It's no secret that the ongoing global pandemic is taking a toll on mental health, but few realize how much it is affecting children, up until recently, that is. Last month, a coalition of America's leading experts in pediatric health declared a mental health crisis among children that is quickly escalating into a national emergency. The declaration calls on policymakers to make access to telemedicine and mental health care in schools a priority. Fortunately, the Biden Administration has pledged to provide nearly $85 million for mental health awareness, training, and treatment for children. The Canadian Liberal has also said previously that it will give provinces and territories $4.5 billion over five years in targeted funding for mental health. As governments turn their attention to funding, companies like Mednow Inc. (TSXV:MNOW) (OTCQB:MDNWF), Teladoc Health Inc. (NYSE:TDOC), CloudMD Software & Services Inc. (TSXV:DOC) (OTCPK:DOCRF), 1Life Healthcare, Inc. (NASDAQ:ONEM), and Well Health Technologies Corp. (TSX:WELL) (OTCPK:WLYYF) continue bolstering their virtual mental health offerings to meet the growing market need.
Mednow Inc. (TSXV:MNOW) (OTC:MDNWF) to acquire approximately 2.5% of Doko for about $500,000, with a path to 51% ownership of the company. This acquisition gives Mednow access to a network of 100 doctors in 37 countries and comes with a valuable US virtual care license, placing the company as a leader in the North American market.
In Q4 2021, Mednow achieved significant operational and financial milestones including the launch of Mednow Virtual Care to provide telemedicine services; the acquisition of Medvisit, a company that conducted about 30,000 annual patient visits; an investment agreement to acquire an equity interest in Life Support Mental Health Inc and approval of the company's pharmacy licenses from Nova Scotia College of Pharmacists, allowing the company to operate in Nova Scotia.
Mednow also announced the creation of Mednow for Business, as part of the company's institutional services business, and revealed that it is making significant moves to accelerate this business by making several executive appointments and signing a marketing services agreement with Sterling Capital Brokers.
"Through the acceleration of our institutional services business, Mednow for Business, the acquisition of Medvisit, our investment in Life Support Mental Health Inc. and the launch of Mednow Virtual Care telemedicine services, we have recently made significant strides in bolstering our service offering," said Karim Nassar, CEO of Mednow. "With over $28 million in cash as of July 31, 2021 we remain in a strong financial position to continue executing on our strategic plan."
Mednow also announced that it has received confirmation from The Depository Trust Company DTC that its common shares are eligible for electronic clearing and settlement through DTC in the US facilitating trading on the OTCQB exchange.
For more information on Mednow Inc. (TSXV:MNOW) (OTC:MDNWF), click here.
More Patients Access Mental Health Care through Virtual Care Platforms
Teladoc Health Inc. (NYSE:TDOC) continues to deliver access to healthcare with the expansion of Primary360, the company's primary care service. Primary 360 will now be available to commercial health plans, employers, and organizations that sponsor healthcare for families and individuals. Pilot programs of the service have shown that a majority of the people without traditional primary care are benefiting from physician-led care teams, and helped in the screening, detection, and treatment of previously undiagnosed conditions including mental health problems.
CloudMD Software & Services Inc. (TSXV:DOC) (OTC:DOCRF) partnered with an additional 19 post-secondary institutions in Canada to provide more than 167,000 students with its Aspiria Student Assistance Program. CloudMD is partnering with these colleges and universities to provide them with the resources to support the growing demand for mental health care as students deal with the impact of the pandemic. Aspiria SAP is an integrated mental health service that comes with digital tools for assessment, triaging, and short-term counseling. The service is accessible to students 24/7 all year round to support students' mental health needs when and as they arise.
1Life Healthcare, Inc. (NASDAQ:ONEM) extended its reach to children and adults with the acquisition of Iora Health. This acquisition places One Medical in a better position to deliver better health, care, and affordability for patients in all stages of life from children to adults. After completing the acquisition, Iora Primary Care has been added to Cigma's Medicare Advantage Network in Maricopa County Arizona. Through this addition, customers in all Cigma's MA plans in Maricopa County can access Iora's 12 primary care practices in Maricopa County.
Well Health Technologies Corp. (TSX:WELL) (OTC:WLYYF) saw a 72% increase in mental health visits in Q3 2021 in its primary care business in Canada. Most of these visits (68%) were virtual care visits. This increase comes as Well Health expands its portfolio of virtual health care tools and technology allowing practitioners to deploy behavioral health care services to meet the growing demand. The company has also expanded its initiative after WELL Ventures, a subsidiary of Well Health, invested in Hasu Behavioral Health, a virtual online therapy clinic that supports individuals and families dealing with mental health issues including anxiety, depression, trauma, substance abuse, and relationship problems.
The isolation and uncertainties of the pandemic have led to skyrocketing mental health issues among children and young people as well as adults. The declining stigma towards mental health issues and the growing penetration of telehealth services have seen more people access services from telehealth providers like Mednow Inc.
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