CloudMD Expands Health Care Navigation to Vision Care with Launch of Online Prescription Renewals in the United States
Vancouver, BC, April 3, 2023 – CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), an innovative health solutions company transforming the delivery of care, announced the launch of online prescription renewals through VisionPros. As of March 31st, 2023, individuals in qualifying U.S. states can renew their vision care prescriptions conveniently online. The inclusion of online prescription renewal is consistent with CloudMD’s vision of providing navigation and coordination for individuals health and wellbeing needs. This new service will provide the convenience and value individuals expect from their vision care supplier.
“We recognize that the ability to build long-term relationships with individuals requires us to be able to service all steps in the value chain. Providing online prescription renewals is an important offering to ensure that people are not overwearing their contact lenses. Prescription renewal is another example of how we are pushing forward our vision of building long-term relationships with individuals who require health and well-being services. It is important that people receive the personalized care that they need from all their healthcare services. We believe that by simplifying these healthcare decisions and reducing friction from the buying process we remove barriers, increase engagement, and improve health outcomes,” said Nathan Lane, EVP, Health and Productivity Solutions and US Operations.
“The launch of online prescription renewal is a major step in improving the quality and scale of revenue generated from our online eyecare platform while providing greater efficiency and flexibility in a person’s health care journey. To date the need to leave our ecosystem to get a prescription renewal has often resulted in the individual not completing their purchase. By adding this feature, we are decreasing churn and providing a mechanism to increase the lifetime value of a customer,” said Karen Adams, CEO of CloudMD. “This feature will enable our large customer base to provide their employees or individuals access to a service that not only provides contact lenses but can also provide eligible individuals with a prescription renewal an important part of a healthcare journey.”
The global contact lens market size is valued at US$14.6 billion dollars growing at a compound annual growth rate of 4.3%1. According to Vision Council approximately 35% of buyers use the internet to purchase their contact lens with online stores expecting to have a higher compound annual growth rate than the wider industry.
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 deliver 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 occupation health. Kii delivers superior clinical health outcomes, consistent high engagement, and measurable ROI for payers such as employers, educational institutions, associations, government, 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.
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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.