The telehealth story is only growing stronger by the day. In fact, with the pandemic showing no signs of cooling, it’s creating a potential $250 billion opportunity. According to a new McKinsey & Co. report, the firm “estimates that up to $250 billion, or 20% of all Medicare, Medicaid, and commercial outpatient, office, and home health spend could be done virtually.”
In addition, with acquisitions and plenty of support from the White House, the telehealth boom has just begun to revolutionize the multi-trillion-dollar healthcare market. For one, Teladoc Health announced it will acquire Livongo Health in a deal valued at $18.5 billion. Two, President Trump just signed an executive order to expand telehealth in rural areas. Three, more people are embracing telehealth. According to a recent survey from healthinsurance.com, more than 60% of Medicare-eligible seniors say they’re now using the technology. As demand increases, especially during the pandemic, some of the top telehealth-related stocks to be well aware of include CloudMD Software & Services Inc. (TSXV:DOC) (OTCQB:DOCRF), Teladoc Health Inc. (NYSE:TDOC), 1Life Healthcare Inc. (NASDAQ:ONEM), Humana Inc. (NYSE:HUM), and Loblaw Companies Ltd. (TSX:L).
CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) BREAKING NEWS: CloudMD Software & Services Inc., a telehealth company revolutionizing the delivery of healthcare to patients, is pleased to announce that it has appointed experienced industry leaders to its newly formed Chairman’s Advisory Board, all with records of building successful high growth organizations with an international outlook. The members have agreed to share their experience and knowledge in creating and managing significant strategic initiatives that deliver significant value creation.
The additions to the Chairman’s Advisory Board include veterans of the technology and healthcare sectors with focus that included corporate strategy and M&A transactions. The group includes leading executives that have scaled billion-dollar businesses, led significant financing transactions on behalf of public shareholders, steered mega mergers and acquisitions, and have developed world-renowned healthcare and business academic programs.
Together with Chairman, Mark Kohler, the advisory board will provide requested assistance on a periodic basis on governance, corporate growth strategy, along with input to our ongoing M&A transactions program. The strategic advisory board was created to help position CloudMD for greater North American and international growth and to reinforce the Company’s position as a dominant healthcare leader in the space. CloudMD is focused on providing patient centric, continuity of care and whole person healthcare delivery and will use this same strategy to expand globally. The advisory board will play a crucial role in providing leading industry advice across healthcare and data privacy, building and scaling businesses, and setting the framework for transformational M&A activity.
The newly appointed members to the Chairman’s Advisory Board include:
Dr. Anne Snowdon is a Professor of Strategy and Entrepreneurship, Academic Chair of the World Health Innovation Network (WIN) and Scientific Director and CEO of the Supply Chain Advancement Network in Health (SCAN Health), a Network of Centres of Excellence and International Knowledge Translation Platform headquartered at the University of Windsor’s Odette School of Business. SCAN Health currently engages over 100 partners across 9 countries worldwide that represent health systems, government, and industry.
Dr. Snowdon is the Vice Chair of the Board of the Directors for Alberta Innovates, a member of the Health Futures Council of Arizona State University (ASU), and an Adjunct Professor of Clinical Supply Chain Innovation at the Faculty of Health Sciences at the University of Southern Denmark.
She consults for the Health Information Management Systems Society (HIMSS) where she designed the Digital Health Ecosystem model and measurement tool, the Digital Health Index, and the Clinically Integrated Supply Outcomes Maturity Model (CISOM). She authored the seminal white paper on the Digital Health Framework and issued the formal definition of “Digital Health” for HIMSS, on March 2, 2020.
In addition, Dr. Snowdon is leading a national COVID-19 operating grant, funded by the Canadian Institutes for Health Research (CIHR) that supports activity of research teams across seven Canadian provinces. This research program examines the impact of Supply chain infrastructure and processes on the COVID19 outcomes in Canada.
Dr. Snowdon holds a PhD in Nursing from the University of Michigan, an MSc from McGill University and BScN from Western University. She is a Fulbright Scholar, and a Fellow of the American Academy of Nurses.
Art Mesher is recognized as a pioneer in building and investing in world leading companies that harness the integration of business communities or networks, such as we now see in the healthcare industry. Art is considered the founder of the "Federating Networks Model" for the supply chain industry. He also launched the Integrated Logistics Strategies Services offerings at Gartner Group Inc.
Art is currently Chancellor of CleanSL8 Development Network and Advisors, Chairman of the Board of The Core Group, and Vice Chairman and Executive Director at Gains Systems. He also serves on the Boards and Strategic Advisory Boards of several highly successful growth-oriented organizations focused on international markets including Nulogy Corp, Real Matters, and Dye and Durham. In the past, he served as Chairman of the Board at Versapay Corporation (sold to Great Hills partners for $126 million) and Sirit Corporation (sold to Federal Signal) and was Vice Chairman and Executive Director of Livingston International (sold to Platinum Equity). He also served on the Board of Directors for QHR Corporation (sold to Loblaw Companies Ltd for $170 million) and was a strategic advisor for "Scale AI", the Canadian Supercluster initiative for AI driven intelligent supply chains located in Montreal.
