How AI is Transforming Healthcare and Saving Lives
Vancouver, BC
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February 21, 2024 08:30 AM Eastern Standard Time
Artificial intelligence (AI) is completely transforming everyday life.
From entertainment to transportation, AI is being used to make our lives easier and more efficient. But none of those applications compare to its life-altering impact on healthcare.
AI is an absolute game-changer for the healthcare industry, helping save countless lives through precision medicine, robotics-assisted surgery, and connected devices. It’s also becoming increasingly valuable in identifying complex illnesses at an earlier stage.
AI-powered diagnostics leverage machine learning algorithms to analyze diverse data like medical records, genetics, and scans for early disease detection by identifying subtle patterns and anomalies often missed by human doctors.
AI's rapid and precise data processing highlights subtle health changes, potentially revealing underlying diseases or risk factors. For instance, AI can review mammograms to detect early-stage breast cancer not visible to the naked eye.
Over the next five years, the AI healthcare market is expected to grow at a compound annual growth rate (CAGR) of 48.1%, jumping from $20.9 billion in 2024 to $148.4 billion by 2029.
As Big Pharma companies roll out bold AI plans for the coming years, one company is developing and acquiring technology and clinical expertise to create an AI-driven medical powerhouse that supports doctors, curbs rising healthcare costs and improves patient outcomes.
HEALWELL AI Inc. (TSX:AIDX) (OTCQX:HWAIF is a physician-led healthcare technology company that is focused on AI and data science for preventive care.
In a whirlwind four months since its debut on the Toronto Stock Exchange, HEALWELL AI has rapidly gained financial strength, securing approximately $29.5 million and firmly establishing itself as a savvy capital allocator in the AI healthcare space after completing two transformative acquisitions.
AI Accelerated Preventive Healthcare
Late last year, HEALWELL AI secured a majority stake in Pentavere, a globally recognized, award-winning AI healthcare company specializing in identifying eligible patients for approved treatments. With a successful history of real-world evidence studies and key hospital network collaborations, Pentavere's DARWEN™ AI technology carries validation from global pharmaceutical leaders and has garnered recognition in renowned publications worldwide.
The Pentavere deal will provide several key benefits including significant top-line revenue growth through Pentavere's established client base and successful commercialization of real-world evidence studies, strong partnerships with major hospital networks in Canada and the US to expand HEALWELL's market reach and grant access to new patient demographics, and a team of AI engineers with invaluable to fortify the company's technological capabilities.
Following the completion of the acquisition, Pentavere introduced DERMAID, an innovative Real-World Evidence (RWE) solution tailored for Dermatologists and life sciences firms. Leveraging the DARWEN™ AI platform, DERMAID extracts actionable clinical insights to enhance patient care decisions in dermatology. The product has quickly gained traction in the market and has already engaged in commercial activities with multiple leading pharmaceutical companies.
HEALWELL AI Inc. (TSX:AIDX) (OTCQX:HWAIF also just finalized the acquisition of Intrahealth Systems, a multinational SaaS-based EHR (Electronic Health Record) provider supporting 15,000 clinicians that care for millions of patients in its global network across Canada, Australia and New Zealand.
In 2024, Intrahealth is projected to generate over $12 million in revenue, showing double-digit organic growth. Historically, the company has maintained strong financial performance with over 80% gross margins, positive EBITDA, and positive cash flow. Moreover, more than 80% of its revenue comes from recurring sources, which are highly profitable.
HEALWELL's strategic vision involves a deep integration of its cutting-edge AI tools with Intrahealth's platform to pioneer a next-generation AI-powered EHR, aligning with Value-Based Care (VBC) trends and empowering healthcare providers to achieve better health outcomes at reduced costs.
HEALWELL has solidified its support structure through a strategic partnership with WELL Health Technologies, the largest clinic group in Canada. WELL Health has invested in each of HEALWELL's financings, making them the largest shareholder and helping position HEALWELL as a leader in AI-enabled healthcare technology in North America.
The alliance between WELL Health and HEALWELL led to the launch of the WELL AI Decision Support service for healthcare providers. This new service is designed to be highly adaptable and is expected to grow over time. Initially, WELL AI Decision Support will enable healthcare providers to accurately identify over 150 complex or rare diseases that are often overlooked by traditional methods.
HEALWELL AI is actively pursuing a robust pipeline of potential acquisitions, having evaluated over 100 opportunities to date. Heading into 2024, the company is in talks with various parties to identify new investment and acquisition targets. Their M&A approach focuses on companies with solid revenue, positive EBITDA, and promising growth prospects.
Click on this link or check out the investor presentation to learn more about HEALWELL AI Inc. (TSX:AIDX) (OTCQX:HWAIF).
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James Young
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