- Circle Medical, a Silicon Valley based company that is majority
owned by WELL, announces that it has launched in NY state with
growth plans to have a presence in 46 states by the end of
2021.
- Circle Medical's current revenue run rate now exceeds
US$20M reflecting 346% growth for the
last month on a YoY basis and 275% growth for the last quarter on a
YoY basis.
- Circle Medical is one of the first truly digital first Primary
Care Practices in the US with 28,696 active patients, reflecting
191% YoY growth.
- Circle Medical now has 141 active care providers on the
platform representing more than 644% YoY growth as compared to
September of 2020.
VANCOUVER, BC and SAN FRANCISCO, Sept.
30, 2021 /PRNewswire/ - WELL Health Technologies Corp. (TSX:
WELL) (the "Company" or "WELL"), a company focused on
positively impacting health outcomes by leveraging technology to
empower healthcare practitioners and their patients globally,
announced today that its majority owned business Circle Medical has
launched in New York (NY) state
with plans to be in 46 states of the
United States by the end of the year. Circle Medical
is one of the first truly digital first primary care platforms in
the United States, having cared
for over 47,000 patients since inception.
![TSX: WELL (CNW Group/WELL Health Technologies Corp.) TSX: WELL (CNW Group/WELL Health Technologies Corp.)](https://mma.prnewswire.com/media/1639696/WELL_Health_Technologies_Corp__WELL_s_Circle_Medical_Launches_In.jpg)
"On behalf of the WELL team, we're excited to welcome Circle
Medical to NY and witness their breakneck growth," said
Hamed Shahbazi, CEO and Founder of
WELL. "While other episodical focused telemedicine players
are slowing down, Circle Medical's unique virtual primary care
model is gaining speed and accelerating. Circle Medical
continues to make tremendous progress with its seamless onboarding
process of practitioners. Currently, there are an additional
78 active care providers being onboarded onto the company's full
stack primary health care applications and technology allowing
Circle Medical to serve the majority of the US
population."
George Favvas, Co-Founder and CEO of Circle Medical
commented, "Our growth is the result of our continued
commitment to delivering high-quality medical care while continuing
to innovate on patient experience. Circle Medical makes
primary care more accessible and delightful than ever, which allows
our patients to become active participants in being proactive about
their health."
Two of the biggest reasons for Circle Medical's growth and
acceleration has been its ability to scale both patient acquisition
and provider recruitment. Circle Medical's active
patient base, defined as patients
seen in the past 12 months, has grown by 191% YoY, from
9,860 to 28,696. Also, Circle
Medical now has 141 active care providers on the platform
reflecting 644% YoY growth as
compared to September of 2020 with another 78 providers currently
being on-boarded.
With the expansion into NY state, Circle Medical is on
track to have a presence in 46 states by the end of the year.
Circle Medical's current revenue run rate figures now exceed
US$20M, reflecting 346% growth for
the last month on a YoY basis and approximately 275% growth for the
quarter on a YoY basis.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed
Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is a technology enabled healthcare company whose
overarching objective is to positively impact health outcomes to
empower and support healthcare practitioners and their patients.
WELL has built an innovative practitioner enablement
platform that includes comprehensive end to end practice management
tools inclusive of virtual care and digital patient engagement
capabilities as well as Electronic Medical Records (EMR), Revenue
Cycle Management (RCM) and data protection services. WELL
uses this platform to power healthcare practitioners both inside
and outside of WELL's own omni-channel patient services offerings.
As such, WELL owns and operates Canada's largest
network of outpatient medical clinics serving primary and
specialized healthcare services and is the provider of a leading
multi-national, multi-disciplinary telehealth offering. WELL
is publicly traded on the Toronto Stock Exchange under the symbol
"WELL" and is part of the TSX Composite Index. To
learn more about the Company, please
visit: www.well.company.
About Circle Medical:
Circle Medical, a UCSF Health affiliate, is a digital-first
primary care provider currently serving patients in its central hub
in San Francisco and via
telemedicine in a growing number of states. Its family
medicine doctors build lasting relationships with patients and
provide both preventive and chronic treatment, including ordering
blood tests, imaging, specialist referrals and prescriptions.
The practice is in network with most US-based insurance
carriers. The practice runs on top of the
Circle Medical technology platform, which uses technology and
artificial intelligence to scale a better patient experience,
improve outcomes and maintain a lower cost than traditional primary
care models. The company is headquartered in San Francisco, CA, with a significant product,
engineering and operations office in Montreal, Canada. For more
information: www.circlemedical.com
Forward-Looking Information
This news release may contain "Forward-Looking Information"
within the meaning of applicable Canadian securities laws,
including, without limitation: information regarding the
Company's goals, strategies and growth plans; expectations
regarding continued revenue and EBITDA growth; the expected
benefits and synergies of completed acquisitions.
Forward-looking information are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant
business, economic and competitive uncertainties, and
contingencies. Forward-looking information generally can be
identified by the use of forward-looking words such as "may",
"should", "will", "could", "intend", "estimate", "plan",
"anticipate", "expect", "believe" or "continue", or the negative
thereof or similar variations. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause future results, performance or achievements to be
materially different from the estimated future results, performance
or achievements expressed or implied by those forward-looking
statements and the forward-looking statements are not guarantees of
future performance. WELL's statements expressed or implied by
these forward-looking statements are subject to a number of risks,
uncertainties, and conditions, many of which are outside of WELL 's
control, and undue reliance should not be placed on such
statements. Forward-looking statements are qualified in their
entirety by inherent risks and uncertainties, including: direct and
indirect material adverse effects from the COVID-19 pandemic;
adverse market conditions; risks inherent in the primary healthcare
sector in general; regulatory and legislative changes; that future
results may vary from historical results; inability to obtain any
requisite future financing on suitable terms; any inability to
realize the expected benefits and synergies of acquisitions; that
market competition may affect the business, results and financial
condition of WELL and other risk factors identified in documents
filed by WELL under its profile at www.sedar.com, including its
most recent Annual Information Form. Except as required by
securities law, WELL does not assume any obligation to update or
revise any forward-looking statements, whether as a result of new
information, events or otherwise.
This news release contains future-oriented financial information
and financial outlook information (collectively, "FOFI")
about estimated annual run-rate revenue and Adjusted EBIDTA, all of
which are subject to the same assumptions, risk factors,
limitations, and qualifications as set out in the above
paragraph. The actual financial results of WELL may vary from
the amounts set out herein and such variation may be
material. WELL and its management believe that the FOFI has
been prepared on a reasonable basis, reflecting management's best
estimates and judgments. However, because this information is
subjective and subject to numerous risks, it should not be relied
on as necessarily indicative of future results. Except as
required by applicable securities laws, WELL undertakes no
obligation to update such FOFI. FOFI contained in this news
release was made as of the date hereof and was provided for the
purpose of providing further information about WELL's anticipated
future business operations on an annual basis. Readers are
cautioned that the FOFI contained in this news release should not
be used for purposes other than for which it is disclosed
herein.
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SOURCE WELL Health Technologies Corp.