- CloudMD (DOC) has signed a binding term sheet with Rxi
- The acquisition will enhance the telehealth company’s specialty health services to patients, providers, payers and manufacturers in Canada
- Rxi’s pharmaceutical logistic services include drug distribution, patient navigation assistance, a preferred pharmacy network of over 500 pharmacies and real time universal disease management software
- CloudMD CEO Dr. Essam Hamza described the acquisition of Rxi as transformational for CloudMD
- CloudMD is up 3.63 per cent to C$2.57 per share
CloudMD (DOC) has signed a binding term sheet with Rxi.
The acquisition will enhance the telehealth company’s specialty health services to patients, providers, payers and manufacturers in Canada.
Rxi’s pharmaceutical logistic services include drug distribution, patient navigation assistance, a preferred pharmacy network of over 500 pharmacies and real time universal disease management software.
CloudMD CEO Dr. Essam Hamza described the acquisition of Rxi as transformational for CloudMD.
“It will be immediately accretive to our top line while adding new revenue streams and driving value and growth across many verticals of our business. Their revolutionary disease management software can be integrated into many of our healthtech solutions including our EMR platforms, IMD’s patient education platform, enterprise health services and pharmacy and clinic networks.”
Historically, patient support programs have been geared towards improving product access and outcomes rather than holistic disease management and linkage to care and clinical interventions that ensure proper medication adherence and better overall health outcomes.
As a proven solution to the currently siloed healthcare system, Rxi’s combined offerings provide a one-stop solution and centralized platform that breaks down treatment barriers by offering a team-based, real time, longitudinal approach to patient care and disease management.
Rxi oversees several national and provincial patient support programs, specializing in Oncology, Infectious Diseases and Inflammatory Bowel Disease.
The company also provides administrative and drug benefit management services to a large third-party benefits provider, servicing more than 300,000 patients across Canada.
The acquisition of Rxi will be synergistic across CloudMD’s platform of healthcare technology solutions and will be integrated with its electronic medical records software, educational resources, healthcare navigation and enterprise health services.
The addition of Rxi will expand CloudMD’s pharmacy offering and distribution and fulfillment channel across Canada.
CloudMD will have access to Rxi’s network of 500 independent pharmacies to provide better, more localized, access to care.
Rxi’s annualized revenue for calendar year 2020 is approximately $16.6 million with earnings before interest, taxes, depreciation and amortization of approximately $600,000.
CloudMD is up 3.63 per cent to C$2.57 per share at 12:10pm EST.
