Insig, a Toronto-based telehealth company, has received a $5.94 million strategic investment from Vancouver-based WELL Health, which provides electronic medical record software services to Canadian clinics. With this investment, WELL is now Insig’s largest shareholder.
“It is especially important in these difficult times to use intelligent solutions in healthcare.”
The investment consists of an acquisition of 2,625,204 common shares of Insig with a total value of $3.94 million, as well as a $2 million loan in the form of a convertible note. As a result of the investment, WELL’s CEO and chairman Hamed Shahbazi will join Insig’s board of directors.
Insig and WELL have also entered into a strategic partnership to launch a digital health communications platform for WELL patients and healthcare providers, called VirtualClinic+. WELL said the investment and partnership will allow WELL to commercialize Insig’s telehealth software, while also acquiring a minority equity position in the company.
“We are thrilled to invest in and get behind what we believe is one of the most exciting telehealth platforms on the continent,” said Shahbazi. “Together with VirtualClinic+, WELL and Insig are already changing the Canadian telehealth ecosystem. We are rapidly onboarding healthcare providers and supporting them in taking their practices virtual.”
VirtualClinic+ will connect patients to physicians through video, phone, and secure messaging. Physicians will be able to give their patients access to convenient telehealth consultations, and respond to the demand for episodic care, which refers to a single encounter with a patient and healthcare provider, rather than an ongoing relationship.
WELL has said the new platform has picked up significant interest due to increased demand for virtual care resulting from COVID-19. Due to the pandemic, WELL plans to rapidly ramp up the program. WELL has already onboarded physicians from a number of its corporate-owned and operated clinics in British Columbia and Ontario.
Insig’s platform allows patients to provide detailed histories and reasons for their visits with a questionnaire. The software transforms this information into detailed medical notes for physicians to review, update, and complete.
On March 30, WELL Health launched a set of automated COVID-19 triage tools, that uses artificial intelligence to tell Canadians over text or phone if they might have COVID-19, and what their best next steps are. The service is aimed to free up the time of healthcare professionals and curb the virus’ spread. The phone triage tool uses AI-powered natural language processing technologies to automatically triage COVID-19 symptoms and travel history over a phone call.
The demand for telehealth and new tech services in Canada has caused many tech companies to expand their offerings. Maple, another Toronto-based virtual care company, is providing online COVID-19 screenings with a live physician to Ontario residents. Dialogue launched a free tool to give Canadian access to the latest public health information and resources pertaining to the outbreak. Telus Health is also giving Albertans access to virtual healthcare services, including doctors.
“Healthcare is something that affects us all. It is especially important in these difficult times to use intelligent solutions in healthcare to drive effectiveness and safety,” said Matthew Mazzuca, CEO of Insig. “We believe that with our technology and WELL’s rapidly growing reach, we can have a critical impact in the industry.”
Image source Insig