MCI Onehealth Provides Corporate Update
TORONTO, Jan. 18, 2021 (GLOBE NEWSWIRE) -- MCI Onehealth Technologies Inc. (“MCI Onehealth” or the “Corporation”) (TSX: DRDR) is pleased to provide the following corporate update:
- MCI Onehealth has recently made significant progress towards its key objective of accelerating digital health adoption, growing privately paid for services, and acquiring healthcare technology and clinics.
- During 2020, MCI Onehealth saw continued growth in telehealth consultations and services with over 260,000 telehealth consultations during 2020 and with telehealth consultations representing over 40% of all consultations during the fourth quarter.
- Revenue from privately paid for health services accelerated during the fourth quarter to drive growth in excess of 120% for the full year ended December 31, 2020 from this higher margin offering. MCI achieved multiple new wins from corporate clients in the transportation, manufacturing and healthcare sectors during the quarter.
- The Corporation has identified a number of potential acquisition targets and is pursuing a number of accretive acquisitions.
- The Corporation continues to create a more extensive and complete service offering expanding the opportunity to develop data-driven technologies and commercialize de-identified data-driven initiatives.
With over 30 years of healthcare experience, MCI Onehealth has developed a strong industry presence and a unique ability to identify accretive acquisition opportunities. Further, MCI Onehealth has recently made significant advancements towards its key objective of leveraging digital health adoption, growing privately paid for services, and acquiring healthcare technology and clinics.
During the year ended December 31, 2020, MCI Onehealth saw continued growth in telehealth consultations and services, including over 260,000 telehealth consultations during 2020 and with telehealth consultations representing over 40% of all consultations during the fourth quarter. In addition, the Corporation has continued to scale the Corporation’s proprietary MCI Connect platform through our clinician and patient base, which will allow the Corporation to offer an expanded suite of services digitally and to modernize our primary care offerings.
The Corporation’s privately paid for services have expanded greatly within recent months, including through MCI Onehealth’s successful engagements by corporate clients in the transportation, manufacturing and healthcare sectors during the quarter. Revenue from privately paid for health services accelerated during the fourth quarter to drive growth in excess of 120% for the full year ended December 31, 2020 from this higher margin offering. The increasing utilization of privately insured services highlights the increasing adoption of a profitable revenue stream and expansion of MCI Onehealth's presence within the larger corporate health market.
In furtherance of one of the Corporation’s key growth initiatives, the Corporation has identified a number of potential acquisition targets and is pursuing a number of accretive acquisitions. These and other acquisitions will support the Corporation’s dedication to developing a pipeline of opportunities for sustained expansion.
Through the forgoing efforts, the Corporation is creating a more extensive and complete service offering and expanding the opportunity for de-identified data commercialization through both clinical and commercial applications. With over two million accessible patient records already, MCI Onehealth is committed to growing what will eventually be one of the largest de-identified and actionable primary care databases in Canada to empower physicians and put patients’ health first.
Entering 2021, the Corporation is very well positioned to achieve its objective of generating revenue through three primary sources:
- Traditional government funded healthcare services driven by patient visits and government reimbursements from the Company’s brick and mortar clinics and telehealth/virtual care consultations.
- Privately funded healthcare services such as occupational health for corporate customers and corporate benefits that are outside of the scope of government funding programs but fulfilled by MCI Onehealth employees and third party contractors at the customer’s site, the Corporation’s brick and mortar clinics or via telehealth/virtual care consultations.
- Technology solutions including commercializing opportunities utilizing de-identified data insights, as well as patient and physician facing applications. Potential purchasers of these insights and solutions include life sciences companies, medical device companies, academic institutions and diagnostics companies.
About MCI Onehealth Technologies Inc.
MCI Onehealth is focused on empowering patients and doctors with advanced technologies to increase access, improve quality, and reduce the cost of healthcare. As one of Canada’s leading primary care networks with 25 technology enabled clinics, MCI Onehealth serves over 850,000 patients annually and has been a part of the healthcare community for over 30 years. Since the deployment of MCI/Connect, the company’s proprietary digital platform, MCI Onehealth continues to develop an ecosystem of digital applications, which will target modernizing and personalizing the primary care experience. MCI Onehealth additionally offers an expanding suite of occupational health service offerings that support a growing list of over 250 corporate customers. Driven by a proven management team of doctors and experienced executives, MCI Onehealth is executing a strategy focused on acquiring technology and health services that complement its technology and data‐focused roadmap. Additional information can be found at www.mcionehealth.com.
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Forward Looking Statements
This press release may contain forward‐looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation, which reflect MCI Onehealth’s current expectations regarding future events. Such forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the Corporation’s control, including execution risk, market risk, industry risk, the impact of general economic conditions and competition from other industry participants and stock market volatility, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Corporation does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Please review the factors discussed under “Risk Factors” in the final prospectus of MCI Onehealth dated December 29, 2020 and filed under the Corporation’s SEDAR profile at www.sedar.com for a more fulsome discussion of risk factors affecting the Corporation.