For $5.75 million, Well is getting CloudMD’s software package for electronic medical records and billing, plus three brick-and-mortar medical practices in the Vancouver area. (The Logic)
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For $5.75 million, Well is getting CloudMD’s software package for electronic medical records and billing, plus three brick-and-mortar medical practices in the Vancouver area. (The Logic)
Talking point: CloudMD made a splash last November with its acquisition of mental-health platform MindBeacon for $116 million but lost just over $14 million on its operations in its last quarter, $7.4 million worse than the same quarter last year; its share price is down more than 80 per cent in the past year. In announcing the sale, CloudMD CEO Karen Adams said the company is divesting non-core assets to focus on its digital and enterprise health divisions, which are bigger moneymakers. Well Health, meanwhile, is in similar businesses but has 19 physical primary-care clinics in B.C. and an electronic-records division built on the same open-source foundation as CloudMD’s. It’s had a rough year, too, but not as rough as CloudMD’s, with a share-price decline of about 57 per cent since October 2021.
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