- CognisantMD achieved $4.3M in SaaS ARR(1) in January 2022 reflecting 73% YoY organic growth. The company also achieved $5.0M in CARR (Contracted Annual Recurring Revenue) in the same month and delivered approximately 95% gross margins with positive EBITDA profitability.
- CognisantMD’s Ocean Platform currently exceeds 2,000 active clinics, representing an increase of 700 clinics year-over-year.
- With 10+ integrations underway, including leading Hospital Information Systems (HIS), Ocean continues to deepen its interoperability and actively expand its Health Information Exchange.
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 — is pleased today to share an update on the progress of CognisantMD, a wholly owned subsidiary of WELL that provides patient engagement technology and eReferral software solutions. CognisantMD’s Ocean Platform (“Ocean”), the Canadian category leader in digital patient engagement technology and eReferral software, achieved $4.3M in SaaS ARR(1) in January 2022 reflecting 73% YoY organic growth. Ocean also achieved $5.0M in CARR (Contracted Annual Recurring Revenue) in the same month, with 95% gross margins and positive EBITDA profitability, and continues to make meaningful headway in its interoperability with key Electronic Medical Records (EMRs) and Hospital Information Systems (HIS) across the country.
“Acquired in Q4, Ocean has been performing exceptionally well over the last couple of months and has seen an acceleration in its organic growth,” said Hamed Shahbazi, CEO and Founder of WELL. “Canadians complete over 800,000 patient engagements per month through their healthcare providers using Ocean’s digital tools. We expect the demand for patient engagement tools to continue to increase, and we expect Ocean will be the go-to provider as it strives to deepen its interoperability and integration with EMRs, HIS, and provincial healthcare assets nationwide.”
Ocean is currently in use at over 2,000 clinics across Canada, representing an increase of 700 clinics year-over-year. Furthermore, over 2,500 specialists and 4,200+ primary care clinicians use Ocean to exchange eReferrals and eConsults. WELL is pleased to share that over 60% of Ontario Health Teams have incorporated Ocean’s patient engagement tools into their 2022/2023 plans to better enable access to primary care through online booking, secure messaging, and patient reminders. Ocean is also working with the Alliance for Healthier Communities, which includes 55 community health centres and represents 1,000 online booking licenses across Ontario.
Deepening its interoperability, Ocean is working on several key integrations within WELL’s apps.health ecosystem, creating feature parity across EMR systems. Ocean continues to actively expand its Health Information Exchange with the addition of over 10 integrated systems, including work with three of the leading HIS. Over 20 major hospitals are now undertaking integration work with Ocean to support eReferrals in Ontario, in addition to the 30 acute care and community hospitals currently receiving eReferrals on Ocean.
“Joining the WELL Health family has allowed us to scale the Ocean Platform even faster and provided us with integration opportunities through WELL’s apps.health ecosystem that have opened doors to a number of exciting opportunities,” said Jeff Kavanagh, CEO of CognisantMD. “Healthcare providers and their patients continue to demand better health data interoperability and our track record demonstrates that we have the solution, and the team, to meet the needs of our customers while bridging the gaps in Canada’s healthcare system.”
|1 SaaS ARR means Annual Recurring Revenue attributable to providing its Software-as-a-Service|
WELL HEALTH TECHNOLOGIES CORP.
Per: “Hamed Shahbazi”
Chief Executive Officer, Chairman and Director
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