The Vancouver-based operator of medical clinics and provider of back-office services to other health businesses booked a massive gain on its investment in failing ex-competitor MCI Onehealth. By absorbing MCI Onehealth’s clinics into its own system and refocusing Onehealth on health AI research (renaming it Healwell in the process), Well Health said the value of the investment shot up from $45.9 million to $147.8 million. (The Logic)
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The Vancouver-based operator of medical clinics and provider of back-office services to other health businesses booked a massive gain on its investment in failing ex-competitor MCI Onehealth. By absorbing MCI Onehealth’s clinics into its own system and refocusing Onehealth on health AI research (renaming it Healwell in the process), Well Health said the value of the investment shot up from $45.9 million to $147.8 million. (The Logic)
Talking point: Well Health folded in 23 other companies in 2023 and 2024, a combination of health providers and tech companies. One of its earlier acquisitions, U.S.-based Circle Medical Technologies, is proving troublesome: its billing practices are being investigated by federal prosecutors. Well Health put off recording $53.9 million in revenue from Circle Medical, which helped push the company’s operating results into the red for the year. The impact of Healwell more than made up for it on the bottom line, however.
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