MCI Onehealth Completes Strategic Acquisition of Polyclinic
- Flagship facility showcases MCI’s innovative personalized healthcare model -
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TORONTO, Aug. 04, 2021 (GLOBE NEWSWIRE) -- MCI Onehealth Technologies Inc. (“MCI” or the “Company”) (TSX: DRDR) has completed a series of share purchase agreements to acquire an 80% interest in Canadian Phase Onward Inc., The Quit Clinic Inc. and Executive Medical Concierge Canada (2021) Ltd. (collectively, “Polyclinic”) through its subsidiary MCI Polyclinic Group Inc. (“MCI Polyclinic”). This strategic acquisition aligns with MCI’s mission to meaningfully contribute to the transformation of the Canadian healthcare system and improve access to care by delivering an innovative, personalized patient experience.
Once the necessary approval from the Ministry of Health is obtained, MCI will also acquire North York Pulmonary Function Centre Inc.
MCI Polyclinic will provide onsite integrated health services including primary care, specialist care, lab services and an in-house clinical research organization, and will be the flagship of the growing MCI ecosystem of health services that already includes a leading-edge virtual care platform, primary and urgent care clinics in Ontario and Alberta, specialist services, a corporate health division, and a growing web of wholly-owned and affiliated personalized medicine and diagnostics services backed by cutting-edge technologies and artificial intelligence. MCI Polyclinic is expected to generate annualized gross revenue in excess of $5.0 million and annualized adjusted EBITDA in excess of $1.0 million.
MCI Polyclinic consists of four different types of medical facilities
- Canadian Phase Onward – a clinical research organization with seasoned expertise in clinical studies, trial recruitment and management.
- The Quit Clinic operating as Polyclinic Family and Specialty Medicine Facility – primary care, specialist, and diagnostic clinics, with historical annual patient volumes exceeding 100,000 patient visits per year.
- Executive Medical Concierge Canada – an executive healthcare practice with a growing client list that the Company anticipates can be leveraged by MCI’s client base and 400+ corporate clients.
An integrated care model that enhances access, quality and efficiency
- The MCI Polyclinic facility offers patients the convenience of having integrated services under one roof, including access to more than 50 primary care physicians and specialists, labs, and clinical trials.
- Integrated patient record and referral systems allow diverse care providers to operate as an efficient team, with the patient at the center, with greater quality control, information sharing and responsiveness.
- The internal patient referral system in operation at MCI Polyclinic and across the MCI network helps capture the needs of patients who would otherwise struggle to find timely, specialized care.
Ensuring continuity of care and access to more health services through a seamlessly integrated model of virtual and in-person care
The acquisition of Polyclinic not only expands MCI’s brick-and-mortar clinic footprint in Ontario, it also creates access for more Ontarians to experience the unique value-add to MCI patients, of which one key feature is continuity of care between virtual and in-person visits with the same physician.
“MCI Polyclinic is the centralized physical example of the personalized healthcare model we have strategically built across the MCI ecosystem both digitally and physically. We expect it will serve as our flagship for the type of care that patients want and deserve – the highest quality, the most convenient and efficient, with the greatest access to services, ongoing attention to their individual diagnoses and treatments and more-readily available access to in-house advanced clinical treatment and research opportunities”, said Dr. Alexander Dobranowski, CEO of MCI.
All current Polyclinic staff and healthcare providers will continue their association with the clinic. Patients of MCI Polyclinic will continue to receive the same excellent care and convenience they have had at Polyclinic, and will now have access to additional services in the MCI network.
“We are thrilled for our patients that, in MCI, we have found a like-minded partner with the financial resources, care-network assets, leadership and vision to scale the Polyclinic model,” said Dr. Lew Pliamm, founder of Polyclinic. “Earlier diagnoses and the highest quality personalized treatment before, during and after, is the experience we have built at Polyclinic. Together with MCI – leveraging their strategically growing personalized care ecosystem – we can champion this innovative model for patients everywhere.”
