VANCOUVER, BC and ATLANTA, Ga., July 13, 2023 – WELL Health Technologies Corp. (“WELL”) — a practitioner-focused digital health company that is positively impacting health outcomes by tech-enabling healthcare providers and their patients globally, is pleased to announce its wholly owned subsidiary, CRH Medical (“CRH”), has completed the acquisition of CarePlus Management (“CarePlus”).
In conjunction with this Transaction, WELL increases its annual revenue guidance for 2023 to be between $740 million and $760 million and re-iterates its annual Adjusted EBITDA guidance to exceed 10% annual growth.
Headquartered in Atlanta, Georgia, CarePlus has three primary businesses:
- RADAR Healthcare Providers (“RADAR”), which provides staffing and locum tenens services focused on anesthesia providers
- Anesthesia services division, similar to CRH’s clinical anesthesia services
- Premier Choice Billing (“Premier Choice”), which provides billing, revenue cycle management (RCM), and collection services for healthcare entities.
Jay Kreger, CEO of CRH Medical, commented,
“We are very pleased to welcome CarePlus to the WELL family. This acquisition not only grows and strengthens CRH’s existing business but also positions CRH to serve as a shared service for provider recruitment and billing services to the other US based businesses in WELL’s portfolio. The CarePlus platform adds significant upside for growth and diversification beyond clinical anesthesia services to include recruitment and revenue-cycle management services. We look forward to helping tech enable the healthcare providers that use and leverage the platform”.
Hamed Shahbazi, Founder and CEO of WELL Health, commented,
“As a healthcare provider focused company, we’re thrilled to acquire a successful and profitable recruitment platform, built and operated by a best-in-class recruitment team. CarePlus will help CRH further optimize anesthesia services, streamline staffing, and enhance revenue cycle management, empowering ASC operators and healthcare providers to focus on providing outstanding patient care. This acquisition marks a milestone in our journey for continued growth and diversification of CRH’s business in specialties beyond gastroenterology.”
RADAR is CarePlus’s full-service recruitment company that provides locum tenens and permanent placement anesthesia staffing solutions.
- RADAR specializes in Certified Registered Nurse Anesthetist (CRNA) and anesthesiologist recruitment and placement for its network of customers, including provider groups, hospitals, and ASCs across 29 states.
- With a database of over 70,000 anesthesia providers to leverage, RADAR has served over 150 clients to date.
- CRH intends to expand the scope of RADAR to other specialties and healthcare professionals, such as Physician specialists, primary care, and nursing professionals. The majority of CarePlus’s revenue is generated from the RADAR business division.
CarePlus Anesthesia operates in 18 ASC locations, including wholly owned, majority owned, and management contract-operated entities across nine states.
- These states include South Carolina, Mississippi, Alabama, South Dakota, and Illinois, in which CRH previously did not provide such services.
- With CarePlus, CRH now provides anesthesia services to 142 ASCs across 23 states.
Premier Choice is a growing RCM business that services owned entities and management services entities.
- Premier Choice offers potential synergistic opportunities to provide RCM and collection services to CRH’s existing anesthesia services.
Last month, CRH disclosed that it had made significant progress in its efforts to digitize the CRH business, including the completion of a strategic investment in Graphium Health, a leading EMR focused on Anesthesia practices.
CRH recently completed a pilot project with Graphium that demonstrated its ability to further tech-enable CRH’s providers resulting in clear improvements to time to billing and accounts receivable performance. CRH’s goal is to enable healthcare providers that participate in the RADAR business with tech using Graphium and other digitization initiatives it is deploying in its own business.
The Transaction was fully funded by CRH’s 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 healthcare services and technology-enabled business services. Brentwood Capital Advisors acted as advisors to CarePlus.