TORONTO, June 11, 2024 (GLOBE NEWSWIRE) -- HEALWELL AI Inc. (“HEALWELL” or the “Company”) (TSX: AIDX, OTCQX: HWAIF), a healthcare technology company focused on AI and data science for preventative care, is pleased to announce that it has entered into an agreement to acquire VeroSource Solutions Inc. (“VeroSource”), a multi-service technology enterprise focused mainly on providing both products and consulting services for total consideration of approximately $24.5 million (the “Transaction”), a significant portion of which is expected to be paid in HEALWELL Class A subordinate voting shares. VeroSource is a Canadian based, multi-service software and services technology company focused on providing healthcare solutions, including a “Digital Front Door” to provincial healthcare systems, including the Province of New Brunswick and several others. 

VeroSource securely integrates health data from sources such as EMRs, pharmacies and hospital information systems into a single platform which is used for analysis across a variety of applications. The company has developed and validated best-in-class capabilities in data management, interoperability and rendering which are key capabilities when unlocking clinical value and addressing unmet needs for patients and providers. VeroSource harnesses AI technology via its VS Data-as-a-Service (“VS DaaS”) product, enabling powerful data visualization and unlocking value through actionable insights. The VeroSource infrastructure and suite of digital health solutions is fully compatible with HEALWELL’s AI capabilities, enabling the expansion of HEALWELL’s digital co-pilot tools into the VeroSource footprint as well as VeroSource’s data interoperability and visualization tools to be used across HEALWELL’s footprint. Combined with HEALWELL’s data structuring and abstraction technology, VeroSource provides additional expertise for HEALWELL to further accelerate its mission of early disease detection.

Dr. Alexander Dobranowski, CEO of HEALLWELL, stated, “We are excited to announce the proposed acquisition of VeroSource who has created a compelling data interoperability platform that powers large enterprises such as provincial health systems. Once integrated with our best-in-class AI-powered disease detection and patient identification capabilities, VeroSource has the potential to roll out very significant population health features that are very much at the core of value-based healthcare trends. VeroSource has demonstrated impressive historical revenue growth rates of 30% CAGR, with a strong pipeline of long-term contracts producing a mix of one-time and recurring SaaS revenue. We look forward to building on their exceptional track record by leveraging our deep connectivity to the Canadian outpatient landscape through our partnership with WELL Health and their successful public sector sales program. We are excited about the growth synergies and the potential to expand our footprint rapidly into new provinces.”

Mark McAllister, CEO of VeroSource, commented, “We are thrilled to join forces with HEALWELL. Our combined expertise will accelerate our mission of empowering people and unlocking the value of healthcare data. With HEALWELL's support, we can expand our innovative digital health solutions more rapidly and effectively across Canada. We believe that we can help accelerate HEALWELL’s mission of early disease detection and providing more comprehensive, AI-driven healthcare solutions.”

VeroSource has had well over one million users since inception, which includes both patients and providers, and is expected to generate over $8 million in revenues in 2024 with expected EBITDA1 margins over 10%. Historically, VeroSource has achieved over 80% gross margins, and consistently produced positive EBITDA1, and positive cashflows. Over 70% of its sales are high margin recurring revenue. The proposed acquisition will add significant revenue, a robust pipeline of long-term enterprise grade contracts, and an innovative digital health platform to HEALWELL. The proposed acquisition is highly accretive, cash conservative, and is expected to deliver significant value. HEALWELL is expected to benefit from VeroSource’s recurring high-margin software and services revenue, strong relationships with private and public sector stakeholders, and a talented team of healthcare technology entrepreneurs, engineers, and data scientists. On closing, this acquisition will mark a significant milestone in the ongoing effort to enhance healthcare delivery and improve patient outcomes through cutting-edge technology.

