CloudMD Provides Update on Growing Momentum Driven by Client Demand for Navigated Healthcare Solutions & Increased Operational Efficiencies

Customer wins subsequent to Q2 have resulted in an additional 100,000 lives covered and an increase in the number of new and existing clients subscribing to multiple CloudMD services.

VANCOUVER, British Columbia, Nov. 09, 2023 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), an innovative health services company transforming the delivery of care, today shared an update on the success of its initiatives to grow the Company’s share of wallet among large global organizations and drive down costs by creating operational efficiencies.

Key Client Successes Since Q2 2023:

• An additional 100,000 lives covered via new client signings for CloudMD portfolio solutions, including Health Care navigation (mental and physical health), Internet Based Cognitive Behaviour Therapy (iCBT), and Mental Health Coaching solutions. Major new clients include a large multinational technology company (48,000 lives) and a large media and telecommunications company (10,000 lives).
• Continued momentum for increasing lifetime customer value with expanded take up of multi-service offerings in new and existing accounts. Almost 50% of new clients in Q3 launched with more than one service, and nearly one-third of existing clients added at least one new service during this period.

Major Operational Efficiency Initiatives:

• Consolidation of internal cloud technology infrastructure into a singular tenant scheduled to be completed by year-end, expected to result in significant annual cost savings, reduced management overhead, and additional capacity to deliver on more critical items.
• Increasing customer satisfaction through enhancements to personalized intake, allowing for greater control over operations and substantial monthly cost savings.  

“I am excited that our focus on full integration of our portfolio of solutions across all aspects of our business, which is being led by our exceptional leadership team, is resulting in accelerating momentum, driving revenue, and reducing costs within the organization,” said Bram Lowsky, EVP, Health & Wellness Solutions, CloudMD. “As an increasing number of organizations seek to reduce the complexity, high costs, and often disappointing outcomes of supporting their employees with disjointed multi-vendor solutions, we are seeing strong interest in our game-changing full-service navigated approach to mental health, healthcare, and workplace safety. By choosing to work with CloudMD, clients and partners that select our complete suite of solutions really can have it all. And the growing number of organizations investing in our solutions to deliver better outcomes for their valued employees continues to validate the strength of our approach.