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CloudMD Announces Cost Optimization and Operations Integration Activities, Canadian Business Journal

  • Identifying and eliminating $ 7.5 million annual execution cost, focusing on future growth and sustainable profitability
  • Cost optimization activities simplify operations, improve execution, increase customer focus, support cross-selling, and CloudMD continues to invest in innovation, leading industry-leading health navigation for individuals and organizations. Allows you to drive your solution.
  • Strategy continues to focus on improving the business to have the most efficient and effective operating model

Vancouver, British Columbia, March 31, 2022 (GLOBE NEWSWIRE) β€” CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (“CloudMD” or “society”) Is a healthcare technology and innovative healthcare company that is transforming the delivery of care and is pleased to be able to provide up-to-date information on cost optimization processes, comprehensive healthcare platform and organizational integration.

CloudMD’s cost optimization team is dedicated to creating value for shareholders and clients through the integration of people, processes, and technology across the organization. Beginning this year, integration, cost synergies, and streamlining operational capabilities across the business have eliminated an annual execution rate cost of approximately $ 7.5 million from the organization. The full benefits of these cost savings are expected to be realized in the second quarter. This exceeds the expected $ 4 million cost savings we previously disclosed.

“”We are pleased to accelerate the identification and elimination of $ 7.5 million run rate costs that have already been withdrawn from the business since the beginning of this year. In addition, we took this opportunity to reassess our organizational structure, streamline our business operations and prioritize exemplary service to our customers. This will allow our customers to improve their return on investment and employee satisfaction. “ Transformation and strategic planning for John Planquet, EVP, Cloud MD.

CloudMD demonstrates its ability to implement cost optimization strategies to drive sustainable profitability in the following ways:

  • Integrate MindBeacon’s iCBT solution into CloudMD’s mental health support solution to provide user engagement through assessment and treatment options for mild, moderate and chronic conditions.
  • Streamline and integrate key operational functions across finance, IT, talent, marketing and sales, leverage industry-leading talent to drive innovation, and maintain and leverage human capital.
  • Enhance your digital health solution by creating a new product management team focused on innovation and continuing to meet your personal health needs.

We believe that we can further improve efficiency by continuing our integration efforts this year. In addition, CloudMD focuses on the synergies of cross-selling revenue through a fully connected health ecosystem. This supports continued strong topline growth.

As part of cost optimization, CloudMD has made some changes to its organizational structure to streamline operations and create more efficient businesses. Several positions have been reorganized and / or integrated to take advantage of key features, share best practices, and drive growth across the organization. As part of the restructuring, as of March 31, 2022, Kanchan Thindal has resigned as Chief Operating Officer (COO) of the Company. President Karen Adams will assume the role and responsibility of our COO. CloudMD appreciates her dedication and support over the last four years through the significant growth of the company.

Through the restructuring of the organization, CloudMD has made several changes to integrate and strengthen the depth of its leadership team, including the appointment of Lu Barbuto of EVP Enterprise Health Solutions. Adam Kelly, Chief Commercial Officer; Aida Begovic, EVP Digital Health Solutions; John Plunkett, EVP Transformation and Strategic Planning; Jon Harju, SVP, Engineering; Bronwyn Ott, SVP, Human Resources and Olga McRae, Corporate Secretary. CloudMD also introduces a process of continuous review and evaluation of operational integration, and additional changes may be implemented as indicated by such a process.

There are no changes to CloudMD’s current business units, clinics & pharmacies, digital health solutions, and enterprise health solutions.

β€œThe execution of our strategy relies on hard-working cost control throughout the year. We focus on productivity and sustainable cost-effectiveness to improve profitability and scalability.” Said Karen Adams, President of CloudMD. “”The focus is on achieving the product vision while ensuring operational models and capabilities for profitable growth. The actions announced today and the processes implemented will help you better align your organization and cost structure to achieve these goals. We will continue to drive revenue and margin growth by adding capabilities to our patented integrated healthcare platform, cross-selling our functional portfolio, and bringing new and innovative healthcare solutions to market. “

About CloudMD software and services

CloudMD is transforming the delivery of healthcare by using technology to provide a patient-centric approach with a focus on continuity of care. By leveraging healthcare technology, the company is building a single connected platform that addresses all points of the patient’s healthcare journey, improving access to care and improving outcomes. Through CloudMD’s unique technology, the company provides quality healthcare through comprehensive services such as hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources and artificial intelligence (AI). I am. CloudMD’s business is divided into three main divisions: clinics and pharmacies, digital solutions, and the company’s fastest-growing division, Enterprise Health Solutions. CloudMD’s Enterprise Health Solutions division is a comprehensive integration that provides one comprehensive, digitally connected platform for educational institutions, businesses, insurance companies, and advisors to better manage student health and wellness. We have built key employer healthcare solutions, including a health services platform. Employees and customers.

CloudMD currently has over 7,000 psychiatrists, about 4,500 therapists and counselors, about 4,000 psychologists, over 22,000 family doctors, over 34,000 medical professionals, and over 1,500 across North America. We serve a complex ecosystem of relevant medical professionals, over 500 clinics and over 5 million individuals. See below for more information. https://investors.cloudmd.ca..

On behalf of the board

“Dr. Essum Hamza, MD”
Chief executive officer

Contact information for additional information:

Julia Becker
Vice President for Investors
julia@cloudmd.ca
(604) 785-0850

Future-oriented statement

This news release contains “forward-looking statements” and “forward-looking information” in the sense of Canadian securities law. Forward-looking statements for this news release include, but are not limited to: Timing and impact of integration, including topline growth. Future changes that may be implemented as a result of the review and evaluation process. These statements are based on information currently available to CloudMD administrators. All information that is not clearly historical in nature may constitute a statement of future prospects. In some cases, forward-looking statements are terms such as “forecast”, “assuming”, or future or conditional terms such as “anticipation”, “believe”, “possible”, “estimate”. May be identified using. , “Expect”, “Intention”, “May”, “Plan”, “Predict”, “Plan”, “Do”, “Do”, “Should”. The forward-looking statements contained in this news release are based on specific factors and assumptions made by CloudMD management based on current expectations, estimates, forecasts, assumptions, and business beliefs, and CloudMD is in fact. The result is the expectations of the management team. Management considers these assumptions reasonable based on the information currently available, but it may turn out to be incorrect. Such forward-looking statements do not guarantee future events or performance and, by their nature, include known and unknown risks, uncertainties and other factors. This includes the risks listed in our MD & A and the latest annual information form (submitted under our publisher). SEDAR profile, accessible at www.sedar.com). This can cause actual results, performance, or outcomes to differ materially from future outcomes, performances, or outcomes expressed or implied by such forward-looking statements. CloudMD sought to identify important factors that could cause actual actions, events, or results to differ materially from those described in the forward-looking statements, but other factors could cause actions, events, or results. Results may differ from what you expected, estimated, or intended. Actual results and future events may differ or differ significantly from those expected in such forward-looking statements, and there is no guarantee that such statements will be proven to be accurate. .. Therefore, readers should not place excessive reliance on information about future prospects. CloudMD undertakes no commitment to update forward-looking information as a result of new information, future events, or otherwise, except as required by applicable securities law.

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.


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CloudMD Announces Cost Optimization and Operations Integration Activities, Canadian Business Journal

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