More Than $250 Billion Could be Spent on Virtual Telehealth Visits July 16, 2020 - Baystreet.ca The global pandemic is only magnifying the need for telehealth. In fact, according to a Frost & Sullivan report – Telehealth: A Technology-Based Weapon in the War Against the Coronavirus, 2020, analysts say the pandemic will reshape health care delivery, creating big opportunities for virtual care going forward. The analysts also believe telehealth will see seven-fold growth in the next five years, as highlighted by Healthcare IT News. “The critical need for social distancing among physicians and patients will drive unprecedented demand for telehealth, which involves the use of communication systems and networks to enable either a synchronous or asynchronous session between the patient and provider," added Frost & Sullivan. In addition, “virtual visits could potentially account for $250 billion, or about 20%, of what Medicare, Medicaid and commercial insurers spend on outpatient, office and home health visits,” according to a new report from McKinsey & Company, as quoted by the American Medical Association. Some of the top companies that could benefit include CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF), Telus (TSX:T)(NYSE:TU), Teladoc Health Inc. (NYSE:TDOC), WELL Health Technologies Corp. (OTC:WLYYF)(TSX:WELL), and Livongo Health Inc. (NASDAQ:LVGO). CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) BREAKING NEWS: CloudMD Software & Services Inc, a telehealth company seeking to revolutionize the delivery of healthcare to patients, is pleased to announce that it has signed a binding term sheet to acquire 100% of Snapclarity Inc. Snapclarity is a mental healthcare pioneer. Their on demand digital platform provides an assessment for an individual’s personal risk of mental health disorders resulting in a personalized care plan, access to online resources, a clinical health care team and the ability to match to the right therapists. Snapclarity’s product offering is a connected, collaborative model that leaves individuals feeling empowered, motivated and supported throughout their entire treatment journey. “The COVID-19 pandemic is the most serious public health emergency of our lifetime and it has further deepened the mental health crisis we were already facing,” said Dr. Essam Hamza, CEO of CloudMD. Recent data tells us that over 56% of Canadians said the pandemic is having a negative impact on their mental health, with social isolation being the top contributing factor. This acquisition of Snapclarity is a transformational addition to CloudMD as we continue to strengthen our suite of virtual care solutions and make it easier for Canadians to get help from home. As a primary care physician for the past 20 years the importance of providing a viable tool for the mental health crisis is a deeply personal motivation for me.” Snapclarity’s solution is utilized by employers, individuals, therapists and insurers. The Snapclarity platform offers a continuity of care program that effectively blends the supported intervention with technology and human touch that meets the needs of mild, moderate and chronic mental health issues. This is accomplished through a suite of digital tools that are designed by clinicians and grounded in evidence-based practices that are proven to positively impact outcomes. CloudMD’s acquisition of Snapclarity will create the first and only Canadian telemedicine company that provides a top-tier digital primary care solution integrated with a clinically proven digital mental health care plan. The combination of these two facets of healthcare addresses an emergent market demand from direct conversations, market intelligence with enterprise clients, insurers, governments and other payors. Just like the pandemic has further presented the world with the urgent need to integrate physical and mental health management, CloudMD now has an integrated solution to match that need. Healthcare can no longer be a siloed approach to mental and physical health but rather a recognition of the influence one has on the other. To date, employees have been put in the position of choosing a benefit program that only partially addresses their health issues. The combined forces of CloudMD and Snapclarity changes the landscape where employers can offer one solution that addresses the health needs of their workforce and eliminates the need of multiple vendors. “The combination of our health solutions will be game changing for care. The disruptive potential of our technology integrated with CloudMD will accelerate adoption of holistic care plans,” notes Jeff Deriger, President of Snapclariy. “Managing return to work with consideration of mental and physical wellbeing is critical. Employers no longer have the luxury of offering a marketplace of options, nor can they carry the burden of related expenses. A combined CloudMD and Snapclarity will remove barriers to access while providing the market with hyper personalized, integrated mental and physical health care plans. Individuals and corporations are demanding a holistic continuum of care. We look forward to introducing a continuity of care in managing health utilizing a pioneered approach in supporting an individual’s wellbeing.” Total consideration payable by the Company in connection with the acquisition is $3.35M, subject to certain holdbacks, payable as up to C$975,000 in cash and up to C$2,375,000 in shares of the Company (the “Purchase Price”) to be issued at $0.70 per share. All shares issued pursuant to the acquisition are subject to a two (2) year release. Additionally, subject to the achievement of certain performance conditions in 2021 and 2022, Snapclarity may earn an additional $3.65M in equity-based consideration. The acquisition is subject to customary closing conditions, including the execution of a definitive acquisition agreement