WELL Health Technologies Corp. (TSX.V: WELL), a Vancouver-based digital health company, has moved into the U.S. healthcare market. The company has made several acquisitions in Canada and has a sizeable market presence there; WELL Health owns and operates 20 primary healthcare medical clinics and is Canada’s third-largest EMR supplier serving over 2,000 medical clinics.
However, with its purchase of Circle Medical, a national U.S. telehealth provider, for $14 million, WELL Health now has a foothold in the U.S. market, which is more than 17 times greater than the Canadian healthcare market. The deal and WELL Health’s U.S. expansion is being supported by a $23 million investment led by Hong Kong business leader Mr. Li Ka-shing.
Circle Medical has delivered virtual primary healthcare services in 35 states in the past 100 days and plans to extend its telehealth services to the majority of the remaining states within the next few months. Circle Medical also owns and operates two California based brick and mortar clinics.
WELL Health has made several acquisitions in 2020 already, all for digital health companies, according to our statistics in Deal Search Online. Back in May, WELL Health added Indivica, Inc. for $4.47 million to boost its electronic medical record software and services footprint.
In April, the company acquired Insig Corporation for $4.23 million. Insig Corporation is engaged in developing telemedicine platforms and clinical automation software. It serves hundreds of physicians and medical practitioners across Canada with more than 100,000 patients on its platform. The deal is part of WELL Health’s effort to expand its “VirtualClinic+” platform, its telehealth program.