Until late 2013, Art was the CEO and Chairman of the Board of The Descartes Systems Group Inc. (DSGX) leading the first on-demand logistics network. Appointed CEO in 2004, he spearheaded the company’s turnaround into awarding-winning worldwide profitable operations and stellar financial performance and created significant shareholder value along the way. The Company is currently valued at $5.9 billion.
Among his other achievements, Art was selected as the Council of Supply Chain Management Professionals (CSCMP) Distinguished Service Award recipient in 2008 and was elected to their "Supply Chain Hall of Fame" in 2016.
Don Simmonds is an experienced executive leader and serial entrepreneur, currently serving as the Chairman and CEO of Blyth Group, a Family Office and incubator. Having participated in more than 30 start-ups, Don was a founding partner of the Lenbrook Group in 1977, best known for creating Clearnet, one of Canada’s three major wireless networks and sold to Telus reportedly for $6.6 billion in 2000. Don was also the Founder & CEO of AirIQ Inc., one of the first Canadian companies to combine GPS satellite and wireless technologies. During his tenure, AirIQ was named one of Canada’s fastest growing technology companies and in 2005 he was named a finalist in the Ernst & Young Entrepreneur of The Year® Awards. A member of the Canadian Telecommunications Hall of Fame and a Queen’s Jubilee medal recipient, Don is also a former CEO of CTS Television.
Don is well known as an avid supporter of innovation, acquisition-based growth strategies, and combining new technologies that deliver impactful results for customers, and for his leadership at international charitable organizations/networks. He has recently applied his considerable talents to the healthcare technology industry having founded and invested in businesses that focus on delivery of data, assessments, and personal health information, to clinicians and to families in a circle of care. He is also currently the Chancellor of Crandall University in Moncton, New Brunswick and a Director of Baylin Technologies Inc., which trades on the TSX.
Frank Arnone is a senior Partner in the Business Law Group, and Co-Chair of the Private Equity Group, of Cassels Brock and Blackwell LLP. He has over 30 years’ experience practicing corporate and securities law with a focus on M&A for clients in a wide variety of industries, including several in the healthcare technology sector. Frank has also acted for clients in the fin-tech, telecom, software, SaaS, and consumer products industries.
In addition to public and private company M&A (buy-side and sell-side), Frank has acted on numerous IPO’s for both issuers and underwriters and advised on a wide variety of debt and equity financings. He has also represented some of Canada’s largest pension funds and international and domestic private equity sponsors.
Frank has a Bachelor of Commerce degree from Queen’s University, a Bachelor of Laws degree from the University of Western Ontario and a Masters of Law from Osgoode Hall at York University. He has also served as a Director and Chair of the Governance Committee of an Ontario hospital for five years.
Paresh (Raj) Doshi is a seasoned executive with experience in marketing, product management, service, sales, finance, e-Business and operations, combined with experience in change management, business development, and strategy in the highly competitive direct to consumer markets. He currently owns and operates a strategy and advisory consultancy (ConnectIQ Inc.), which focuses on helping organizations with customer focused business strategy and operational excellence.
His 35 years of experience includes senior roles at Rogers Communication Inc., one of the largest publicly traded companies in Canada, where he was the Executive Vice President of Consumer Wireless and the Executive Vice President of the 5G Program. Raj has also served on the Board and Advisory Boards of several industry leaders and technology-oriented companies in Canada and the USA, and currently serves on the Board of a Smart Energy start-up focused on solutions for the 5G future.
Raj has a Masters of Accounting and B.A. from the University of Waterloo, and is a Chartered Professional Accountant (CPA, CA CMA). Raj also obtained his ICD.D (Institute of Corporate Directors) designation in 2019.
Dr. Essam Hamza, CEO of CloudMD commented, “We are very pleased to welcome this group of exceptional industry leaders to assist us as we continue to navigate through our growth trajectories, including strategic M&A activities, entering important segments in the future of telemedicine like 5G, wearables etc. and increasing access of care to our patients. We feel confident that this is and will continue to be an explosive growth period for CloudMD and having the expertise and knowledge from our Chairman’s Advisory Board will be invaluable to help solidify our success in capitalizing on growth opportunities. This strategic board will help create a stronger foundation on which we continue to adapt to the rapid transformations in the healthcare space. I look forward to working with Dr. Snowdon, Art, Don, Frank and Raj, and of course Mark, to continue executing on more growth initiatives, while diligently focusing on delivering exceptional, holistic healthcare to our network.”
