- WELL Health has acquired five primary care clinics from MCI Onehealth Technologies
- The clinics include over 50 physicians and are expected to contribute approximately $10 million in annual revenue
- Consideration is C$2 million, subject to adjustments and holdbacks
- WELL Health Technologies is a practitioner-focused digital healthcare company active in Canada and the U.S.
- WELL Health Technologies (TSX:WELL) last traded at $4.51 per share
WELL Health has acquired five primary care clinics from MCI Onehealth Technologies.
MCI Onehealth is a healthcare technology company focused on empowering patients and doctors with advanced technologies to increase access, improve quality, and reduce healthcare costs. Its Canadian primary care network includes 280 physicians and specialists, serves more than 1 million patients annually and had nearly 300,000 telehealth visits last year.
Subsidiary MCI Medical Clinics (Alberta) owns and operates five primary care clinics in Calgary, Alberta.
Consideration is C$2 million, including $1 million in cash at signing, with the balance subject to customary post-closing adjustments and holdbacks.
The clinics offer a range of primary care services, including family medicine, women’s health, and other specialties, and are expected to collectively contribute approximately $10 million in annual revenue.
The debt-free acquisition adds over 50 physicians to the WELL Health network, complementing WELL’s over 3,000 providers in patient services business units across North America.
Closing is expected in Q2 2023.
The acquisition furthers WELL’s national clinic expansion strategy, building upon its previous acquisitions in Alberta, such as Inliv and CloudPractice.
“We view primary care clinics as being strategically important because they serve as a gateway for patients to access healthcare services, and they provide a foundation for building long-term, multi-disciplinary patient relationships that result in the best patient outcomes possible,” stated Hamed Shahbazi, WELL’s CEO.
WELL Health Technologies is a practitioner-focused digital healthcare company active in Canada and the U.S.
WELL Health Technologies (TSX:WELL) last traded at $4.51 per share.
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