Enabling personalized intelligence through cutting-edge technologies and artificial intelligence
“The MCI model of care provides personalized medicine for patients today, and personalized intelligence for their future care”, said Saleema Khimji, Chief Innovation Officer of MCI. “With integrated systems and data-driven tools, we believe we can further unlock meaningful insights from consistent and high-quality structured clinical information. We expect these insights to further enable MCI’s technology, research and precision medicine roadmap – designed to provide a data-driven, deeply personalized patient profile, accurate and faster diagnosis and expanded treatment options. Also, by building a richer and deeper patient profile, we expect MCI can then simultaneously leverage this directly into research initiatives and clinical trials, which is a key factor in advancing precision medicine.”
A scalable and innovative model for better health outcomes for Canadians – The MCI Onehealth ecosystem as the model of the future
“We believe we are now in a position, with many of the required building blocks for our ecosystem – to make significant strides in helping the healthcare industry at large transition from a traditional care service delivery model to one that is more personalized, holistic and most importantly, data and technology driven. And with the MCI Polyclinic model, we expect we can tangibly deliver on and contribute to the newly emerging frameworks of team-based and integrated healthcare delivery,” said Dobranowski.
“When we think about the future of healthcare, I firmly believe that our MCI model could serve as a viable and scalable option that could provide cost-effective personalized care for Canadians within both the current framework of the public healthcare system as well as emerging and proposed frameworks for the future of health care in Canada.”
Terms of acquisition
MCI has acquired all of the issued and outstanding shares of Canadian Phase Onward Inc., The Quit Clinic Inc. and Executive Medical Concierge Canada (2021) Ltd. for consideration consisting of: (i) cash consideration in the amount of C$5,133,000; (ii) the issuance of C$384,000 in Class A Subordinate Voting Shares in the capital of MCI, at a deemed price per MCI Share of C$2.71; and (iii) a 20% ownership interest in MCI Polyclinic.
MCI is a healthcare technology company focused on empowering patients and doctors with advanced technologies to increase access, improve quality, and reduce healthcare costs. As part of the healthcare community for over 30 years, MCI operates one of Canada’s leading primary care networks with 25 clinics, serves over 850,000 patients annually and had over 200,000 telehealth visits last year. MCI additionally offers an expanding suite of occupational health service offerings that support a growing list of over 400 corporate customers. Led by a proven management team of doctors and experienced executives, MCI remains focused on executing a strategy centered around acquiring technology and health services that complement MCI’s current roadmap. For more information, visit mcionehealth.com.
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This press release contains forward-looking information and forward-looking statements (together, “forward-looking statements”) within the meaning of applicable securities legislation, which reflect MCI’s current expectations regarding future events, including statements relating to: MCI’s guidance and outlook, including with respect to expected revenue, income and impact of Polyclinic and MCI Polyclinic; MCI’s business plan and strategic focus; anticipated benefits to patient care, MCI’s health services ecosystem; the anticipated benefits of the Polyclinic acquisition and MCI’s partnerships; personalized medicine; Polyclinic’s integrated care model; the anticipated benefits of clinical information; and MCI’s technology, research and precision medicine roadmap. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of words or phrases such as “anticipate”, “believe”, “continue”, “expect”, “grow”, “plan” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” occur. All statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that the Company anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. Forward-looking statements are based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond MCI’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include that: the Polyclinic acquisition may not have the results currently anticipated by the Company; the Company may be unable to integrate Polyclinic’s business with its own in the timelines anticipated, in the manner anticipated or at all; increased costs and expenses; reliance on industry partners; technologies and services not functioning as expected; third parties not using technologies and services as expected; economic conditions making technologies and services less attractive than anticipated; competitors in the Company’s industry; the possibility of a breakdown in the relationship between minority shareholders of Polyclinic and the Company, and other factors discussed under “Risk Factors” in the Company’s annual information form for the year ended December 31, 2020 which is available under the Company’s profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements made in this press release are made as of the date hereof and MCI does not undertake any obligation to update such forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.