The proposed acquisition of VeroSource will result in HEALWELL acquiring a number of broad and unique capabilities for the public sector that includes digital front door and patient access solutions, International Patient Summary (IPS) solutions, FHIR interoperability and data solutions, and digital identity solutions. It also adds VeroSource’s provincial public sector customer base to HEALWELL’s existing network of pharmaceutical customers, boosting the Company’s position as a leader in the healthcare technology landscape. VeroSource’s platform exemplifies the practical use of data engineering and machine learning as it utilizes AI tools to help clients predict emergency room wait times with real-time HL7 data feeds, improve hiring processes for HR departments, and explore the use of Large Language Models for better client navigation to essential services. VeroSource’s suite of solutions is designed to drive down healthcare costs and improve patient outcomes by providing health system leaders with actionable insights derived from advanced data visualization.

To read the full press release, visit: Link.

VeroSource Solutions is proud to be working with the New Brunswick Department of Health to put more health information in the hands of citizens. Our VS Platform was leveraged to bring real-time diagnostic imaging dashboards to New Brunswickers. 

From the Government of New Brunswick Press Release:

MyHealthNB has added a new tool to the health system data of its website and mobile app to provide more health information to New Brunswickers.

People can now view the estimated wait times for various non-urgent medical imaging tests. This reflects the time from when a patient is referred by a physician to when the test is completed. The dashboard will reflect the typical maximum wait times for each service, for most patients, over a 30-day time frame.

“We believe that, by giving New Brunswickers more information about the health-care system, we will help them become more engaged with their own care,” said Health Minister Bruce Fitch. “We thank Horizon for their commitment to transparency and their efforts to make this data available. We look forward to adding Vitalité’s data to the dashboard.”

The dashboard currently displays wait times for CT scans, MRIs, bone density scans, ultrasounds and mammograms at Horizon Health Network facilities. Data from Vitalité Health Network will be added as it becomes available.

The dashboard does not include wait times for medical imaging tests of an urgent nature, which are completed as rapidly as required.

“Collecting and reporting on health-care data is a priority for Horizon,” said Horizon Health Network president and CEO Margaret Melanson. “The launch of the medical imaging dashboard is an important step in improving access to, and understanding of, the health-care system in the region.”

To view GNB's press release, visit: Link

To view the Diagnostic Imaging wait time dashboard, visit: Link

VeroSource's CEO, Mark McAllister, will be speaking at eHealth 2024 on a panel with Eric Beaulieu, Deputy Minister of Health, Government of New Brunswick (GNB), and Annie Pellerin, Assistant Deputy Minister of Health, GNB, on Monday, May 27 at 1:30PM.

The discussion, titled New Brunswick's patient empowerment journey - secure data access enabling individuals' active participation in their healthcare will focus on how patients are becoming empowered in New Brunswick with the MyHealthNB digital front door, and real-time health dashboards.

For more information about the panelists and to add the session to your eHealth conference calendar, visit https://www.e-healthconference.com/e-health-2024/program/.

VeroSource Solutions will be attending the HIMSS Global Health Conference & Exhibition 2024, which is being held in Orlando, Florida, between March 11 to March 15.

HIMSS24 is set to bring together a vibrant and diverse community of healthcare trailblazers from around the world. This gathering includes visionary CIOs and top-level executives, dedicated healthcare providers, knowledgeable informaticists, tech-savvy health IT professionals, forward-thinking government officials, innovative disruptors, strategic consultants, and dynamic market suppliers, among many, many other movers and shakers.

Come meet us at the Exhibition, where VeroSource will be at Booth 911.

The MyHealthNB app was officially launched by the Premier at the State of the Province on Thursday, January 26th. The app provides New Brunswickers with secure digital access to their personal health records, including immunizations, lab results, diagnostic imaging, and dispensed medications.

