WELL Health Reveals 35% Annual Rise in Canadian Patients as Network Expands

WELL Health Technologies this week announced figures for the company’s fiscal 2024.

The Vancouver-based digital healthcare firm handled nearly six million patient visits during the year—including over three million in Canada—representing annual growth of more than 30%, according to chief executive officer Hamed Shahbazi.

“Our Canadian Clinics underpinned by our technology enabled care model continues to lead the way in driving strong organic growth for the Company enterprise wide,” he stated.

“We are very proud of and grateful to the healthcare providers and technologists working together to drive the best patient outcomes possible,” Shahbazi said.

Last year WELL Health acquired the Canadian clinical assets of Jack Nathan Medical and now operates its “Affiliate Clinic” business stream out of Walmart’s network of over 400 locations in Canada.

As Walmart seeks to “be the health and wellness destination for the communities we serve,” according to Alex Hurd, who serves Walmart Canada as Vice President of Health Services, WELL’s “Affiliate Clinic” business model allows the company to generate high-margin rental income from clinics without directly managing their day-to-day operations.

“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 in December.

More recently, WELL Health Technologies rebranded WELL Provider Solutions Group to WELLSTAR Technologies, a pure-play software-as-a-service healthcare firm. WELLSTAR offers a suite of solutions tailored to meet the needs of healthcare providers, including Electronic Medical Records software, Digital Health Apps, and a suite of AI automation solutions.

By separating WELLSTAR from WELL’s clinical operations, investors have the opportunity to directly invest in a high-growth healthcare technology company with a robust margin profile and strong expansion prospects, according to Shahbazi, who serves on WELLSTAR’s board of directors.

WELL’s solutions currently support 41,000 healthcare providers in North America.