WELL Health, a digital healthcare company focused on supporting healthcare providers, has announced the acquisition of Toronto-based Jack Nathan Medical Corp. This acquisition includes both a network of 16 owned and operated primary care clinics across the country and a clinic licensing business with 62 licensee clinics.
The 16 clinics generated over $10 million in annual revenue, while the licensing segment brought in over $2.2 million. These clinics are being used to support a new business model that focuses on recruiting and placing physicians in smaller, physician-owned clinics, allowing the company to generate rental income without taking on operational responsibilities.
Upon closing the transaction, WELL will also acquire the rights to operate medical clinics within Walmart Canada stores, expanding its network across the country while aiming for adjusted EBITDA profitability by 2025.
Founder and CEO of WELL Hamed Shahbazi said in a statement: “By adding 90 doctors to our network and expanding with both owned and affiliate clinics, we will be enhancing our ability to support physicians in delivering care. These clinics, situated in Canadian Walmart stores across a diverse network of 13 Canadian cities, will benefit from WELL’s optimization tools and digital innovations aimed at improving efficiency and enhancing the provider experience.”
