- WELL has completed the acquisition of Atlanta based CarePlus Management
("CarePlus") through its CRH Medical subsidiary
- The acquisition of CarePlus provides CRH with a platform for
provider recruitment and locum tenens staffing. The acquisition
will also expand CRH's US geographical footprint of Anesthesia
providers and add revenue cycle management (RCM) services.
- CarePlus positions CRH to provide more shared services to other
US based business interests for WELL and increases its 2023 annual
revenue guidance to be between $740
million and $760 million
CAD.
VANCOUVER, BC and ATLANTA, Ga., July 13,
2023 /CNW/ - WELL Health Technologies Corp.
(TSX: WELL) (OTCQX: WHTCF) (the "Company" or "WELL")
— a practitioner focused digital health company that is positively
impacting health outcomes by tech-enabling healthcare providers
and their patients globally, is pleased to announce its
wholly owned subsidiary, CRH Medical ("CRH"), has completed
the acquisition of CarePlus Management ("CarePlus") (the
"Transaction"). In conjunction with this Transaction, WELL
increases its annual revenue guidance for 2023 to be between
$740 million and $760 million and re-iterates its annual Adjusted
EBITDA guidance to exceed 10% annual growth.
Headquartered in Atlanta,
Georgia, CarePlus has three primary businesses: (i) RADAR
Healthcare Providers ("RADAR") which provides staffing and
locum tenens services focused on anesthesia providers; (ii)
Anesthesia services division, similar to CRH's clinical anesthesia
services and (iii) Premier Choice Billing ("Premier Choice")
which provides billing, revenue cycle management (RCM) and
collection services for healthcare entities.
Jay Kreger, CEO of CRH Medical
commented, "We are very pleased to welcome CarePlus to the WELL
family. This acquisition not only grows and strengthens CRH's
existing business but also positions CRH to serve as a shared
service for provider recruitment and billing services to the other
US based businesses in WELL's portfolio. The CarePlus
platform adds significant upside for growth and diversification
beyond clinical anesthesia services to include recruitment and
revenue-cycle management services. We look forward to helping
tech enable the healthcare providers that use and leverage the
platform".
Hamed Shahbazi, Founder and CEO
of WELL Health commented, "As a healthcare provider focused
company, we're thrilled to acquire a successful and profitable
recruitment platform, built and operated by a best-in-class
recruitment team. CarePlus will help CRH further optimize
anesthesia services, streamline staffing, and enhance revenue cycle
management, empowering ASC operators and healthcare providers to
focus on providing outstanding patient care. This acquisition marks
a milestone in our journey for continued growth and diversification
of CRH's business in specialties beyond gastroenterology."
RADAR is CarePlus's full-service recruitment company that
provides locum tenens and permanent placement anesthesia staffing
solutions. RADAR specializes in Certified Registered Nurse
Anesthetist (CRNA) and anesthesiologist recruitment and placement
for its network of customers which include provider groups,
hospitals, and ASCs across 29 states. With a database of over
70,000 anesthesia providers to leverage, RADAR has served over 150
clients to date, and is well positioned to further increase its
footprint of providers and clients. CRH intends to expand the scope
of RADAR to other specialties and healthcare professionals, such as
Physician specialists, primary care, and nursing professionals. The
majority of CarePlus's revenue is generated from the RADAR business
division.
CarePlus's Anesthesia division operates in 18 ASC locations
including wholly owned, majority owned, and management contract
operated entities across nine states, including five states,
South Carolina, Mississippi, Alabama, South
Dakota, and Illinois, in
which CRH previously did not provide such services. With CarePlus,
CRH now provides anesthesia services to 142 ASCs across 23
states.
Premier Choice is a growing RCM business that services owned
entities and management services entities. Premier Choice offers
potential synergistic opportunities to provide RCM and collection
services to CRH's existing anesthesia services.
Last month, CRH disclosed that it had made significant progress
in its efforts to digitize the CRH business including the
completion of a strategic investment in Graphium Health a leading
EMR focused on Anesthesia practices. CRH recently completed a
pilot project with Graphium that demonstrated its ability to
further tech-enable CRH's providers resulting in clear improvements
to time to billing and accounts receivable performance. CRH's goal
is to tech enable healthcare providers that participate in the
RADAR business using Graphium and other digitization initiatives it
is deploying in its own business.
The Transaction was fully funded by CRH's cash on hand and
credit facilities. Investors in CarePlus included Atlanta, Georgia based firms Fulcrum Equity
Partners, a growth equity fund and Level Capital Partners, a
private investment firm focused on the healthcare services and
technology-enabled business services. Brentwood Capital Advisors
acted as advisors to CarePlus.
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 28,000
healthcare providers between the US and Canada and power the largest owned and
operated healthcare ecosystem in Canada with more than 130 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 the Company, please visit: www.well.company
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SOURCE WELL Health Technologies Corp.