VANCOUVER, BC, Oct. 21, 2021 /CNW/ – 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 it has compiled and unveiled data from its Canadian primary care business that demonstrates significant growth in the demand for mental health services.
WELL’s clinical data reflected a 72% organic increase in mental health visits in its primary care business in Canada in Fiscal Q3-2021 as compared to pre-pandemic periods. WELL’s data also demonstrated a strong bias for virtual care with 68% of mental health visits occurring via virtual care as compared to approximately 45% for all visits. WELL’s growing portfolio of virtual tools and technology-enabled practitioners are working hard to rapidly deploy behavioural health care services to a geographically widespread and increasingly isolated populace. Public health officials forecast that by the year 2030 mental health conditions will be the leading burden of disease globally(1).
Founder and CEO of WELL, Hamed Shahbazi comments, “We are very pleased to publish this revealing data soon after World Mental Health Day. While our clinical data suggests a significant rise in demand for mental health services in Canada, we believe part of the reason for the dramatic growth is also due to the de-stigmatization of mental health care needs that have occurred in recent times in addition to the availability of digital tools that have served to break down barriers allowing care providers and patients to connect with greater levels of ease and security than before.” He adds, “The adoption of virtual mental health platforms will be a permanent and growing fixture of the healthcare system, and offer an accessible, flexible, and secure mental health care option for patients moving forward. WELL’s growing portfolio of digital investments including our Adracare and Insig platforms are continuing to see elevated mental health usage across the country as well as new mental health-related customer wins with enterprise customers.”
WELL Ventures, a wholly-owned subsidiary of WELL, whose mandate is to invest in exceptional leaders, entrepreneurs and businesses supporting the global digital health ecosystem, with an emphasis on advancing innovative digital health initiatives in Canada, announces it has invested in Hasu Behavioural Health (“Hasu“), a virtual online therapy clinic that provides secure online video, phone and text therapy for individuals and their families struggling with mental health issues such as anxiety, depression, stress, relationship problems, trauma, as well as substance abuse. Hasu also offers flexible solutions for organizations looking to support their employees, members or patients with an easy-to-use and anonymous way to access mental health and substance abuse services. Hasu providers can grow their online practice without the headache and cost of running a private practice on their own, allowing them to focus on clinical work and patient outcomes.
Marion Adams, CEO of Hasu commented, “We chose WELL as our strategic partner to help unlock the value of our services and extensive experience in the market. Their commitment to mental health coupled with WELL’s growing and compelling arsenal of digital capabilities that support practitioners impressed us.” Marion continues, “We look forward to working with WELL to help support the increasing demand for virtual mental health therapy services across the country, for both individuals and organizations alike”.
WELL plans to enable Hasu as an authorized digital patient services partner and promote Hasu’s virtual therapy services within its own expanding network and distribution channels. The Company was also granted a call option right from Hasu’s existing shareholders to purchase the remaining outstanding shares of Hasu which it does not already own.
WELL HEALTH TECHNOLOGIES CORP.
Per: “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.
This news release may contain “Forward-Looking Information” within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the expected elevated demand for mental health services and WELL’s future plans with Hasu’s platform. Forward-looking information is 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.
SOURCE WELL Health Technologies Corp.