Mark Kohler, Chairman of CloudMD commented, “I am very pleased that we have been able to attract such an illustrious group of industry veterans to assist CloudMD as we continue to create value for our shareholders now, and as this accomplished group has done in the past for other successful organizations. I am especially grateful to the members, most of whom I have worked with in the past, for their commitment to me and CloudMD to advance the delivery of healthcare and the massive positive impact that we continue to make with our technologies and the delivery of positive outcomes to patients.”
Other related developments from around the markets include:
Teladoc Health Inc. (NYSE:TDOC), the global leader in virtual care, is providing free, 24/7 general medical telehealth visits to residents, first responders and others directly impacted by the western fires currently devastating many parts of California, Oregon and Colorado. Individuals who have been displaced or who cannot access medical care as a result of the wildfires can seek treatment from a board-certified, state licensed physician for any non-emergency illness by calling Teladoc directly at 855-225-5032. With the COVID-19 pandemic presenting an additional health risk, its vital that those impacted know they have immediate access to care in their time of need. “Natural disasters strain communities and health care delivery. This wildfire season is more complicated with an active pandemic still a very real health threat throughout the nation,” said Dr. Lewis Levy, FACP, chief medical officer, Teladoc Health. “Residents from evacuated areas must be vigilant to follow best practices to stay healthy. Virtual care is a proven solution that supports community health during these times, especially when healthcare facilities and providers may also be affected and unable to provide care for residents.”
1Life Healthcare Inc. (NASDAQ:ONEM) and The Ohio State University Wexner Medical Center will partner to deliver seamless coordinated care in Columbus and the central Ohio region. The partnership will provide central Ohio residents access to One Medical’s modernized primary care model, which supports seamless access to Ohio State’s network of highly ranked specialists, ambulatory facilities and hospitals. One Medical’s membership-based model combines 24/7 on-demand access to telehealth services, paired with convenient in-person care. In addition to a direct-to-consumer membership, more than 7,000 employers have sponsored memberships on behalf of their workforce. Together, the two organizations will aim to achieve greater clinical integration and deliver exceptional value to consumers and employers. “As an academic health center, we are focused on transforming from a health system to a comprehensive health platform that provides innovative care and delivers unparalleled experiences for all those who look to us for care across Ohio and nationally,” said Dr. Hal Paz, executive vice president and chancellor for Health Affairs at The Ohio State University and CEO of Ohio State Wexner Medical Center. “This partnership is an important next step in continuing to expand Ohio State’s outpatient care strategy to meet the needs of the communities we serve by building on our exceptional primary care offerings, increasing access to digital healthcare solutions and improving access to services that are essential to better health.”
Loblaw Companies Ltd. (TSX:L) has taken a significant step forward on its journey to provide Canadians with the convenience and security of a digitally connected healthcare network. Today, the Company announced that its wholly owned subsidiary Shoppers Drug Mart Inc. will invest $75 million in Maple Corporation, the leading virtual care provider in Canada, in exchange for a material minority stake in the company. Maple is a thriving Canadian telemedicine provider that allows patients to connect online with a variety of healthcare professionals, including general practitioners, specialists and allied health professionals. As the country evolves to a more digitally enabled healthcare system, telemedicine/virtual care has emerged as a key enabler of reliable and convenient access to care. This investment is an important step as Shoppers Drug Mart looks to make this service more accessible, with a goal to provide a seamless experience for patients as they move between virtual and in-person care. "The COVID-19 pandemic has proven that Canadians need new ways, particularly virtual ways, to get access to care," said Jeff Leger, President, Shoppers Drug Mart. "We know that the future of healthcare is digitally enabled. We believe that our store network and infrastructure, combined with Maple's technology can help better connect Canadians to the healthcare support they need, whenever and wherever they are."
Humana Inc. (NYSE:HUM) announced that Raquel C. Bono, M.D. has been elected as a member of the company’s board of directors. A board-certified trauma surgeon and retired Vice Admiral, U.S. Navy Medical Corps, Dr. Bono served as the Chief Executive Officer and Director for the Defense Health Agency (DHA), the joint, integrated combat support agency that enables all branches of the U.S. military medical services to provide health care to combatant commands. That post capped a military career during which Dr. Bono became known in the halls of the Pentagon, Congress and Executive Branch as a highly accomplished leader with high integrity. During her tenure with the DHA, Dr. Bono integrated an unprecedented $50 billion worldwide health care enterprise for the Army, Navy, Air Force and Marine Corps, comprised of 50 hospitals and 300 clinics that provide care to more than nine million military personnel. She oversaw the Department of Defense deployment of electronic health records and facilitated the collaboration between the largest federated health systems of the Department of Defense and Department of Veterans Affairs (VA). Dr. Bono began her career with active duty deployment in Operations Desert Shield and Desert Storm and served in various roles with the Navy and TRICARE prior to joining DHA, including serving as Chief Executive Officer of a large military hospital.
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