2013, has 760 healthcare professionals, including doctors, who provide primary care, specialty care, telehealth services and diagnostic services under Ontario’s provincial health insurance program. MyHealth chief executive Suresh Madan will continue to head the business.
About 75% of MyHealth’s medical consultations are done through telehealth technology, some of it provided by Well Health’s group of companies.
The acquisition will make WELL Health the largest private-sector operator of outpatient medical clinics in Canada.
The company is also buying Intrahealth Systems Ltd. of New Zealand for $19.25 million.
Intrahealth is an Electronic Medical Records provider with a highly customizable platform that supports a wide range of healthcare settings. They include health authorities, hospitals, public health outpatient centres, community health, home care, ambulatory care and diverse health care professionals.
For example, Intrahealth’s solutions for hospitals include patient administration system, bed management, waiting list management, enterprise-wide scheduling, case management, medication management, emergency room operations and ward management, among many other features.
Intrahealth currently supports approximately 15,000 clinicians providing care for millions of patients in Canada, Australia and New Zealand. Over the past 12 months, the company generated approximately $9 million in revenue.
The acquisition looks like a good fit for WELL and will let it launch its international expansion outside of North America.
Moreover; the company previously bought CRH Medical Corporation (symbol CRH on Toronto) for $369.2 million U.S. This Canadian-based firm provides gastroenterologists throughout the U.S. with services and products for the treatment of gastrointestinal diseases. In 2014, CRH also became a full-service gastroenterology anesthesia company. It provides anesthesia services for patients undergoing endoscopic procedures in ambulatory surgical centres. It now serves 72 ambulatory surgical centers in 15 states.
Growth by acquisition adds risk—but WELL Health aims to cut that risk by buying complementary businesses, like MyHealth and CRH, that can be easily integrated with its current operations.
However, the Canadian health-care sector is a government-backed, recession-resilient industry. What’s more, the rapid expansion of telehealth services spurred by COVID-19 is likely to continue beyond the pandemic’s eventual end.
In the quarter ended December 31, 2020, revenue jumped 74.9%, to $17.2 million from $9.8 million a year earlier. WELL made $5.8 million, or $0.04 a share, compared to a loss of $3.2 million, or $0.03 a share. However, without one-time gains, the company lost money in the quarter. The losses were due to costs to expand operations and integrate acquisitions.
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We do not collect or disclose personal information, except when it is provided to us voluntarily by the site/store visitor with their consent.
We store subscriber and password files containing personal information securely. These files are stored in secure areas that are not accessible to the general public. We are always working to ensure the security of your personal information.
What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
Information You Give Us: We receive and store any information you enter on our website or give us in any other way through sign-up forms or ordering forms for publications and services. You can choose not to provide certain information, but then you might not be able to take advantage of many of our services and features. We use the information that you provide for such purposes as responding to your requests, customizing your web browsing experience for you, improving our website, and communicating with you.
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Information from Other Sources: For reasons such as improving personalization of our service (for example, providing better product recommendations or special offers that we think will interest you), we might receive information about you from other sources and add it to our account information. We also sometimes receive updated delivery and address information from our shippers or other sources so that we can correct our records and deliver your next purchase or communication more easily.
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Although you may be able to access some of our websites without being required to register or provide personal information, certain websites and sections of our websites may require registration. In addition, if you choose to contact us to ask a question, we will collect your personal information so that we can respond to your question.
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Does TSI Network Use the Information It Receives?
"Contact Us" and Comment Features: TSI Network encourages visitors to its websites to contact us with questions and comments. Email addresses and other information of persons using these features may be collected in order to facilitate our responses to those inquiries.
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Except as provided herein, TSI Network will not sell or rent personal information about you to unaffiliated third parties.
We may disclose personal information you have provided through our websites, for the above purposes, to persons or companies that we retain to carry out and other activities for which you have registered or in which you have otherwise asked to participate. In particular, we may for these purposes transfer information to any country (including the USA and other countries which may not offer the same level of data protection as Canada). We also will disclose personal information if required by law, including compliance with warrants, subpoenas or other legal processes.
TSI Network requires persons and companies to which it discloses personal information to restrict their use of such information to the purposes for which it has been provided by TSI Network, to adequately protect the information, and not to disclose that information to others. TSI Network cannot be responsible, however, for any damages caused by the failure of unaffiliated third parties to honour their privacy obligations to TSI Network. Similarly, TSI Network is not responsible for the privacy policies and practices of other websites that are linked to our websites.
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How do we protect your personal information?
TSI Network does everything possible to prevent unauthorized intrusion to its websites and the alteration, acquisition or misuse of personal information by unauthorized persons. Notably passwords submitted by users of our websites are encrypted using encryption mechanisms. However, TSI Network cautions visitors to its websites that no network, including the Internet, is entirely secure. Accordingly, we cannot be responsible for loss, corruption or unauthorized acquisition of personal information provided to our websites, or for any damages resulting from such loss, corruption or unauthorized acquisition.
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TSI Network has procedures in place to keep your personal information accurate, complete and current for the purposes for which it is collected and used. You may review the information that you have provided to us and where appropriate you may request that it be corrected. If you wish to review your personal information please send a request to: firstname.lastname@example.org.
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If you wish to request access to, or correction of, your personal information in our custody or control, or find out how we've used or disclosed that information, please make your request in writing to us. We may need to verify your identity before searching for or providing you with personal information. In some circumstances, we may not be able to provide access to your personal information, for example if it contains the personal information of other persons, if it constitutes confidential commercial information, or if it is protected by solicitor-client privilege. If we deny your request for access to, or refuse a request to correct, your personal information, we will advise you of the reasons for this refusal.
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Changes to this Policy
This Policy is the sole authorized statement of TSI Network's practices with respect to the collection of personal information through TSI Network's websites and the subsequent use and disclosure of such information. Any summaries of this Policy generated by third party software or otherwise (for example, in connection with the "Platform for Privacy Preferences" or "P3P") shall have no legal effect, are in no way binding upon TSI Network, shall not be relied upon in substitute for this Policy, and neither supersede nor modify this Policy.
TSI Network may revise this Policy from time to time.
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