WELL Health, a Vancouver healthtech startup, has entered into an agreement to acquire AwareMD for $4.5 million CAD.
Headquartered in North York, Aware MD’s technology provides a platform for managing electronic medical records (EMR) with a focus on cardiology as well as other specialties including radiology, endocrinology, and rheumatology.
Founded by Anatoly Langer, Aware MD’s team developed Cerebrum, a centralized workflow management system for healthcare practitioners where they can utilize features such as automatic report sending, workflow specifics configurable by the user, and view cardiology or radiology images on the internet.
MyHealth, which was acquired by WELL Health in June for $266.3 million CAD, has previously partnered with Aware MD to leverage Cerebrum in further automating its cardiology and diagnostic services.
According to MyHealth CEO Suresh Madan, the acquisition will aid the company in developing patient engagement tools and improving continuity care, a vital element in chronic disease management.
WELL Health was founded in 2012 by CEO Hamed Shahbazi and is publicly traded on the Toronto Stock Exchange. It claims to be Canada’s largest outpatient medical clinic owner and leading multi-disciplinary telehealth service provider. With a team of 117 employees, the company’s EMR services currently supports more than 2,800 medical clinics and over 15,000 doctors.
The integration of Aware MD’s Cerebrum into WELL Health’s platform will also allow healthcare professionals to access WELL Health’s other products such as the apps.health marketplace, a platform where third party app developers can sell their digital applications on a multi-product suite of EMRs.
As part of its active acquisition strategy, WELL Health entered the United States telehealth market with the company being set to acquire Wisp, a digital pharmacy startup, for $41 million USD.
In February, Betakit also reported that WELL Health was also set to acquire fellow Vancouver health services company CRH Medical for $373 million CAD.