- WELL Health has made an integration update to streamline its business operations and position itself for improved profitable growth
- The Vancouver-based digital healthcare company’s cost optimization program is being implemented with the goal of enhancing operational efficiency and profitability
- All of WELL’s Canadian clinical operating businesses are included as part of the WELL Clinics Corp. Operating entity and will now have overall profit and loss ownership by Michael Frankel, WELL’s chief medical officer
- WELL Health Technologies opened trading at C$3.79 per share
WELL Health (TSX:WELL) has made an integration update to streamline its business operations and position itself for improved profitable growth.
The Vancouver-based digital healthcare company’s cost optimization program is being implemented with the goal of enhancing operational efficiency and profitability.
All of WELL’s Canadian clinical operating businesses, including primary care, executive health, allied health, Longevity+ and MyHealth Centre specialized care offerings, are included as part of the WELL Clinics Corp. Operating entity and will now have overall profit and loss ownership by Michael Frankel, WELL’s chief medical officer. This is a business that is forecasted to generate more than $300 million in revenues in 2024 with strong earnings before interest, taxes, depreciation, and amortization margins.
This includes all of the company’s Canadian platform technologies, such as its provider solutions, cybersecurity, public sector and enterprise solutions, and direct to consumer technology offerings, all integrated as part of a new platform solutions group with profit and loss ownership by Amir Javidan, WELL’s chief operating officer. This is a business that the company forecasts will generate more than $75 million in revenues this year.
“WELL is now effectively comprised of three key components, our Canadian National Clinic Group overseen by Dr. Michael Frankel, our Canadian Platform Services Group overseen by Amir Javidan and our WELL Health USA Group overseen by Jay Kreger,” Hamed Shahbazi, founder and CEO of WELL said in a news release. “These key strategic groups and their respective leaders are well positioned to execute on our long-term vision of tech enabling and supporting healthcare providers while realizing improved synergies from WELL’s significant size and scale. With approximately 5,000 team members across our operations and growing quickly, the women and men of WELL continue to be a positive force in healthcare across the communities in which we operate.”
The team intends to provide an update on progress at its Q4 2023 earnings event next month.
WELL Health Technologies develops tech solutions and services to ensure healthcare providers are empowered to positively impact patient outcomes. Its solutions enable more than 31,000 healthcare providers across the United States and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 148 clinics.
WELL Health Technologies opened trading at C$3.79 per share. The stock is down around 10 per cent since last year, but is up more than 637 per cent over the past five years.
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