CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF,
Frankfurt: 6PH) (the “
Company” or
“
CloudMD”), a healthcare technology and innovative
health services company transforming the delivery of care, is
pleased to provide an update on the progress the Company has made
to drive organic growth through new contracts and cross selling to
existing customers as well as establishing the framework and
organizational structure for continued commercial success.
CloudMD is focused on maximizing profitability
from its core business and integrating its healthcare solutions
into its Kii Personalized & Connected Care offering. The
Company has built an ecosystem of connected services eliminating
challenges that employers face when purchasing from multiple,
siloed vendors. Employers will also benefit from integrated
reporting and analytics, a simplified access and intake experience,
and personalized whole-person care which leads to high satisfaction
and better outcomes.
Notable Client Wins
Since the beginning of 2022, CloudMD has
onboarded over 300 customers representing over 60,000 lives with
clients across various sectors, switching from legacy providers to
CloudMD. The Company’s momentum in customer acquisition includes
over 9,000 new members through its Mental Health Coaching program
and a disability contract with a large healthcare association.
Recently, Sanofi Canada partnered with CloudMD
to enable improved access to critical mental health support for
people living with diabetes. By offering Therapist Assisted
internet-based Cognitive Behavioural Therapy (TAiCBT) through
MindBeacon, they can now offer a 360-degree approach to diabetes
management beyond medication. This represents an important
expansion of mental health services into CloudMD’s pharmaceutical
market vertical.
For people living with chronic health
conditions, like diabetes, taking a connected, whole-person
approach to care that includes both mental and physical health care
can reduce the risk of developing a mental health condition and
improve overall health outcomes. Rooted in evidence-based best
practice, MindBeacon delivers high-quality mental health treatment,
including support that is specifically designed to help those
coping with chronic conditions, such as diabetes.
Sabina
Steinkellner, General Manager, General
Medicines, Sanofi Canada commented, “By thinking
beyond the traditional one-size-fits-all approach to diabetes
management and enabling a holistic approach to care, we can help
support Canadians living with diabetes as they navigate life with a
chronic condition. We are proud to be partnering with MindBeacon to
support this holistic approach to care by providing access to vital
mental health support."
Clients are recognizing CloudMD’s innovation in
mental health support (EFAP, TAiCBT and Mental Health Coach),
medical second opinion and absence management services, resulting
in proposals that include multiple integrated services.
The Company continues to educate its loyal
customer base on the importance and benefits of offering its full
spectrum of mental and physical health services to employees and
expects to see continued adoption of Kii’s integrated health
programs as the Company launches its B2B telemedicine product
openly to the market in July. The recent customer wins and strong
adoption rates by current customers are validation that CloudMD’s
connected care approach resonates with employers and provides
better health outcomes for employees and stronger measurable ROI
for organizations.
Adam Kelly, Chief Commercial Officer,
CloudMD commented, “We believe that customers are looking
for integrated services that have been proven to deliver positive
health outcomes. As such, our focus in the back half of 2022 is to
accelerate organic growth through our customer base, helping
customers realize value through the integration of additional
services. We add value to customers by reducing the number of
vendors and associated costs, improving their employees' experience
and health outcomes, and driving better business results for the
organizations we support.”
Addition of Customer Success & Sales
Leadership
CloudMD is excited to announce that it has
appointed Eric Lalonde, Senior Vice President, Customer Success and
Growth, and Robin Cooper, Senior Vice President, Partnerships and
Growth to its senior leadership team.
In his new role, Eric Lalonde will primarily be
responsible for building the new strategy, structure, and team for
customer success and leading the cross-sell strategy across
CloudMD’s Enterprise Health Solutions. Eric brings over 20 years of
experience leading sales and customer success teams in various
industries. Before joining CloudMD, he held senior executive roles
with Medisys (now part of TELUS Health), Sprout (now part of TELUS
Health) and Rogers Communications. Eric has an MBA from Ivey
Business School. Eric’s proven leadership will help accelerate the
adoption of CloudMD's solutions across all of its customers and
build an integrated team to help accelerate the growth
strategy.
Robin Cooper is leading CloudMD’s partnership
team focused on managing and expanding carriers, broker and advisor
relationships as well as establishing other reseller and strategic
partnerships that are growth oriented. Robin has an extensive
background in healthcare technology sales with other industry
leaders, including Maple, Teladoc, Best Doctors and Morneau
Shepell. She brings over 20 years of experience in business
development and strategic partnership opportunities. Robin’s strong
track record of developing strategic initiatives and objectives and
executing action plans has helped organizations drive profitable
revenue growth and increased market share.
