“This year has become a good opportunity for millions of people to take stock, step back, and say, ‘How can I work on my mind?'” said Ainsley Harris, author of Happier, as quoted by Fast Company. “Even going into the pandemic, we were seeing a huge issue with loneliness, which—to use a loaded phrase—we’ve put on steroids with social distancing. “We’re designed to be part of a tribe, and we’ve dismantled the tribe, to our detriment in massive, massive ways,” he added. In fact, now more than ever, millions of people around the world are seeking mental health care. With fears of a “second wave,” The Journal of the American Medical Association (JAMA) says “an imminent mental health surge will bring further challenges for individuals, families, and communities including increased deaths from suicide and drug overdoses.” With far more people seeking mental health care, it’s creating big opportunity for companies such as CloudMD Software & Services Inc. (TSXV:DOC) (OTCQB:DOCRF), Teladoc Health Inc. (NYSE:TDOC), Morneau Shepell Inc. (TSX:MSI), Magellan Health Inc. (NASDAQ:MGLN), and Zoom Video Communications Inc. (NASDAQ:ZM).
CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) BREAKING NEWS: CloudMD Software & Services Inc., a telehealth company revolutionizing the delivery of healthcare to patients, is excited to announce that it has launched an Enterprise Health Solutions Division designed to create engagement and enable patients through personalized health and wellbeing solutions. Karen Adams, Chief Health Innovation Officer will lead the new division and assume the additional role of Global Head of Enterprise Health Solutions. Karen is a subject matter expert in enterprise health and wellness programs and brings over 20 years’ experience developing industry leading mental health and wellness programs for some of the largest corporations and insurers in Canada, including Morneau Shepell and Shepell.fgi.
Karen Adams, Global Head, Enterprise Health Solutions commented, “Employers are looking for agile, wellbeing initiatives that positively impact the employee experience. We have been able to acquire organizations who are leaders in mental and physical health. It is evident that employers are looking for programs that recognize the unique needs of each individual and that personalizes their healthcare journey. Our philosophy is to provide access to better care by leveraging technology to ensure continuity of evidenced based care through a multidisciplinary team-based approach. CloudMD is at the forefront of taking leading value-based care and ensuring that an individual is accessing reliable resources to improve their wellbeing whether they are at work, off work, recovering or returning to work. Our inclusive approach drives employee engagement and will enable employers and employees to thrive.”
In 2019, Health spending in Canada was approximately $264 billion, with 30% representing private-sector spending1. Furthermore, Canadians spend almost a billion dollars ($950 million) on counselling services each year2 and lose approximately $2.1 billion in wages due to long wait times for healthcare services3. Many do not receive the full scope of care they need and end up cycling through the acute care system. As organizations focus on issues relating to equality, diversity, inclusion, and mental health in managing employee health concerns it’s apparent that the way group benefits programs are administered needs to change. In the current system, employers are burdened with a siloed approach to managing health and wellbeing, and are using various stand-alone, single issue solutions to address their employees’ healthcare needs. CloudMD recognizes the market needs to integrate disconnected health and wellbeing benefits with technology enabled services to ensure increased access and continuity of care.
CloudMD will be offering clients a connected system of health solutions that recognizes the unique needs of each person. The program starts with a personal assessment (to determine each employee’s unique social, physical and mental health needs) and designs a personalized navigation care plan. All programs use progressive measurement and evidenced based care which results in better health outcomes. This transformational approach to employee health and wellbeing is enabled through the strategic acquisitions of leading healthcare solutions Re:Function, Snapclarity, HumanaCare, Medical Confidence, and iMD Health. Coupled with CloudMD’s virtual care, primary care and allied health network, the centralized platform creates an integrated solution to help employers address their workforce’s holistic health and wellness. CloudMD’s enterprise health solutions leverage both public and private funding which optimizes employer’s health and wellness spend.
Dr. Essam Hamza, CEO comments, “Our Enterprise Health Solutions Division aims to break down the barriers of traditional healthcare by providing one comprehensive platform to address all modalities of health and wellness and offer enterprise clients a ‘one stop shop’ for their employee benefit plans. Our mission is to provide holistic, patient focused care, and through our team-based approach we are able to provide better access to care and a personalized plan that encompasses the patient’s entire healthcare journey. We are revolutionizing the delivery of healthcare and aim to partner with clients to deliver greater value and impact, while optimizing their investment in health and wellness.”
Other related developments from around the markets include:
Teladoc Health Inc. (NYSE:TDOC), the global leader in whole person virtual care, announced that it has completed its merger with Livongo. The milestone marks completion of the most significant blending of capabilities and talent in the history of digital health. By joining the market leaders in virtual care and applied health signals, the combined company becomes the only consumer and healthcare provider partner to span a person’s entire health journey. “Both Teladoc Health and Livongo were founded with the same mission: to create a new kind of healthcare experience, one that empowers people everywhere to live their healthiest life. Today’s news dramatically accelerates our ability to make this a reality for the tens of millions of consumers and healthcare professionals we serve around the world,” said Jason Gorevic, chief executive officer of Teladoc Health. “Together, our team will achieve the full promise of whole-person virtual care, leveraging our combined applied analytics, expert guidance and connected technology to deliver, enable and empower better health outcomes.”
Morneau Shepell Inc. (TSX:MSI) reported its financial results for the three-month period ended September 30, 2020 (all amounts are in Canadian dollars, unless noted otherwise). In the third quarter over the comparable period last year the Company delivered growth of 7.3 per cent in revenue to $240.3 million with margins improving to 20.7 per cent from 19.6 per cent. Organic growth of 4.3 per cent in the quarter was a significant increase compared to the previous two quarters in 2020. "We are pleased with our third quarter results and our strengthening position as the global leader in total wellbeing," said Stephen Liptrap, President and Chief Executive Officer. "Solid organic growth, along with improved margins, indicates that our strategy is working in line with our expectations. We delivered solid performance in all our geographic markets that included high single-digit revenue growth outside Canada."
Magellan Health Inc. (NASDAQ:MGLN) announced that Kenneth Fasola, chief executive officer of Magellan Health, and David Bourdon, chief financial officer of Magellan Health, are scheduled to participate at the following investor conferences in November 2020: November 16, 2020 at 1:00 p.m. EST at the Stephens Annual Investment Conference 2020, November 19, 2020 at 9:05 a.m. EST at the Jefferies Virtual London Healthcare Conference 2020.
Zoom Video Communications Inc. (NASDAQ:ZM) announced that Janet Napolitano has joined its Board of Directors effective today, November 2. Napolitano is an accomplished attorney who has dedicated much of her career to public service as an attorney general, Governor, cabinet member, and university administrator. She served as Attorney General of Arizona from 1998 to 2003. She was then elected Governor of Arizona, leading her state from 2003 to 2009. She joined President Barack Obama’s cabinet as the United States Secretary of Homeland Security from 2009 to 2013. More recently, she was President of the University of California system from 2013 to 2020, when she left to join the faculty of University of California Berkeley’s Goldman School of Public Policy. “Zoom has immense capacity as a communication service provider,” said Napolitano. “I’m excited about its future and I’m excited to join its Board.”
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