- CloudMD (DOC) has shared recent cost optimization and operational integration measures
- These include team consolidations as well as a new product management team
- Since the start of the year, the company has eliminated C$7.5M in annualized run-rate costs
- CloudMD’s connected health tech platform services over 5M individuals across North America
- CloudMD (DOC) is up by 7.41 per cent trading at $0.87 per share
CloudMD (DOC) has shared recent cost optimization and operational integration measures.
These measures include:
- Integrating MindBeacon’s iCBT solution into CloudMD’s mental health support solutions, providing assessment and treatment options for mild, moderate and chronic conditions
- Streamlining and consolidating key operational functions across finance, IT, human resources, marketing and sales, and the executive level, as well as leveraging industry leading talent to drive innovation and retention
- Strengthening digital health solutions by creating a new product management team focused on innovation
- The company is also focused on cross-sell revenue synergies through its health ecosystem
Since the start of the year, CloudMD has eliminated C$7.5M in annualized run-rate costs. It expects to realize the full benefit of these savings in Q2 2022.
“The focus is on delivering the product vision, while ensuring we have the operating model and capabilities to deliver profitable growth,” stated Karen Adams, President of CloudMD. “The actions we are announcing today, and the processes we have introduced, will better align our organization and cost structure to achieve these objectives.”
CloudMD is building a connected health tech platform that addresses all points of a patient’s health care journey. It services over 5M individuals across North America.
CloudMD (DOC) is up by 7.41 per cent trading at $0.87 per share as of 12:06 pm EST.