and receipt of TSX Venture exchange approval. The Company anticipates a definitive agreement on or before August 14, 2020. Other related developments from around the markets include: Telus Health (TSX:T)(NYSE:TU) announced the expansion of its Home Health Monitoring (HHM) solution to digitally monitor the recovery of lung transplant patients across Saskatchewan. Launched in partnership with the Saskatchewan Health Authority and eHealth Saskatchewan, this digital health dashboard enables a virtual healthcare team to provide medical support remotely, for patients in real-time as they recover in their own homes. Easily accessible through a mobile device, tablet or desktop computer, the TELUS Health HHM solution sends daily prompts to patients to report their biometrics such as spirometry (i.e. lung function), blood pressure and overall health condition. If patients do not have their own digital health tools, they are provided with biometric devices such as bluetooth-connected weight scales and blood pressure cuffs in order to monitor their vitals and enter them into their daily report. This data then is sent electronically to the care team so it can be viewed on the digital dashboard, allowing regular and remote monitoring of a patient’s well-being. This gives clinicians the ability to review crucial patient data in real-time, allowing them to identify any urgent care needs and mitigate risks such as possible infection, incision issues, and/or neurocognitive impairment. Teladoc Health Inc. (NYSE:TDOC) announced that it has completed its acquisition of Santa Barbara, Calif.-area based InTouch Health. With the integration of InTouch Health’s innovative telehealth capabilities linking providers to one another in complex medical environments, Teladoc Health will connect the care experience across in-patient, outpatient and home care settings, ensuring greater access to high quality care and better health outcomes. At a time when virtual care has never been more important, the company is now the only global end-to-end partner spanning the full spectrum from acute visits and chronic conditions management to complex specialty care and remote surgery. “As virtual care quickly becomes a necessity for all healthcare providers, the acquisition of InTouch Health positions us to lead this transformation in healthcare and be that single, integrated partner,” said Jason Gorevic, chief executive officer, Teladoc Health. “Doctors and hospitals need medical grade solutions and a unified virtual care strategy that can scale and grow with them. This acquisition makes Teladoc Health the first and only company to comprehensively deliver on that need.” WELL Health Technologies Corp. (OTC:WLYYF)(TSX:WELL) announced that it has entered into a definitive asset purchase agreement dated July 8, 2020 with Cycura Inc., a private Ontario corporation. Under the terms of the Agreement, WELL has agreed to acquire all of the assets related to Cycura’s Services Division, which provides various cybersecurity offerings, including penetration and vulnerability testing, security focused code reviews, incident response services, cybersecurity training, cybersecurity M&A advisory and technical due diligence services, and more. Total consideration payable by the Company in connection with this Transaction is approximately $2.55M, subject to certain holdbacks, adjustments and time-based payments. “Our over-arching objective at WELL is to allocate capital to themes and opportunities that benefit from the digitization of healthcare; as such, we see cybersecurity as a compelling opportunity for WELL’s capital allocation program due to the quality of revenues and the burgeoning growth in the industry,” said Hamed Shahbazi, Chairman and CEO of WELL. “WELL is committed to providing cyber security protection and patient data privacy across all of its businesses including primary care, Electronic Medical Record (EMR), telehealth and digital health solutions. We’ve already been working with the talented team of experts at Cycura for more than a year and are very pleased to now bring their proficiency in cyber security, data protection and privacy within WELL.” Livongo Health Inc. (NASDAQ:LVGO) announced a preliminary financial result for the second quarter of fiscal year 2020. Livongo now expects revenue for the second quarter of 2020 to be in the range of $86 million to $87 million, up from prior guidance of $73 million to $75 million. The updated revenue outlook includes approximately $2 million to $3 million of items that management considers non-recurring or one-time in nature. This financial result for the second quarter of fiscal 2020 is preliminary and subject to change in connection with the completion of the company’s quarter-end closing process and the preparation of the unaudited financial statements for the second quarter of 2020. “Livongo’s momentum coming into the second quarter has continued, and we believe is attributed to our unique ability to deliver measurable and proven clinical and financial results at scale. The COVID-19 pandemic has only magnified the need for Livongo’s solutions, which goes well beyond remote monitoring and video visits to generate consumer directed virtual care,” said Zane Burke, Chief Executive Officer of Livongo. “The largest, most innovative employers and health plans are continuing to select Livongo due to our whole person approach to care which is accelerating our growth. Investments made in our data science capabilities are paying off in stronger than expected enrollment and Member retention as revealed by this quarter’s revenues.” Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. CloudMD Software & Services Inc. has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of CloudMD Software & Services Inc. Please click here for full disclaimer. Contact Information: 2818047972 ty@wallstreetnation.com
