WELL Health Announces Record Patient Visits and Total Care Interactions for Q3-2023 Resulting in Record Quarterly Revenue

WELL Health Announces Record Patient Visits and Total Care Interactions for Q3-2023 Resulting in Record Quarterly Revenue

PR Newswire

VANCOUVER, BC and TORONTO, Nov. 7, 2023

  • 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 /PRNewswire/ - 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:

  1. 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.
  2. Technology interactions are defined as patient visits facilitated with WELL's technologies but supported by non-WELL healthcare providers
  3. Total Care Interactions are defined as Patient Visits in addition to Technology Interactions and Billed Provider Hours.
  4. 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.
  5. 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.

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SOURCE WELL Health Technologies Corp.

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