Well Health revised its annual revenue guidance sharply upwards after the purchase for an undisclosed sum.
Following its acquisition of Atlanta, Ga.-based CarePlus Management, Well Health has revised and increased its annual revenue guidance. On July 13, Well Health announced that it acquired CarePlus through Well Health’s subsidiary, CRH Medical. Well Health did not disclose the cost of the acquisition.
CRH Medical was previously listed on the New York Stock Exchange. It provides anesthesia for patients who undergo endoscopic procedures. Well Health acquired it in 2021 for $373 million CAD ($292.7 million USD).
Well Health has followed an aggressive plan of raising money and acquiring assets.
CarePlus has three primary businesses. They are Radar Healthcare Providers, which provides staffing and temporary nursing services focused on anesthesia providers; an anesthesia services division, similar to CRH’s clinical anesthesia services, and Premier Choice Billing, which provides billing, revenue cycle management (RCM), and collection services for health-care entities.
Radar specializes in Certified Registered Nurse Anesthetist (CRNA), an American health profession, and anesthesiologist recruitment and placement for its network of customers, which include provider groups, hospitals, and ambulatory surgery centres across 29 states, according to Well Health.
Well Health claims that with a database of over 70,000 anesthesia providers to leverage, Radar has served over 150 clients to date and is well positioned to further increase its footprint of providers and clients. CRH intends to expand the scope of Radar to other specialties and health-care professionals, such as physician specialists, primary care, and nursing professionals. The majority of CarePlus’s revenue is generated from the Radar business division.
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CRH says it fully funded the transaction with cash on hand and credit facilities. Investors in CarePlus included Atlanta, Georgia-based firms Fulcrum Equity Partners, a growth equity fund; and Level Capital Partners, a private investment firm focused on health-care services and technology-enabled business services. Brentwood Capital Advisors acted as advisors to CarePlus.
In conjunction with the deal, Well Health increased its annual revenue guidance for 2023 to be between $740 million and $760 million and reiterates its annual adjusted EBITDA guidance to exceed 10 percent annual growth.
Well Health previously set its 2023 annual guidance for revenue to be between $690 million and $710 million.
Well Health has followed an aggressive plan of raising money and acquiring assets. Founded in 2012 by chairman and CEO Hamed Shahbazi, Well Health is an acquisitive healthtech company that is traded on the Toronto Stock Exchange under the symbol ‘WELL.’
The British Columbia-based firm offers a health-care practitioner platform that includes tools for digital patient engagement, electronic medical records, revenue-cycle management, and data-protection services. Well Health also claims to own and operate Canada’s largest network of outpatient medical clinics.
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