VANCOUVER, British Columbia, July 06, 2023 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), an innovative health services company transforming the delivery of care, today released the findings of a research report on the health outcomes delivered by CloudMD Therapist-Assisted Internet-Delivered Cognitive Behavioural Therapy (MindBeacon) program (“TAiCBT”) which was offered to the public of Ontario as part of the government’s pandemic response. This program is digitally delivered to help treat prevalent mental health challenges, including mood and anxiety conditions.
By eliminating barriers to care - including time to treatment, accessibility, and stigma – CloudMD’s TAiCBT program, MindBeacon, met the needs of some 65,000 Ontarians during the COVID-19 pandemic, thanks to the support from the Ontario government. This initiative provided innovative made-in-Canada virtual services that served as an effective and economical model for the rest of the country.
Key highlights from the report include:
- Faster time to treatment – average time to start treatment of five days compared to weeks or months.
- More flexible access to care – 90% of patients engaged outside traditional office hours
- Cost effective – TAiCBT is 1/5th the cost of traditional treatment.
- Health Outcomes with effective treatment for all ages, genders, protocols and symptom severities - 60% of patients with clinically severe depression symptoms experienced reliable symptom improvement.
- Improvements in Health equity - 32% of patients identify as racialized persons reflecting the diverse population of Ontario.
- Effective for first time treatment - 51% of patients were new to therapy and accessed support for the first time.
“The pandemic shone a light on the prevalence of mental health challenges in Canada. Our made-in-Ontario digital mental health program, MindBeacon, had a positive impact on over 60,0000 Ontario citizens’ lives who would otherwise have struggled to access support during a time when they needed it most. For many, this was their first opportunity to access treatment in a way that was barrier-free, affordable, and effective,” said Karen Adam, CEO of CloudMD. “This research supports our ability to ensure access to clinically validated programs that improve the health and well-being of individuals and deliver positive health outcomes. Employers are concerned about the rising costs of mental health, and this research will be shared across North America with employers, insurers, Advisors, and healthcare practitioners as they struggle to find solutions for the treatment of mental health that creates engagement and effective treatment.”
For access to the full study click here.
The TAiCBT program builds on iCBT, originally developed by MindBeacon with funding from the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). In 2021, CloudMD acquired MindBeacon and expanded the platform to provide these important services to Ontarians in the midst of COVID-19, CloudMD acquired MindBeacon and expanded the platform to provide these important services to Ontarians in the midst of COVID-19.
Long-term Incentive Program for CloudMD’s Board of Directors and Officers
As part of the Company’s incentive plan, RSUs have been granted that vest after 3 years. This aligns management with the Company’s long-term strategy and shareholder interests. Management will only be able to convert their RSUs to stock after being with the Company for at least three years.
Effective June 30, 2023, CloudMD granted (i) stock options to acquire 100,000 common shares of the Company to certain officers of the Company at an exercise price equal to the 5-day VWAP as of June 30, 2023 per share, for a five year term; (ii) 6,861,314 restricted share units (“RSUs”) to certain officers of the Company, each RSU entitling the holder to acquire one common share of the Company, all RSUs only vest after three years; and (iii) 2,408,759 deferred share units to the independent directors of the Company. All grants were made pursuant to the Company’s Omnibus Incentive Plan and subject to vesting requirements and any necessary regulatory approvals.
About FedDev Ontario
For 13 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook, Instagram and LinkedIn.
About CloudMD Software & Services
CloudMD is an innovative North American healthcare service provider focused on empowering healthier living by combining leading edge technology with an exceptional national network of healthcare professionals. Every day, our employees and health care providers live our values of delivering excellence, collaboration, connected communication and accountability to solve complex health problems. CloudMD’ s industry-leading workplace health and wellbeing solution, Kii, supports members and their families with a personalized and connected healthcare experience across mental, physical and occupational health. Kii delivers superior clinical health outcomes, consistent high engagement, and measurable ROI for payers such as employers, educational institutions, associations, governments and insurers. CloudMD is also a market leader in workplace absence management through data-driven prevention, intervention and return to work programs.
In addition, the Company sells health and productivity tools to hospitals, clinics, and other healthcare service providers to empower them to deliver better care. Visit www.cloudmd.ca to learn more about the Company’s comprehensive healthcare offerings.
“Karen Adams”
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities laws, including statements about the Company’s growth strategy and profitability. These statements are based upon information currently available to CloudMD’s management. All information that is not clearly historical in nature may constitute forward‐looking statements. In some cases, forward‐looking statements may be identified by the use of terms such as “forecast”, “assumption” and other similar expressions or future or conditional terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward-looking statements contained in this news release are based on certain factors and assumptions made by management of CloudMD based on their current expectations, estimates, projections, assumptions and beliefs regarding their business and CloudMD does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward‐looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Company’s MD&A (which is filed under the Company’s issuer profile on SEDAR and can be accessed at www.sedar.com), that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Although CloudMD has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward‐looking statements. Accordingly, readers should not place undue reliance on forward‐looking information. CloudMD does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.
FOR ADDITIONAL INFORMATION, CONTACT: Investor Relations Investors@cloudmd.ca