Antoine Delmas has been promoted to Regional
Vice-President of Quebec and the Atlantic region, responsible for
revenue and organic growth across all CloudMD products within the
region. This decision represents CloudMD’s increasing market
presence within the region and what the Company believes is an
important market for continued strong organic growth.
“We remain focused on educating the market on
our proven ability to ensure individuals access mental and physical
health services that improve health outcomes. Industry experts,
Eric Lalonde and Robin Cooper, chose CloudMD after reviewing our
product roadmap and value proposition to customers. Both have the
proven industry leadership and experience with building sales
teams, driving cross-sell, and servicing clients in the health care
space, which will be highly valuable in maximizing the opportunity
in front of us to drive organic growth,” commented
President and Interim CEO, Karen Adams,
CloudMD.
Launch of VisionPros Platform in the
United States
CloudMD is also pleased to announce that it has
started selling its vision care platform, VisionPros, in the United
States. Since being advised of the supplier issues while VisionPros
was being run by the former owners, CloudMD has worked diligently
with its U.S. based suppliers to rectify all issues, agree to new
terms of distribution and sign new contracts. With these new
agreements and a new U.S. distribution centre, VisionPros is now
positioned to access the U.S. market.
About CloudMD Software &
Services
CloudMD is transforming the delivery of
healthcare using technology and by providing a patient-centric
approach, with an emphasis on continuity of care. By leveraging
healthcare technology, the Company is building one, connected
platform that addresses all points of a patient’s healthcare
journey and provides better access to care and improved outcomes.
Through CloudMD’s proprietary technology, the Company delivers
quality healthcare through a holistic offering including hybrid
primary care clinics, specialist care, telemedicine, mental health
support, healthcare navigation, educational resources, and
artificial intelligence (AI). CloudMD’s business is separated into
three main divisions: Clinics and Pharmacies, Digital Solution and
Enterprise Health Solutions, the Company’s fastest growing
division. CloudMD’s Enterprise Health Solutions Division has built
a leading employer healthcare solutions, including its
Comprehensive Integrated Health Services Platform, which offers one
comprehensive, digitally connected platform for educational
institutions, corporations, insurers, and advisors to better manage
the health and wellness of their students, employees, and
customers.
CloudMD currently services a direct ecosystem of
over 5,700 clinicians including, 1,800+ mental health
practitioners, 1,600+ allied health professionals, 1,400+ doctors
and nurses and covers 12 million individual lives across North
America. For more information
visit: https://investors.cloudmd.ca.
ON BEHALF OF THE BOARD OF
DIRECTORS “Karen
Adams”Interim Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia BeckerVP, Investor
Relations julia@cloudmd.ca(604) 785-0850
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements
This news release contains “forward-looking
statements” and “forward-looking information” within the meaning of
Canadian securities laws. These statements are based upon
information currently available to CloudMD’s management. All
information that is not clearly historical in nature may constitute
forward‐looking statements. In some cases, forward‐looking
statements may be identified by the use of terms such as
“forecast”, “assumption” and other similar expressions or future or
conditional terms such as “anticipate”, “believe”, “could”,
“estimate”, “expect”, “intend”, “may”, “plan”, “predict”,
“project”, “will”, “would”, and “should”. Forward-looking
statements contained in this news release are based on certain
factors and assumptions made by management of CloudMD based on
their current expectations, estimates, projections, assumptions and
beliefs regarding their business and CloudMD does not provide any
assurance that actual results will meet management’s expectations.
While management considers these assumptions to be reasonable based
on information currently available to them, they may prove to be
incorrect. Such forward‐looking statements are not guarantees of
future events or performance and by their nature involve known and
unknown risks, uncertainties and other factors, including those
risks described in the Company’s MD&A (which is filed under the
Company’s issuer profile on SEDAR and can be accessed at
www.sedar.com), that may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward‐looking statements. Although CloudMD has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward‐looking statements, other factors may cause actions, events
or results to be different than anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate as actual results and future events could vary or differ
materially from those anticipated in such forward‐looking
statements. Accordingly, readers should not place undue reliance on
forward‐looking information. CloudMD does not undertake to update
any forward-looking information, whether as a result of new
information or future events or otherwise, except as may be
required by applicable securities laws.
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