WELL Health (TSX:WELL), HEALWELL AI (TSX:AIDX) interview with Amber Mac.

Cantech Letter
6 Dec 202326:12

TLDRIn this interview, Well Health CEO Hamed Shahbazi and Healwell AI CEO Dr. Alexander Dorowski discuss their new partnership and the integration of artificial intelligence into healthcare services. They highlight the potential of AI to improve healthcare outcomes, efficiency, and the challenges of managing vast medical data. The conversation touches on Well Health's growth, the strategic acquisition of Pent, and the companies' visions for leveraging AI to revolutionize healthcare in 2024 and beyond.

Takeaways

  • 📈 Well Health and Healwell AI have formed a strategic partnership to leverage AI in healthcare, with Well Health being a significant investor in Healwell AI.
  • 🔍 Healwell AI focuses on early disease detection and preventative care, aiming to improve health outcomes through AI technology.
  • 🌟 Well Health has demonstrated strong organic growth and has been innovative in its approach to integrating AI into its services.
  • 🚀 Healwell AI has made strategic acquisitions, such as a majority stake in Pent, to enhance its AI capabilities in structuring and analyzing healthcare data.
  • 🤖 AI technologies developed by Well Health and Healwell AI, like Well AI Voice and Well AI Decision Support, are designed to assist healthcare providers in clinical decision-making.
  • 📊 Pent's technology allows for the structuring of unstructured healthcare data, making it accessible and useful for AI analysis.
  • 💼 Well Health's M&A strategy is robust, with a focus on both organic growth and acquiring companies with key AI capabilities.
  • 🎯 Well Health aims to integrate AI into its existing services to enhance efficiency and provide better health outcomes for healthcare providers and patients.
  • 📝 Well Health has raised its revenue guidance for 2024, expecting to achieve over $900 million, indicating strong growth and confidence in its strategy.
  • 🌐 Healwell AI's vision for 2024 includes becoming a leader in AI healthcare not just in Canada but globally, with a focus on impacting millions of patient lives positively.

Q & A

  • What is the significance of the partnership between Well Health and Healwell AI?

    -The partnership is significant as it combines Well Health's established presence in the Canadian healthcare landscape with Healwell AI's focus on leveraging AI for early disease detection and improving healthcare outcomes. This collaboration aims to enhance efficiency and effectiveness in the healthcare ecosystem.

  • How has Well Health demonstrated its commitment to innovation in 2023?

    -Well Health has demonstrated its commitment to innovation by achieving organic growth, beating raised expectations every quarter, and integrating AI technologies into its services through partnerships with companies like Healwell AI.

  • What is Healwell AI's vision for the future of healthcare?

    -Healwell AI's vision is to harness revolutionary technologies like data science and AI to advance preventative care, particularly in early disease detection, and to improve patient outcomes by providing healthcare providers with clinical decision support systems.

  • How does the acquisition of Pent fit into Healwell AI's strategy?

    -The acquisition of Pent, which has developed advanced AI technology for structuring healthcare data, is a key part of Healwell AI's strategy to build a fundamental data engine. This engine will enable the analysis of unstructured data, providing insights that can help solve significant healthcare challenges.

  • What are the specific AI products launched by Well Health to support healthcare providers?

    -Well Health has launched three AI products: Well AI Voice, an ambient voice scribe; Well AI Decision Support, which provides new insights for doctors based on data; and Well AI Inbox Admin, a workflow manager for streamlining and automating tasks like faxes and phone calls.

  • How does Well Health plan to integrate AI into its existing services?

    -Well Health plans to integrate AI by enabling healthcare providers with AI technology, creating connectivity with the tools they use daily, and making those tools more capable and performant. They have already integrated AI capabilities into their app Marketplace and Premier EMRs in Canada.

  • What is the role of AI in solving healthcare challenges according to the transcript?

    -AI plays a crucial role in solving healthcare challenges by analyzing vast amounts of clinical data, providing insights for early disease detection, and supporting healthcare providers in making informed decisions, ultimately leading to better health outcomes.

  • What are the strategic goals of Well Health for AI adoption?

    -Well Health's strategic goals for AI adoption include expanding their AI-oriented investment fund, maintaining and growing their stake in Healwell AI, and continuing to integrate AI technologies to support healthcare providers and improve patient care.

  • What are the future expectations for Well Health and Healwell AI in 2024?

    -For 2024, Well Health aims to achieve over $900 million in revenues with a focus on organic growth and strategic M&A. Healwell AI is excited about the momentum they have built since their debut and plans to continue growing, adding strong AI capabilities, and demonstrating the impact of their technology on patient lives.

  • How does the partnership between Well Health and Healwell AI benefit healthcare providers?

    -The partnership benefits healthcare providers by providing them with access to AI-driven clinical decision support systems, which can help them manage patient data more effectively, improve diagnostic accuracy, and ultimately deliver better health outcomes.

Outlines

00:00

🤝 Partnership and Growth in Canadian Health Tech

The first paragraph discusses the collaboration between Well Health and Healwell AI, highlighting the growth and innovation in the Canadian digital health sector. Well Health CEO Hamed Shabazi and Healwell AI CEO Dr. Alexander Dorowski talk about the transformative investment and the potential of AI in improving healthcare outcomes. They emphasize the importance of clinical decision support systems and the impact of AI on healthcare providers and the ecosystem.

05:03

🚀 Healwell AI's Vision and Investor Perspective

In the second paragraph, Dr. Dorowski shares Healwell AI's vision and how it fits within the investor's perspective. He discusses the company's focus on early disease detection and preventative care, as well as the rapid growth of Well Health's ecosystem. The conversation touches on the importance of digitization in healthcare and the potential for Healwell AI to integrate AI into existing services.

