News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Adds senior customer success and sales leadership to accelerate expansion and growth
VANCOUVER, British Columbia, June 15, 2022 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a healthcare technology and innovative health services company transforming the delivery of care, is pleased to provide an update on the progress the Company has made to drive organic growth through new contracts and cross selling to existing customers as well as establishing the framework and organizational structure for continued commercial success.
CloudMD is focused on maximizing profitability from its core business and integrating its healthcare solutions into its Kii Personalized & Connected Care offering. The Company has built an ecosystem of connected services eliminating challenges that employers face when purchasing from multiple, siloed vendors. Employers will also benefit from integrated reporting and analytics, a simplified access and intake experience, and personalized whole-person care which leads to high satisfaction and better outcomes.
Notable Client Wins
Since the beginning of 2022, CloudMD has onboarded over 300 customers representing over 60,000 lives with clients across various sectors, switching from legacy providers to CloudMD. The Company’s momentum in customer acquisition includes over 9,000 new members through its Mental Health Coaching program and a disability contract with a large healthcare association.
Recently, Sanofi Canada partnered with CloudMD to enable improved access to critical mental health support for people living with diabetes. By offering Therapist Assisted internet-based Cognitive Behavioural Therapy (TAiCBT) through MindBeacon, they can now offer a 360-degree approach to diabetes management beyond medication. This represents an important expansion of mental health services into CloudMD’s pharmaceutical market vertical.
For people living with chronic health conditions, like diabetes, taking a connected, whole-person approach to care that includes both mental and physical health care can reduce the risk of developing a mental health condition and improve overall health outcomes. Rooted in evidence-based best practice, MindBeacon delivers high-quality mental health treatment, including support that is specifically designed to help those coping with chronic conditions, such as diabetes.
Sabina Steinkellner, General Manager, General Medicines, Sanofi Canada commented, “By thinking beyond the traditional one-size-fits-all approach to diabetes management and enabling a holistic approach to care, we can help support Canadians living with diabetes as they navigate life with a chronic condition. We are proud to be partnering with MindBeacon to support this holistic approach to care by providing access to vital mental health support.”
Clients are recognizing CloudMD’s innovation in mental health support (EFAP, TAiCBT and Mental Health Coach), medical second opinion and absence management services, resulting in proposals that include multiple integrated services.
The Company continues to educate its loyal customer base on the importance and benefits of offering its full spectrum of mental and physical health services to employees and expects to see continued adoption of Kii’s integrated health programs as the Company launches its B2B telemedicine product openly to the market in July. The recent customer wins and strong adoption rates by current customers are validation that CloudMD’s connected care approach resonates with employers and provides better health outcomes for employees and stronger measurable ROI for organizations.
Adam Kelly, Chief Commercial Officer, CloudMD commented, “We believe that customers are looking for integrated services that have been proven to deliver positive health outcomes. As such, our focus in the back half of 2022 is to accelerate organic growth through our customer base, helping customers realize value through the integration of additional services. We add value to customers by reducing the number of vendors and associated costs, improving their employees’ experience and health outcomes, and driving better business results for the organizations we support.”
Addition of Customer Success & Sales Leadership
CloudMD is excited to announce that it has appointed Eric Lalonde, Senior Vice President, Customer Success and Growth, and Robin Cooper, Senior Vice President, Partnerships and Growth to its senior leadership team.
In his new role, Eric Lalonde will primarily be responsible for building the new strategy, structure, and team for customer success and leading the cross-sell strategy across CloudMD’s Enterprise Health Solutions. Eric brings over 20 years of experience leading sales and customer success teams in various industries. Before joining CloudMD, he held senior executive roles with Medisys (now part of TELUS Health), Sprout (now part of TELUS Health) and Rogers Communications. Eric has an MBA from Ivey Business School. Eric’s proven leadership will help accelerate the adoption of CloudMD’s solutions across all of its customers and build an integrated team to help accelerate the growth strategy.
Robin Cooper is leading CloudMD’s partnership team focused on managing and expanding carriers, broker and advisor relationships as well as establishing other reseller and strategic partnerships that are growth oriented. Robin has an extensive background in healthcare technology sales with other industry leaders, including Maple, Teladoc, Best Doctors and Morneau Shepell. She brings over 20 years of experience in business development and strategic partnership opportunities. Robin’s strong track record of developing strategic initiatives and objectives and executing action plans has helped organizations drive profitable revenue growth and increased market share.
Antoine Delmas has been promoted to Regional Vice-President of Quebec and the Atlantic region, responsible for revenue and organic growth across all CloudMD products within the region. This decision represents CloudMD’s increasing market presence within the region and what the Company believes is an important market for continued strong organic growth.
“We remain focused on educating the market on our proven ability to ensure individuals access mental and physical health services that improve health outcomes. Industry experts, Eric Lalonde and Robin Cooper, chose CloudMD after reviewing our product roadmap and value proposition to customers. Both have the proven industry leadership and experience with building sales teams, driving cross-sell, and servicing clients in the health care space, which will be highly valuable in maximizing the opportunity in front of us to drive organic growth,” commented President and Interim CEO, Karen Adams, CloudMD.
Launch of VisionPros Platform in the United States
CloudMD is also pleased to announce that it has started selling its vision care platform, VisionPros, in the United States. Since being advised of the supplier issues while VisionPros was being run by the former owners, CloudMD has worked diligently with its U.S. based suppliers to rectify all issues, agree to new terms of distribution and sign new contracts. With these new agreements and a new U.S. distribution centre, VisionPros is now positioned to access the U.S. market.
About CloudMD Software & Services
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 direct ecosystem of over 5,700 clinicians including, 1,800+ mental health practitioners, 1,600+ allied health professionals, 1,400+ doctors and nurses and covers 12 million individual lives across North America. For more information visit: https://investors.cloudmd.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
Interim Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
VP, Investor Relations
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities laws. These statements are based upon information currently available to CloudMD’s management. All information that is not clearly historical in nature may constitute forward‐looking statements. In some cases, forward‐looking statements may be identified by the use of terms such as “forecast”, “assumption” and other similar expressions or future or conditional terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward-looking statements contained in this news release are based on certain factors and assumptions made by management of CloudMD based on their current expectations, estimates, projections, assumptions and beliefs regarding their business and CloudMD does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward‐looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Company’s MD&A (which is filed under the Company’s issuer profile on SEDAR and can be accessed at www.sedar.com), that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Although CloudMD has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward‐looking statements. Accordingly, readers should not place undue reliance on forward‐looking information. CloudMD does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.