CloudMD to Acquire Medical Confidence Inc.
VANCOUVER, British Columbia, Oct. 22, 2020 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telehealth company seeking to revolutionize the delivery of health care to patients, is pleased to announce that it has signed a binding term sheet (“Term Sheet”) to acquire 100% of Medical Confidence Inc. (“Medical Confidence”), a revolutionary health care navigation platform with proven results in wait time reduction and patient satisfaction.
“The COVID-19 pandemic is a serious public health emergency and has further deepened the need to empower individuals to manage their own health and wellbeing by providing them with the right resources. Recent data suggests that over 56% of Canadians believe the pandemic is having a negative impact on their mental health and that wait times for access to specialists will increase significantly over the next two years. The acquisition of Medical Confidence will strengthen our ability to provide whole-person, longitudinal health care to patients and family members, by providing better, more efficient access to care,” said Karen Adams, Chief Health Innovation Officer of CloudMD. “Employers are looking for innovation and improvement in group benefits to provide a solution that helps an employee or family member access the right care for the right issue. There is an industry wide demand for one platform that addresses multiple health issues across mental, physical and specialist care, and CloudMD’s platform will now address that demand resulting in access to better, more informed care, cost savings and significant return on investment monetarily and in the workforce.”
“The ability to combine health care navigation, access to primary care and mental health support will enable us to support the whole health journey of the patient. The disruptive potential of our process, and technology integrated with CloudMD will accelerate adoption of holistic care plans,” notes Angela Johnson, President of Medical Confidence. “Managing return to work with consideration of mental and physical wellbeing is critical. Employers are looking for innovative ways to manage chronic disease and health care issues in a cost-effective manner. One centralized platform combining CloudMD, Snapclarity and Medical Confidence will remove barriers to health care access while providing the market with the navigation of care that will provide continuity of care. We look forward to introducing the employer market and insurers to a solution that will enable return to work and holistic approach to health through one vendor solution.”
Read the full press release on GlobeNewswire.