More Than $250 Billion Could be Spent on Virtual Telehealth Visits July 16, 2020 - Baystreet.ca The global pandemic is only magnifying the need for telehealth. In fact, according to a Frost & Sullivan report – Telehealth: A Technology-Based Weapon in the War Against the Coronavirus, 2020, analysts say the pandemic will reshape health care delivery, creating big opportunities for virtual care going forward. The analysts also believe telehealth will see seven-fold growth in the next five years, as highlighted by Healthcare IT News. “The critical need for social distancing among physicians and patients will drive unprecedented demand for telehealth, which involves the use of communication systems and networks to enable either a synchronous or asynchronous session between the patient and provider," added Frost & Sullivan. In addition, “virtual visits could potentially account for $250 billion, or about 20%, of what Medicare, Medicaid and commercial insurers spend on outpatient, office and home health visits,” according to a new report from McKinsey & Company, as quoted by the American Medical Association. Some of the top companies that could benefit include CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF), Telus (TSX:T)(NYSE:TU), Teladoc Health Inc. (NYSE:TDOC), WELL Health Technologies Corp. (OTC:WLYYF)(TSX:WELL), and Livongo Health Inc. (NASDAQ:LVGO). CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) BREAKING NEWS: CloudMD Software & Services Inc, a telehealth company seeking to revolutionize the delivery of healthcare to patients, is pleased to announce that it has signed a binding term sheet to acquire 100% of Snapclarity Inc. Snapclarity is a mental healthcare pioneer. Their on demand digital platform provides an assessment for an individual’s personal risk of mental health disorders resulting in a personalized care plan, access to online resources, a clinical health care team and the ability to match to the right therapists. Snapclarity’s product offering is a connected, collaborative model that leaves individuals feeling empowered, motivated and supported throughout their entire treatment journey. “The COVID-19 pandemic is the most serious public health emergency of our lifetime and it has further deepened the mental health crisis we were already facing,” said Dr. Essam Hamza, CEO of CloudMD. Recent data tells us that over 56% of Canadians said the pandemic is having a negative impact on their mental health, with social isolation being the top contributing factor. This acquisition of Snapclarity is a transformational addition to CloudMD as we continue to strengthen our suite of virtual care solutions and make it easier for Canadians to get help from home. As a primary care physician for the past 20 years the importance of providing a viable tool for the mental health crisis is a deeply personal motivation for me.” Snapclarity’s solution is utilized by employers, individuals, therapists and insurers. The Snapclarity platform offers a continuity of care program that effectively blends the supported intervention with technology and human touch that meets the needs of mild, moderate and chronic mental health issues. This is accomplished through a suite of digital tools that are designed by clinicians and grounded in evidence-based practices that are proven to positively impact outcomes. CloudMD’s acquisition of Snapclarity will create the first and only Canadian telemedicine company that provides a top-tier digital primary care solution integrated with a clinically proven digital mental health care plan. The combination of these two facets of healthcare addresses an emergent market demand from direct conversations, market intelligence with enterprise clients, insurers, governments and other payors. Just like the pandemic has further presented the world with the urgent need to integrate physical and mental health management, CloudMD now has an integrated solution to match that need. Healthcare can no longer be a siloed approach to mental and physical health but rather a recognition of the influence one has on the other. To date, employees have been put in the position of choosing a benefit program that only partially addresses their health issues. The combined forces of CloudMD and Snapclarity changes the landscape where employers can offer one solution that addresses the health needs of their workforce and eliminates the need of multiple vendors. “The combination of our health solutions will be game changing for care. The disruptive potential of our technology integrated with CloudMD will accelerate adoption of holistic care plans,” notes Jeff Deriger, President of Snapclariy. “Managing return to work with consideration of mental and physical wellbeing is critical. Employers no longer have the luxury of offering a marketplace of options, nor can they carry the burden of related expenses. A combined CloudMD and Snapclarity will remove barriers to access while providing the market with hyper personalized, integrated mental and physical health care plans. Individuals and corporations are demanding a holistic continuum of care. We look forward to introducing a continuity of care in managing health utilizing a pioneered approach in supporting an individual’s wellbeing.” Total consideration payable by the Company in connection with the acquisition is $3.35M, subject to certain holdbacks, payable as up to C$975,000 in cash and up to C$2,375,000 in shares of the Company (the “Purchase Price”) to be issued at $0.70 per share. All shares issued pursuant to the acquisition are subject to a two (2) year release. Additionally, subject to the achievement of certain performance conditions in 2021 and 2022, Snapclarity may earn an additional $3.65M in equity-based consideration. The acquisition is subject to customary closing conditions, including the execution of a definitive acquisition agreement