On February 14th, at 12:00 PM EST, Mark McAllister, CEO of VeroSource, and Lee Burry, Assistant Deputy Minister for the NB Department of Health, will be discussing MyHealthNB as part of Digital Health Canada's Webinar Wednesday series. The webinar will reflect on the significant milestones that led to this launch, as well as look at what's to come as New Brunswick continues to empower people with digital healthcare access and expand on its digital front door.

To register, visit here.

The Department of Health is making it easier for New Brunswickers to access their health records online by launching the MyHealthNB mobile phone app.

“Providing New Brunswickers with easier access to their health information empowers them to make informed decisions about their health care,” said Health Minister Bruce Fitch. “I am proud to see this initiative expanding both access and the information available to citizens, and I am grateful to the regional health authorities, the New Brunswick Medical Society, the New Brunswick College of Pharmacists, the New Brunswick Pharmacists’ Association, the Nurse Practitioners of New Brunswick, and Service New Brunswick, as well as VeroSource Solutions, Jackets Creative, Salesforce and Simeio Solutions for acting as our planning and vendor partners.”

People can already view personal health information, such as test results, immunization records, laboratory results, diagnostic imaging reports and dispensed medication data, through the MyHealthNB website.

The new app is available in the Apple or Google Play app stores.

“We are honoured to be able to provide New Brunswickers with secure access to their personal health information anytime, anywhere,” said Mark McAllister, CEO of New Brunswick-headquartered tech company VeroSource Solutions. “MyHealthNB modernizes how people interact with the health-care system, empowering them with the information needed to make informed decisions about their health.”

Read the press release on GNB's site.

Atlantic Business Magazine has just announced the best places to work in Atlantic Canada for 2024. This awards program was established to recognize companies and organizations that are 100% committed to HR excellence - workplaces where going above and beyond is the norm.

VeroSource Solutions Inc. was one of 24 companies chosen from 179 nominations based on performance across six judging categories: corporate culture; work/life balance; diversity; equity and inclusion; benefits/renumerations; incentives/rewards (financial and otherwise); professional development and opportunity for career advancement.

Read more: 2nd Annual Best Places to Work in Atlantic Canada

Our CEO Mark McAllister sat down with Atlantic Business Magazine to discuss VeroSource's world-class digital health solutions, our amazing team, and our mission to empower people with secure access to healthcare records.

Says McAllister, “With VeroSource, we’ve got world-class digital healthcare solutions that are proactively efficient, scalable and repeatable across the Atlantic provinces, the rest of Canada, and internationally. We have a company that blends modern, super-secure technology with the best team members in the country. This gives us the ability to be agile and, most of all, relevant and responsive to the constantly changing healthcare needs of real people, everywhere.”

To read the full Atlantic Business Magazine article, visit VeroSource for cutting-edge digital healthcare.

November 27, 2023. More than 230,000 New Brunswickers have now accessed their personal health records through the MyHealthNB portal according to a recent social media post from the Government of New Brunswick. MyHealthNB is the NB implementation VS MyHealth, providing citizens of the province with secure online access to lab results, medications, immunization records, and imaging reports.

MyHealthNB is an initiative of the New Brunswick Department of Health with Regional Health Authorities, Horizon Health and Vitalité, and partners VeroSource Solutions, Salesforce, and Simeio Solutions.

Providing New Brunswickers with real-time digital access to their health information empowers them to better control their healthcare experience and make informed decisions about their health. This includes patients with chronic conditions, who are able to track symptoms and results to better manage their health.

MyHealthNB also reduces the need for in-person visits to get test results, which enables more focus on patient care.

For more information or to log in to MyHealthNB, visit https://myhealth.gnb.ca

VeroSource is proud to be a Showcase Sponsor for Canada Health Infoway's 2024 Partnership Conference, taking place in Vancouver from November 14 - 15.

This annual conference is a celebration of digital health, and how it benefits the lives of Canadians. This year's format delivers a leadership day to set the foundation for a second day offering deeper engagement in key areas.

We look forward to connecting with you at this year's conference. For more information, please visit here.

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