Neupath Health Announces Strategic Acquisition of Virtual Care Business and Management Changes

NeuPath Health Inc. (TSXV:NPTH), (“NeuPath” or the “Company”), owner and operator of a network of clinics that deliver category-leading treatment for chronic pain, as well as spinal injuries, sports-related injuries, and concussions, today announced a strategic transaction to acquire KumoCare, a virtual care platform to further expand NeuPath’s virtual care and telemedicine offerings. Prior to the pandemic, patients and their physicians alike preferred an in-person care experience. The care model changed out of necessity in 2020 to bring about virtual care via telemedicine that was both clinically useful and economically viable. NeuPath went from no virtual care visits in 2019 to nearly 10% of all consultations in 2020 and is currently above those levels in 2021. There are numerous benefits to NeuPath from this transaction, including: reduced wait times with more efficient and easy access for patients and their physicians alike; drives a new revenue line for NeuPath across all of NeuPath’s offerings; the ability to provide care beyond the physical constraints of clinic locations and hours; seamless integration with health card validation and payment processing; and NeuPath intends to unveil additional business lines over time, powered by the KumoCare platform. “The acquisition of KumoCare and its telemedicine platform is an important step forward in the advancement of our virtual care strategy which will allow us to elevate the patient care experience and unlock additional revenue generating opportunities in both the public and private healthcare segments,” stated Grant Connelly, CEO of NeuPath. Mr. Connelly further commented, “NeuPath’s goal is to be able to deliver the best quality care, as quickly and efficiently as possible, and wherever possible, while improving outcomes. This transaction enables us to achieve those goals by providing the best tools and a complete service offering to our patients and the physicians who deliver that care. We encourage you to explore KumoCare’s offering on their website (www.kumocare.com) and their app is available on both the AppStore for iOS devices and Google Play for Android devices.”
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