and receipt of TSX Venture exchange approval. The Company anticipates a definitive agreement on or before August 14, 2020. Other related developments from around the markets include: Telus Health (TSX:T)(NYSE:TU) announced the expansion of its Home Health Monitoring (HHM) solution to digitally monitor the recovery of lung transplant patients across Saskatchewan. Launched in partnership with the Saskatchewan Health Authority and eHealth Saskatchewan, this digital health dashboard enables a virtual healthcare team to provide medical support remotely, for patients in real-time as they recover in their own homes. Easily accessible through a mobile device, tablet or desktop computer, the TELUS Health HHM solution sends daily prompts to patients to report their biometrics such as spirometry (i.e. lung function), blood pressure and overall health condition. If patients do not have their own digital health tools, they are provided with biometric devices such as bluetooth-connected weight scales and blood pressure cuffs in order to monitor their vitals and enter them into their daily report. This data then is sent electronically to the care team so it can be viewed on the digital dashboard, allowing regular and remote monitoring of a patient’s well-being. This gives clinicians the ability to review crucial patient data in real-time, allowing them to identify any urgent care needs and mitigate risks such as possible infection, incision issues, and/or neurocognitive impairment. Teladoc Health Inc. (NYSE:TDOC) announced that it has completed its acquisition of Santa Barbara, Calif.-area based InTouch Health. With the integration of InTouch Health’s innovative telehealth capabilities linking providers to one another in complex medical environments, Teladoc Health will connect the care experience across in-patient, outpatient and home care settings, ensuring greater access to high quality care and better health outcomes. At a time when virtual care has never been more important, the company is now the only global end-to-end partner spanning the full spectrum from acute visits and chronic conditions management to complex specialty care and remote surgery. “As virtual care quickly becomes a necessity for all healthcare providers, the acquisition of InTouch Health positions us to lead this transformation in healthcare and be that single, integrated partner,” said Jason Gorevic, chief executive officer, Teladoc Health. “Doctors and hospitals need medical grade solutions and a unified virtual care strategy that can scale and grow with them. This acquisition makes Teladoc Health the first and only company to comprehensively deliver on that need.” WELL Health Technologies Corp. (OTC:WLYYF)(TSX:WELL) announced that it has entered into a definitive asset purchase agreement dated July 8, 2020 with Cycura Inc., a private Ontario corporation. Under the terms of the Agreement, WELL has agreed to acquire all of the assets related to Cycura’s Services Division, which provides various cybersecurity offerings, including penetration and vulnerability testing, security focused code reviews, incident response services, cybersecurity training, cybersecurity M&A advisory and technical due diligence services, and more. Total consideration payable by the Company in connection with this Transaction is approximately $2.55M, subject to certain holdbacks, adjustments and time-based payments. “Our over-arching objective at WELL is to allocate capital to themes and opportunities that benefit from the digitization of healthcare; as such, we see cybersecurity as a compelling opportunity for WELL’s capital allocation program due to the quality of revenues and the burgeoning growth in the industry,” said Hamed Shahbazi, Chairman and CEO of WELL. “WELL is committed to providing cyber security protection and patient data privacy across all of its businesses including primary care, Electronic Medical Record (EMR), telehealth and digital health solutions. We’ve already been working with the talented team of experts at Cycura for more than a year and are very pleased to now bring their proficiency in cyber security, data protection and privacy within WELL.” Livongo Health Inc. (NASDAQ:LVGO) announced a preliminary financial result for the second quarter of fiscal year 2020. Livongo now expects revenue for the second quarter of 2020 to be in the range of $86 million to $87 million, up from prior guidance of $73 million to $75 million. The updated revenue outlook includes approximately $2 million to $3 million of items that management considers non-recurring or one-time in nature. This financial result for the second quarter of fiscal 2020 is preliminary and subject to change in connection with the completion of the company’s quarter-end closing process and the preparation of the unaudited financial statements for the second quarter of 2020. “Livongo’s momentum coming into the second quarter has continued, and we believe is attributed to our unique ability to deliver measurable and proven clinical and financial results at scale. The COVID-19 pandemic has only magnified the need for Livongo’s solutions, which goes well beyond remote monitoring and video visits to generate consumer directed virtual care,” said Zane Burke, Chief Executive Officer of Livongo. “The largest, most innovative employers and health plans are continuing to select Livongo due to our whole person approach to care which is accelerating our growth. Investments made in our data science capabilities are paying off in stronger than expected enrollment and Member retention as revealed by this quarter’s revenues.” Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. CloudMD Software & Services Inc. has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of CloudMD Software & Services Inc. Please click here for full disclaimer. Contact Information: 2818047972 ty@wallstreetnation.com