WELL Health Clinic Network Inc., a subsidiary of WELL Health Technologies Corp., announced that it has entered into an agreement with Shoppers Drug Mart Inc. to acquire all of the primary care medical clinics operated by Shoppers under the name The Health Clinic by Shoppers™. Post-close, WELL will rebrand these clinics under the WELL Clinic brand.
The Health Clinic by Shoppers™ comprises 10 clinics across Canada (four in British Columbia and six in Ontario), with more than 35 physicians on staff. WELL expects the assets to contribute approximately $8 million in annual revenue, according to the original deal press release published on PR Newswire on April 16, 2024.
WELL Health Clinic Network Inc. operates one of the largest networks of medical clinics in Canada, spanning British Columbia, Alberta, Manitoba, Ontario and Quebec. Services include family medicine, walk-in clinics, diagnostic imaging, sleep therapy, specialist services like dermatology, cardiology, physiotherapy and others.
WELL will onboard the 10 clinics through its Clinic Absorption program and intends to enhance operational and service capabilities across the newly added clinics, through its Clinic Transformation Team. WELL will focus on optimizing cost structures, integrating digital workflows, adding patient engagement technologies and implementing advanced AI tools such as WELL AI Voice, WELL AI Inbox Admin and WELL AI Decision Support systems. Additionally, efforts will be intensified to recruit more physicians to join the new WELL clinics, ensuring a broader reach and impact on patient care. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition marks the 12th health clinic transaction of 2024. This is a 71% increase over last year, when there were just seven health clinic deals announced between January 1, 2023, and April 17, 2023.
