Jack Nathan Health Acquires Writi, a Leading Technology Start-Up for Long Term Care Homes
Jack Nathan Medical Corp. (TSXV: JNH) ("Jack Nathan Health" "JNH" or the "Company") announced today that:
"Writi has created a fast-growing virtual healthcare platform with potential for large scale success and adoption from the heavily regulated LTC industry. In a short time, they have seen impressive pickup with 15 LTC Homes and 1598 resident beds served on their platform," said George Barakat, CEO of Jack Nathan Health. "With Writi and JNH in sync, we will be able to leverage our physician network and pharmacy partners to offer better care for seniors. In addition to helping Writi add more LTC homes we plan to integrate Writi across all Jack Nathan Health platforms, providing at home health care. This technology roadmap includes monitored home patient care, connected health care devices, delivery of RX prescriptions, physician scheduling in our clinics and via telemedicine, delivery and recommendations for our practitioners' products and dietary needs including grocery. In addition, we intend to leverage the Writi platform to all Canadians through our large and growing national clinic footprint. We believe that all Canadians should have more options to 'Live Their Best Lives', take care of their loved ones and provide a better Circle of Healthcare™ for their families and communities."
The LTC system is strained by overcrowding and limited resource. Today, people over 65, accounting for 17% of the Canadian population and 44% of healthcare costs. There are over 700 LTC homes and over 1,000 senior care homes in Ontario alone. By 2036 a quarter of Canadians will be over 65 putting additional pressure on the entire Canadian healthcare system.1 COVID-19 has only exacerbated these issues.
Roughly half of Canada's COVID-19 deaths have occurred in long-term care homes - and the numbers are only increasing. Writi's Virtual Healthcare platform fosters efficiency and communication, even in remote work, among healthcare professionals so that they may focus on what matters most - saving residents. The Writi platform, implemented at several LTC homes where COVID-19 has been severe, has garnered praise from the home's senior leaders for their support in the fight.
The Writi Virtual Healthcare platform reduces prescribing time by 20% and nursing order-processing time by 43%, drastically reducing the administrative burden on practitioners and allowing more patient care time. The platform includes mobile access, telehealth, e-prescribe, electronic order-processing, patient charting and integrates with Electronic Medical Records ("EMRs"). To learn more about Writi, please visit writi.ca or watch a short video on the Writi Solution.
Parth Patel, Co-founder of Writi commented, "We are excited to be part of a global healthcare leader that shares our mission and values. We have a shared focus on leveraging technology to improve communication, healthcare access, and medication accuracy. Partnering with JNH will strengthen our ability to assist senior living and LTC providers, and their pharmacy partners, resulting in enhanced quality of care for seniors and their loved ones."
Under the terms of the Acquisition, Jack Nathan Health has agreed to pay a purchase price of 1,000,000 Jack Nathan Common shares with certain escrow and claw back provisions.
About Jack Nathan Medical Corp.
Jack Nathan Medical Corp., operating as Jack Nathan Health®, is one of Canada's largest healthcare networks. Jack Nathan Health® is an innovative healthcare company that is improving access for millions of patients by co-locating physician and ancillary medical services conveniently located inside Walmart® stores.
Jack Nathan Health® provides an exceptional level of patient care, made possible through patient-centric physicians, a variety of medical services, technology, and programs, designed to put patients first. Our mission is to provide everyone access to the finest quality retail medical centres, with both in-clinic physicians and digital telemedicine, so you and your loved ones can "Live Your Best Life".
Jack Nathan Health® was established in 2006 and continues to expand its international footprint, delivering exceptional, state-of-the-art, turn-key medical centres in 76 Walmart locations across Canada including British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec, as well as six locations operating in Mexico and 50 new locations opening in 2021.
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Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Jack Nathan are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties, and assumptions Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to changes in economic conditions or financial markets; increases in costs; litigation; legislative and other judicial, regulatory, political, and competitive developments; the economic and business impact of Covid19 and operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.