At the moment, the primary care market is valued at about $296 billion, according to Grand View Research. By 2027, the market could be worth just over $408.5 billion. “Primary care is the center of the U.S. healthcare system, reforms in the healthcare coverage will reenergize the infrastructure and aid the rebuilding of the primary care payment and delivery model. The comprehensive care provided by primary care physicians (PCPs) and the continuous patient and physician relationship is essential to improve the quality of care which will lead to positive patient outcomes in the long run.” Those are major catalysts for companies such as Datametrex AI Limited (TSXV: DM) (OTC: DTMXF), Oak Street Health Inc. (NYSE: OSH), WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF), 1Life Healthcare Inc. (NASDAQ: ONEM), and Community Health Systems Inc. (NYSE: CYH).
In addition, with a broken healthcare system, “Primary care is critical to maintaining health and caring for chronic illness. The U.S. system sorely lacks adequate primary care, which reduces the quality and increases the cost of care. Part of the solution is increasing the compensation of primary care providers,” as noted by Harvard Business Review. To help address the need, multi-specialty health companies are stepping in to help lower healthcare spending, and improve health outcomes.
Look at Datametrex AI Limited (TSXV: DM) (OTC: DTMXF), For Example
Datametrex AI Limited announced that it has completed the acquisition of Imagine Health Medical Clinics Ltd., Imagine Health Pharmacies & Research Ltd. and Imagine Health Physio Ltd., an arm’s length, Alberta based private health company consisting of integrated medical centres, pharmacies, and ancillary services.
The acquisition of Imagine Health was completed by way of a share purchase agreement dated November 29, 2022, between the Company, Imagine Health, and the shareholders of Imagine Health, pursuant to which the Company acquired all of the issued and outstanding shares of Imagine Health corporate entities for two sites in Alberta (one in Calgary and one in Edmonton) for an aggregate purchase price of $2,600,000 satisfied by: cash payment of $1,300,000; this issuance of 5,000,000 common shares of the Company at a deemed price of $0.10 per Consideration Share, and the issuance of a secured vendor take-back note with a principal amount of $800,000 payable in installments of 6, 12 and 18 months from the date of issuance. The Note is secured by the assets of Imagine Health. In addition, the Share Purchase Agreement includes a covenant of Datametrex to expand Imagine Health by way of working and growth capital contribution of up to $1,000,000 to Imagine Health over a period of twelve (12) months from the date of the acquisition.
As a result of the acquisition, the Imagine Health entities are now wholly-owned subsidiaries of Datametrex. Imagine Health co-founder, Dr. Jonathan Chan will act as Chief Operating Officer of Imagine Health Medical Clinics Ltd. and Imagine Health Physio Ltd. Imagine Health co-founder, Mr. Ray Yue will act as Chief Operating Officer of Imagine Health Pharmacies & Research Ltd. ensuring the continuity of growth and leadership of Imagine Health.
Other related developments from around the markets include:
Oak Street Health Inc., a network of value-based primary care centers for adults on Medicare, reported financial results for its third quarter ended September 30, 2022. “We reported another strong quarter of results driven by the dedication and execution of our team leading to consistent center-level performance. Our focus remains on expanding nationally to bring our model to more patients while greatly improving the health and well-being of the patients we serve, leading to strong financial results and realization of our mission of rebuilding healthcare as it should be,” said Mike Pykosz, Chief Executive Officer of Oak Street Health.
WELL Health Technologies Corp. announced its results for the fiscal third quarter ended September 30, 2022. Hamed Shahbazi, Chairman and CEO of WELL commented, “We had a great quarter achieving ‘best ever’ results on both revenue and Adjusted EBITDA line without even being in our seasonally strongest quarter. These exemplary results were once again driven by strong operating performances across all our lines of business including on and offline channels reflecting robust operating margins and organic growth of over 18% YoY. Organic growth in our Virtual Services was especially strong at 75%, making Virtual Services now our single largest line of business by revenue, larger now than our CRH or our Canadian Clinics businesses which both continue to grow and perform nicely. WELL also achieved record patient engagement in the quarter with over 1.25 million combined omni-channel, diagnostic and asynchronous patient interactions – representing an annual run-rate of approximately 5.0 million patient interactions system wide. WELL’s US-based virtual patient services businesses, Circle Medical and Wisp, achieved profitable results and continued growth in revenues with a combined annual revenue run-rate exceeding US$100 million in Q3, which was one quarter earlier than our prior forecast. We have worked hard to align ourselves closely to the success of care providers and doing everything we can to further their success. That is what makes the success of these record results so special. We don’t prosper or succeed unless our care provider partners do. Our outlook for the fourth quarter remains very positive, hence we are able to confidently increase our annual guidance for annual revenue to exceed $565 million in 2022.”
1Life Healthcare Inc. announced financial results for the third quarter ended September 30, 2022. “Through our human-centered and technology-powered model, we continue to perform, innovate, and grow to delight more members with better health, better care, and lower costs, in a better team environment,” said Amir Dan Rubin, Chair & CEO of One Medical. “Our One Medical model continues to deliver longitudinal care across digital and in-person settings to members of all ages.”
Community Health Systems Inc. announced financial and operating results for the three and nine months ended September 30, 2022. Commenting on the results, Tim L. Hingtgen, chief executive officer of Community Health Systems, Inc., said, “First, I am proud of our healthcare teams in Florida who continuously maintained their operations during Hurricane Ian and in the aftermath of the storm. They provided uninterrupted and essential healthcare services, under the most difficult circumstances, and we appreciate their commitment to the people and communities they serve.” Hingtgen went on to say, “Against a continued backdrop of challenging industry and environmental factors in the third quarter, we focused our efforts on making important sequential progress in key areas. We were successful at driving stronger surgical volumes and also saw other volume indicators rebound midway through the quarter. Likewise, strong expense management programs, a significant reduction in contract labor, and other operational adjustments helped mitigate inflationary costs pressures. As these trends continue and we aggressively pursue our best strategic opportunities, we expect to drive incremental growth moving forward.”
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Datametrex AI Limited paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares Datametrex AI Limited Please click here for disclaimer.
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