10:03

🌟 Integration of AI in Healthcare Services

The third paragraph delves into the specifics of how AI will be integrated into existing healthcare services. It mentions the acquisition of Pent, a company with advanced AI technology in healthcare, and how it complements Healwell AI's capabilities. The discussion highlights the importance of structuring healthcare data and the potential for AI to revolutionize the healthcare industry in Canada.

15:05

📈 Strategic Goals and AI Adoption

In the fourth paragraph, the focus is on Well Health's strategic goals regarding AI adoption. Hamed Shabazi talks about the launch of three AI-powered products and their impact on healthcare providers. The conversation emphasizes the importance of data-driven insights and the role of AI in solving complex healthcare challenges. The paragraph also discusses the potential for Well Health to become a key market leader in the AI healthcare space.

20:06

🔮 Future Outlook for Well Health and Healwell AI

The fifth paragraph looks forward to the future, with both CEOs sharing their excitement for 2024. They discuss the momentum of Healwell AI since its debut, the potential for growth, and the focus on both organic and inorganic growth strategies. The conversation highlights the importance of resourcefulness and the goal to impact millions of patient lives positively through AI technology.

25:07

🎉 Conclusion and Future Prospects

The final paragraph wraps up the discussion with a positive outlook on the future of Well Health Technologies and Healwell AI. The CEOs express their gratitude for the conversation and look forward to the progress and success of their companies in the coming years.

Mindmap

Keywords

💡Digital Health

Digital Health refers to the use of digital technologies and platforms to improve health care delivery, patient outcomes, and overall health. In the video, it is mentioned as a sector that Well Health has significantly influenced in the Canadian public markets, indicating the company's role in advancing health care through technology.

💡AI in Healthcare

Artificial Intelligence (AI) in healthcare involves the application of AI technologies to enhance the efficiency, effectiveness, and quality of health care services. The video discusses how AI can help improve health outcomes and efficiency in the healthcare ecosystem, with Healwell AI being a company focused on leveraging AI for early disease detection and preventative care.

💡Strategic Partnership

A strategic partnership is a cooperative relationship between two or more organizations that work together to achieve common goals. In the context of the video, Well Health and Healwell AI have formed a strategic partnership to integrate AI into health care services, aiming to improve patient care and outcomes.

💡Organic Growth

Organic growth refers to the expansion of a company's business through internal development rather than through acquisitions or mergers. The video highlights Well Health's organic growth, which is demonstrated by their ability to deliver growth on a per-share basis and their consistent performance in each quarter.

💡M&A (Mergers and Acquisitions)

M&A refers to the process of combining or acquiring other companies to grow a business, expand market presence, or acquire new technologies. In the video, Healwell AI's strategy includes both organic growth and M&A to accelerate their growth and bring in key competencies and capabilities.

💡Data Science

Data science is the field that uses scientific methods, processes, algorithms, and systems to extract knowledge and insights from structured and unstructured data. In healthcare, data science is crucial for making informed decisions and improving patient care. The video mentions Healwell AI's focus on harnessing data science to move forward in preventative care and early disease detection.

💡Clinical Decision Support Systems (CDSS)

CDSS are computer-based information systems that assist healthcare professionals in making clinical decisions. They provide evidence-based knowledge and patient-specific information to enhance clinical decision-making. In the video, it is mentioned that Healwell AI's technology helps healthcare providers by providing insights through AI-driven CDSS.

💡Healthcare Provider

A healthcare provider is an organization or individual that offers healthcare services, such as hospitals, clinics, and medical professionals. The video emphasizes the importance of technology in enabling healthcare providers to deliver better health outcomes and manage the increasing complexity of patient care.

💡Preventative Care

Preventative care refers to health care measures taken to prevent diseases or other health conditions before they develop. The video discusses Healwell AI's focus on early disease detection as part of a broader strategy to improve preventative care through AI technologies.

💡Healthcare Technology

Healthcare technology encompasses the tools, devices, and systems used to provide, manage, and improve patient care. The video highlights Well Health's role as a leader in healthcare technology, particularly in integrating AI to support healthcare providers and improve health outcomes.

Highlights

Well Health and Healwell AI collaboration aims to improve healthcare outcomes using AI technology.

Well Health CEO Hamed Shahbazi discusses the company's growth and strategic partnership with Healwell AI.

Healwell AI, led by CEO Dr. Alexander Dorowski, focuses on AI in healthcare, particularly in early disease detection.

Well Health has demonstrated significant organic growth and innovation in the Canadian healthcare technology sector.

Healwell AI's acquisition of Pent, a company with advanced AI technology in healthcare, strengthens their data structuring capabilities.

Well Health's AI products, including Well AI Voice, Well AI Decision Support, and Well AI Inbox Admin, are designed to support healthcare providers.

Well Health's strategic goals include expanding AI adoption in healthcare and integrating AI into existing services.

Healwell AI plans to continue disciplined capital allocation and focus on both organic and inorganic growth.

Well Health aims to achieve over $900 million in revenues for 2024, reflecting strong growth and market leadership.

Well Health's brand has grown, attracting healthcare providers and practices seeking support in managing their operations.

Well Health's organic growth is expected to accelerate, with the company recruiting practices and expanding its revenue profile.

Healwell AI's vision for 2024 includes significant growth, strengthening AI capabilities, and demonstrating the impact on patient outcomes.

Well Health and Healwell AI's partnership is poised to become a key market leader in AI healthcare solutions.

The acquisition of Pent by Healwell AI is seen as a momentous occasion for Canadian healthcare, enhancing the company's ability to structure and analyze healthcare data.

Well Health's resourcefulness and organic growth have been key to its success, with a focus on delivering value to shareholders.

Healwell AI's future plans involve deploying and scaling AI technology within the Well Health ecosystem to improve patient lives.

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