WELL has launched its new AI-powered physician co-pilot to assist cardiologists in better identifying patients at high risk of cardiovascular disease ("CVD"). WELL is exclusively partnering with HEALWELL AI, a leader in AI enabled disease diagnosis, as an extension of the WELL AI Decision Support ("WAIDS") product offering.
The co-pilot will be deployed into WELL Diagnostic Centres, Canada's largest cardiology and medical diagnostic group, providing support and assisting cardiologists in over 40 locations across Ontario.
CVD stands as the leading cause of death globally, accounting for approximately 32% of deaths worldwide in 2019(1), underscoring the critical need for early detection. HEALWELL also expects to leverage this technology to help accelerate life sciences research and development opportunities related to CVD and drive new business opportunities for its newly acquired Clinical Research Organization ("CRO"), BioPharma Services Inc.
VANCOUVER, BC and TORONTO, July 17, 2024 /CNW/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) ("WELL" or the "Company") a digital health company focused on tech-enabling healthcare providers, and its investee company, HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ("HEALWELL"), a healthcare technology company focused on AI and data science for preventative care, are jointly pleased to announce the launch of WELL's AI-powered co-pilot for cardiologists exclusively powered by HEALWELL AI, aimed at identifying patients at high risk of cardiovascular disease ("CVD"). This significant expansion of WELL's AI capabilities builds on the success of its second-generation AI-powered physician co-pilot, WELL AI Decision Support ("WAIDS"), developed exclusively in partnership with HEALWELL. This enhancement adds to its existing rare and chronic disease detection abilities and is an extension to the WAIDS offering.
WELL Health Technologies Corp. Logo (CNW Group/WELL Health Technologies Corp.)
The co-pilot for cardiologists will be deployed in WELL Diagnostics Centres, Canada's largest cardiology and medical diagnostic group with over 40 locations in Ontario. It will be available to cardiologists within the WELL Diagnostic Centres ecosystem, providing invaluable support in the early detection and management of cardiovascular disease.
Dina Sergi, CEO of WELL Diagnostic Centres, highlighted the tool's impact, "The integration of HEALWELL's AI-powered co-pilot for cardiologists into our WELL Diagnostic Centres represents a game-changing advancement. By offering precise risk stratification and actionable insights, this tool enhances their ability to proactively manage cardiovascular health and improve patient care."
Dr. Alexander Dobranowski, CEO of HEALWELL, commented, "The launch of our AI-powered co-pilot for specialists marks a significant milestone in our mission to enhance healthcare through advanced technology. By expanding our AI capabilities to include cardiovascular disease detection, we are equipping cardiologists with enhanced tools and decision support necessary to identify at-risk patients earlier, ultimately improving patient outcomes and reducing healthcare costs. The integration of this tool into WELL's Diagnostic Centres is particularly important, as it provides us access to Canada's largest cardiology group. This vast dataset not only assists hundreds of cardiologists within the WELL Diagnostic Centres ecosystem but also allows us to continuously refine and enhance the co-pilot."
Dr. Paul Kannampuzha, Chief Cardiology Officer of WELL Diagnostic Centres commented. "As a cardiologist, I am encouraged by how AI can help provide improved disease detection and decision support for cardiologists across the country. I believe this technology will help drive improved preventative care and ensure patients don't fall through the cracks."
Cardiovascular disease (CVD) is a group of disorders affecting the heart and blood vessels and is the leading cause of death globally, responsible for approximately 32% of deaths worldwide in 2019(1). In Canada, recent estimates suggest that CVD costs about $22 billion per year and is considered the second leading contributor to healthcare costs(2). Identifying patients with worsening cardiovascular conditions earlier is crucial, as cardiovascular disease is the third leading cause of death in Canada.
The global market for pharmaceutical drugs supporting cardiovascular disease was valued at approximately USD 144.1 billion in 2023. It is projected to grow at a compound annual growth rate (CAGR) of approximately 4% over the next decade, reaching an estimated USD 207.8 billion by 2033 (Precedence Research)(3). HEALWELL expects to leverage this technology to help accelerate life sciences research and development opportunities related to CVD and drive new business opportunities for its newly acquired Clinical Research Organization (CRO), BioPharma Services Inc.
WELL's mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL's comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL's solutions enable more than 34,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 175 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". To learn more about WELL, please visit: www.well.company.
About HEALWELL AI
HEALWELL is a healthcare technology company focused on AI and data science for preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary AI technology and competencies which includes data science, electronic health records and clinical research offerings, the Company is developing and commercializing advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve efficiency of their practice and ultimately help improve patient health outcomes. HEALWELL is publicly traded on the Toronto Stock Exchange under the symbol "AIDX" and on the OTC Exchange under the symbol "HWAIF". To learn more about HEALWELL, please visit https://healwell.ai/.
Forward-Looking Statements
Certain statements in this press release, constitute "forward-looking information" and "forward looking statements" (collectively, "forward looking statements") within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements in this press release include statements with respect to, among other things, the deployment of WAIDS at WELL Health Diagnostic Centres, the use of the WAIDS to improve patient care, and the use of AI technology by HEALWELL to drive research and development opportunities related to CVD. Forward-looking statements are often, but not always, identified by words or phrases such as "opportunity", "potential", "improve", "expect", "intend", "create" or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can" be taken, occur or be achieved, or the negative of any of these terms . Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to: the ability of HEALWELL to utilize AI technologies to detect CVD indicators; the ability to collaborate with the pharmaceutical industry for research and development opportunities, HEALWELL's continued compliance with third party intellectual property rights; HEALWELL's continued compliance with privacy laws; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.
Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled "Risk Factors" in HEALWELL's most recent annual information form dated April 1, 2024, which is available under HEALWELL's SEDAR+ profile at www.sedarplus.com. The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
