- WELL Health (TSX:WELL) has joined forces with MCI Onehealth (TSX:DRDR) to use artificial intelligence to improve disease detection
- The partnership will see WELL purchase 11 MCI clinics and provide convertible debenture financing for MCI’s AI, data science and rare & complex disease detection platform
- WELL Health Technologies is focused on tech-enabling healthcare providers to positively impact patient outcomes
- WELL Health stock (TSX:WELL) last traded at $4.70 per share
MCI Onehealth is a healthcare technology company focused on data-driven clinical insights to increase access, improve quality, and reduce healthcare costs.
WELL will acquire 11 clinics and related assets from MCI Medical Clinics, a subsidiary of MCI Onehealth, for $1.5 million, as well as subscribe for a minimum of $2.5 million in convertible debentures to support MCI Onehealth’s AI, data science and rare & complex disease detection platform.
The clinics are in Southern Ontario and offer primary care services, including family medicine and women’s health, among other specialties. The acquisition adds 130 physicians and 3,000 providers to WELL’s network, as well as more than $21 million in forecasted annual revenue.
Regarding the debenture financing, WELL will hold rights, upon closing of the transaction, to call options for up to 30.8 million MCI Class A subordinate voting shares and 30.8 million Class B multiple voting shares.
Upon closing by Oct 1, 2023, WELL will also have representation on MCI’s board of directors. Click here for full transaction terms.
WELL’s investment is part of its AI Investment Program to help improve tools for providers and their patients.
“We’re thrilled to enter into a number of agreements that result in a strategic alliance that will immediately position MCI OneHealth as a key national leader in the multi-billion dollar disease detection marketplace,” Hamed Shahbazi, founder and CEO of WELL Health, said in a statement.
“MCI’s platform has already saved lives by discovering those ‘needle in a haystack cases’ and delivered value to hundreds of healthcare providers. As a physician, I am excited to work with them to evolve their platform and help them expand their pool of participating physicians,” Michael Frankel, WELL’s chief medical officer, said in a statement.
WELL Health Technologies is focused on tech-enabling healthcare providers to positively impact patient outcomes. Its solutions are used by some 28,000 providers across North America, including the largest owned and operated healthcare ecosystem in Canada with more than 130 clinics.
WELL Health stock (TSX:WELL) last traded at $4.70 per share.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.