CloudMD Closes Acquisition of HumanaCare, an Industry Leader in Employee Health Services, Providing a Transformational Platform that Promotes Short and Long-Term Health and Wellness
The only employee assistance solution for enterprise clients to deliver care plans to employees for short-term, long-term and chronic care
VANCOUVER, British Columbia, Jan. 12, 2021 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or
“CloudMD”), a telehealth company seeking to revolutionize the delivery of healthcare to patients, is pleased to announce that it has closed the previously announced acquisition of
HumanaCare Organizational Resources Inc. (“HumanaCare”), an integrated, Employee Assistance Services (“EAP”) solution which provides compassionate, holistic,
physical and mental health support for employees and their family members, by way of acquiring 100% of the shares of HumanaCare’s parent company, First Health Care Services of Canada Inc.
HumanaCare is an industry leading EAP, funded by employers to provide access to mental and physical wellness support services. HumanaCare provides employee health services to over 5000 corporate clients, 1 million employees and their family members utilizing a clinical network of more than 3500 clinicians. Currently, HumanaCare has multi-year agreements to service fortune 500 clients, leading corporations and advisors. The solution uses nurse triage to support mental health and short-term incidental issues including counselling, financial stress, nutrition, legal and eldercare consultation. HumanaCare’s programs include, YourNurse, Chronic Disease Management, Eldercare, Medical Second Opinion and Disability Support Services.
HumanaCare has more than 35 years of Canadian healthcare experience and has solidified its place as one of the top EAP providers in Canada. The EAP segment has shown significant year over year growth and is only increasing in importance as the mental and physical strain of remote working and social distancing become more evident. With a focus on innovation, a holistic approach to care, and continuity of care centred around the patient, CloudMD believes HumanaCare will be a market leader.
Historically, EAP’s have focused exclusively on short-term incidental care. This is a transformational acquisition, as HumanaCare combined with CloudMD’s enterprise platform will not only provide short-term support, but now employees and family members will have access to a patient-focused approach to longer-term and chronic care management. CloudMD will be able to optimize and cross-sell into HumanaCare’s current client network by offering corporations and employers a more comprehensive solution which includes telemedicine, triaging, on-demand mental health support, and educational healthcare resources. As a solution to the currently siloed healthcare system, the combined offerings will provide one, centralized platform that breaks down the barriers to access by offering a team-based, longitudinal approach to employee wellbeing.