- CloudMD’s established, proprietary mental health platform offering assessment, navigation, coaching, and work life services paired with MindBeacon’s iCBT, virtual therapy and assessment solutions, creates one of the most comprehensive integrated suite of mental health solutions in
Canada – focused on health outcomes for users across a diverse set of purchasing channels - CloudMD’s Integrated Health Services Platform offers a single point of access to a full range of mental and physical health services, providing users with a seamless experience and clients with meaningful data and analytics
- The acquisition is expected to accelerate CloudMD’s
U.S. presence through expanded behavioural health capabilities, modalities, cross-selling synergies and MindBeacon’s recent acquisition of aU.S. -based mental health provider that provides both EAP and a much broader range of behavioural health services to employer populations
MindBeacon’s robust digital mental healthcare platform, combined with its network of over 500 licensed therapists and advanced clinical psychologists, offers a full continuum of care centered around providing users the freedom to choose how, when and where they engage with support.
“We are thrilled to close the acquisition of MindBeacon, and would like to thank their shareholders, directors and management for the support and collaboration during this process. By uniting CloudMD and MindBeacon’s platforms, we will create a leading, fully-integrated health offering that provides effective stepped care across the entire spectrum of physical and mental healthcare,” said Dr.
MindBeacon pioneered the digital delivery of evidence-based therapy through a computer or mobile device. As a result, over 50,000 people have been treated by MindBeacon’s therapist assisted internet-based cognitive behavioural therapy (“TAiCBT”), receiving help 5 times faster than traditional community mental health care1. MindBeacon’s TAiCBT delivers impressive outcomes, with 82% of clients reporting self-improvement in mental health, and 67% reporting clinically significant improvement.
“As the need for accessible mental health support continues to grow, it is imperative that the sector innovates to increase accessibility, improve results and reduce costs. The progression of our Integrated Health Services Platform, our partnership with employers, advisors and insurers and the acquisition of MindBeacon, demonstrates our dedication to being a leader in innovating the mental health space,” said
“CloudMD's Comprehensive Integrated Health Services Platform is the perfect home for MindBeacon's mental health capabilities. Together, we're an industry-leading holistic health company,” said
The addition of MindBeacon to CloudMD’s holistic offering positions the Company as a leader within the fast-growing global behavioural healthcare market, which is expected to grow to
- Combined, the digital health platform is expected to be one of North America’s leading fully-integrated health offerings, with a clinically-validated, broad continuum of care to address mild, moderate, acute and chronic mental and physical care.
- Integration into CloudMD’s Comprehensive Integrated Health Services Platform will expand the breadth of interactive technologies and tool sets within behavioural health to support clients with longitudinal multi-dimensional care.
- Data interoperability and increased analytic touchpoints will provide additional valuable data around healthcare outcomes and improve network effects.
- Significant cross-selling opportunities through a combined network of 5,500 corporate clients, over 5 million lives, and extensive government contracts.
- Drive
U.S. expansion through additional capabilities, modalities, cross-selling opportunities and MindBeacon’s recent acquisition of aU.S. -based mental health provider. - MindBeacon’s “Beacon in a Box” white label iCBT SaaS offering complements CloudMD’s
Digital Health Solutions division and may be sold directly to its network of over 20,000 regulated healthcare professionals. - Overall cost synergies, including MindBeacon, now exceed
$4 million .
The companies have already started to integrate MindBeacon’s healthcare solutions into CloudMD’s broad continuum of care. Management anticipates that the acquisition will generate significant run-rate synergies beginning in the first quarter of this year. Such synergies are expected to be realized through cost rationalization, process integration and the scale of the combined organization. The complementary nature of the combined digital health offering is also expected to fuel product cross-selling opportunities to existing CloudMD and MindBeacon clients.
In connection with closing of the Arrangement, CloudMD expanded its management team to include
Delisting of MindBeacon Common Shares
CloudMD intends to cause MindBeacon to delist its common shares from the
About
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr.
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
VP, Investor Relations
julia@cloudmd.ca
(604)785-0850
Neither
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” and “forward‐looking information” within the meaning of Canadian securities laws. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the impact and benefits of the Arrangement, including that it will accelerate CloudMD’s
1https://www.mindbeacon.com/news-media/2021-top-5-mental-health-insights
2 https://www.globenewswire.com/news-release/2021/01/06/2154290/0/en/Behavioral-Health-Market-to-Garner-Growth-at-5-02-by-2027.html
Source:
2022 GlobeNewswire, Inc., source