Telehealth investments are on the rise, with total funding already surpassing $20 billion in 2021, and may continue to grow as more companies look to meet a potential growing demand for home-based and remote patient care. Best Buy (NYSE:BBY) is the latest retailer to expand further into telehealth after striking a deal to acquire Current Health, a remote patient monitoring platform. Best Buy isn't the only company looking to grow its stake in the growing market. Companies like Mednow Inc. (TSXV:MNOW) (OTCQB:MDNWF), American Well Corp (Amwell) (NYSE:AMWL), McKesson Corporation (NYSE:MCK), and Hims & Hers Health Inc. (NYSE:HIMS) are all positioning themselves with solutions and deals that not only expand their reach but also facilitate delivery of high-quality healthcare to patients.
Virtual pharmacy and telehealth provider Mednow Inc. (TSXV:MNOW) (OTCQB:MDNWF) has continued to increase its share of the digital healthcare market through strategic acquisitions. On November 15, the company gained entry to the specialty pharmacy market through the acquisition of Infusicare Canada and its wholly-owned subsidiary The Arva Clinic, a specialty pharmacy in Ontario that offers comprehensive support for patients receiving biologic for rheumatoid arthritis and other specialty medications. As disclosed in the press release,Infusicare had annual revenue of approximately $9 million and annual gross profit of approximately $400,000 for the year ended July 31, 2021 (Past performance is not indicative of future results).
"The anticipated acquisition of Infusicare is right in our wheelhouse, leveraging Mednow's expertise in pharmacy. Upon receiving TSX Venture Exchange approval to close the transcation, we will integrate Infusicare's operations, The Arva Clinic's patient base is expected to benefit from Mednow's digital customer service infrastructure," said Karim Nassar, CEO of Mednow. "The anticipated benefit for Mednow is that upon closing, the company is expected to gain a historically solid revenue and profitability base, and add specialty pharmacy services to its wide range of digital healthcare services."
Mednow also recently completed the acquisition of Mednow Pharmacy Inc., an online pharmacy that delivers prescriptions in the province of British Columbia. The two companies will consolidate their revenues and expenses and terminate the pharmacy agreement they had.
"We are executing on our plan for a national presence across Canada and we are thrilled to be consolidating Mednow Pharmacy Inc. under our platform. As we add service to our digital-first healthcare platform, we are also simultaneously working to expand our geographical reach to become a household name in Canadian healthcare," said Mednow's CEO Karim Nassar.
Acquisitions have been a significant part of Mednow's strategy as highlighted in its Q4 2021 financial results. During the quarter, the company closed the acquisition of Medvist, a Canadian doctor house call service that completed more than 30,000 calls annually. The acquisition brings significant potential for Mednow, as Medvisit has served more than 400,000 patients since its inception and earned revenue of approximately $3 million and a gross profit of approximately $790,000 in its latest fiscal year (Past performance is not indicative of future results).
During the fourth quarter, Mednow also launched Mednow Virtual Care, a proprietary telemedicine platform available for iPhone and Android users that offers both pharmacy services and virtual physician consultations
To learn more about Mednow Inc. (TSXV:MNOW) (OTC:MDNWF), click here.
Telehealth Presents Massive Growth Opportunity
Retail giant Best Buy (NYSE:BBY) is expanding its foray into the rapidly growing telehealth sector with the acquisition of UK-based Current Health. Current Health is a leader in remote care management technology offering telehealth, remote patient monitoring, and patient engagement solutions for healthcare companies. The combination of Current Health's solution with its existing healthcare offerings will allow Best Buy to create a holistic home-based care ecosystem. Best Buy, which already owns two healthcare companies, sees a significant growth opportunity in the telehealth sector, thus the agreement to acquire Current Health to further its impact in the sector.
Telehealth leader American Well Corp (Amwell) (NYSE:AMWL) announced the availability of its Converge Virtual Care Platform with an additional EHR integration capability. The platform is designed to provide a scalable, unified and simple digital care delivery experience. The platform has been named the Best New Application in Telehealth by UCSF. Such recognition marks an important step for Amwell as its platform continues to be recognized as a leader by clients and the industry at large. The platform has also received recognition as Flagship Vendor in Omnichannel Functionality and Tech Top 50 Honoree.
While Amwell is winning awards for its telehealth platform, Health Mart, a business of McKesson Corporation (NYSE:MCK) released the Health Mart Digital Portfolio in collaboration with Tabula Rasa Healthcare. The Health Mart Digital Portfolio Tabula Rasa HealthCare's Prescribe Wellness will power the Health Mart Digital Portfolio to provide pharmacies with new digital tools and services. Among these tools and services are a consumer web portal, a mobile application, pharmacists training, customer support, and concierge marketing services.
Multispecialty telehealth platform Hims & Hers Health, Inc. (NYSE:HIMS) announced a partnership with The Vitamin Shoppe to expand the availability of its personal care offerings online and in more than 280 store locations of The Vitamin Shoppe. Through the new partnership, Hims & Hers customers can access a variety of healthcare solutions. The company could also expand the offerings offered at various Shoppe locations.
Telehealth is a market ripe for innovative investments for companies such as Mednow as digital transformation continues to change the healthcare landscape.
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