One month ago we reported that Vancouver’s WELL Health Technologies, a digital healthcare company focused on improving health outcomes through technology, was in the process of acquiring the Canadian clinical assets of Jack Nathan Medical.
This transaction, which WELL stated this week has completed, includes a network of 13 owned and operated primary care clinics across various Canadian cities as well as a clinic licensing business with 59 licensee clinics, which will form the model for WELL’s new Affiliate Clinic business stream.
The acquired clinics will be rebranded as WELL Health Medical Centres, and will reflect WELL’s tech-enabled approach to delivering quality healthcare over time, according to a statement from the publicly traded firm.
“This acquisition marks another significant milestone for WELL as we expand our clinical footprint to include Walmart stores in Canada,” stated WELL founder and chief executive Hamed Shahbazi.
“The addition of Jack Nathan’s network of owned and licensee clinics strengthens WELL’s position as the largest clinic owner-operator in the country and introduces a new business model that gives healthcare providers another way to partner with WELL,” the CEO continued.
“Through the newly acquired licensing arrangement with Walmart Canada, WELL gains a unique opportunity to deliver care conveniently in high-traffic, densely populated areas within Walmart Canada’s footprint of over 400 locations, including geographies not currently served by WELL,” Shahbazi said.
WELL’s new primary care “Affiliate Clinic” business model will allow the company to generate high-margin rental income from clinics without directly managing their day-to-day operations, the CEO believes. This scalable approach empowers healthcare providers to independently operate their clinics while benefiting from WELL’s tools and infrastructure, according to Shahbazi.
Meanwhile, Walmart wants to “be the health and wellness destination for the communities we serve,” says Alex Hurd, who serves Walmart Canada as Vice President of Health Services. Walmart has more than 400 locations in Canada.
“We welcome WELL into the Walmart Canada eco-system geared towards enhancing access to affordable, personalized care for all Canadians,” he stated.
Last year, the Vancouver Canucks selected WELL Health Technologies to be the Official Medical Services Provider to the team. Moving forward, the Canucks will utilize the WELL Health Medical & Longevity Centre, which is a part of WELL’s Health Clinic Network.
Currently, WELL’s solutions empower 33,000 healthcare providers across North America. The company, named a Life Sciences BC Company of the Year for 2023, is publicly traded on the Toronto Stock Exchange under the symbol WELL.
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