HEALWELL has acquired a majority controlling interest in Mutuo Health Solutions, a Toronto-based medical artificial intelligence company focused on developing predictive clinical AI technology.
Mutuo Health's AutoScribe platform is an advanced AI-powered ambient scribe solution that transcribes clinician-patient interactions into high-quality electronic medical records in real time using natural language processing and machine learning technology.
AutoScribe's speech recognition capabilities, designed with a robust patient privacy framework, allows healthcare providers to focus on patient care, significantly reduce administrative burden and enhance care delivery.
HEALWELL plans to combine AutoScribe with its proprietary AI enabled decision support co-pilots, creating a next generation suite of AI powered physician co-pilots that significantly elevate physician efficiency.
Toronto, Ontario--(Newsfile Corp. - December 3, 2024) - HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ("HEALWELL" or the "Company"), a healthcare artificial intelligence company focused on preventative care, is pleased to announce that it has acquired a 51% majority controlling interest in Mutuo Health Solutions ("Mutuo"), for $5.5 million in cash and shares of HEALWELL. Mutuo is a medical technology company specializing in AI-powered ambient scribe solutions for clinical documentation whose flagship product, the AutoScribe platform, transcribes clinician-patient dialogue into structured electronic medical records (EMR) data in real-time using machine learning (ML) and natural language processing (NLP). This acquisition is aligned with HEALWELL's strategy to acquire and enhance AI-enabled healthcare technologies that improve clinical efficiency, patient outcomes and ultimately assist with early disease detection.
Founded in 2018 by a team of AI researchers and healthcare professionals, including a family doctor who experienced first-hand the challenges of documentation burnout, Mutuo's commercializing of AutoScribe was initiated as part of a unique collaboration between the University of Toronto and Unity Health Toronto. The platform sets itself apart with its focus on precision, security, and integration within Canadian healthcare, making every patient interaction an opportunity to optimize care. By capturing and structuring patient data in real time, AutoScribe enables healthcare providers to focus on patient care, enhancing clinical accuracy and operational efficiency.
Mutuo's AutoScribe platform transcends traditional medical dictation by utilizing advanced AI-driven transcription and predictive capabilities, continuously improving through its machine learning framework. HEALWELL's acquisition of a controlling stake in Mutuo will deepen the Company's technology portfolio and expand its offering of AI-driven healthcare solutions. HEALWELL plans to integrate AutoScribe into its proprietary best-in-class AI-enabled clinical decision support co-pilots; creating a next generation suite of physician co-pilots that will provide highly integrated best-in-class clinical administration automation and clinical decision support. By integrating AutoScribe's capabilities, HEALWELL will be able to provide advanced, customizable digital assistance to healthcare providers, particularly addressing the growing need for documentation and electronic medical record (EMR) automation in clinics and hospitals. The acquisition helps to further position HEALWELL as a leader in predictive AI solutions designed to streamline clinical workflows, improve patient care, and assist providers with advanced clinical decision support.
Dr. Alexander Dobranowski, CEO of HEALWELL, commented, "We are excited to welcome Mutuo and their remarkable AutoScribe technology to HEALWELL. This acquisition is another step forward in our mission to provide healthcare professionals with the most advanced AI tools to optimize patient care and ultimately help with the earlier identification and detection of disease. AutoScribe's unique real-time transcription capabilities, combined with its predictive AI framework, will significantly enhance how clinicians manage patient data, allowing them to focus more on patient-centered care. We look forward to working with Mutuo's team of talented researchers and medical professionals to further scale this technology."
Dr. Noah Crampton, CEO of Mutuo Health Solutions, commented, "Our team at Mutuo is thrilled to join forces with HEALWELL to bring AutoScribe to more healthcare providers across Canada and beyond. This partnership allows us to leverage HEALWELL's expertise and vast network to accelerate our mission of reducing administrative fatigue for doctors while improving the quality of care that patients receive. We are eager to see the positive impact this collaboration will have on the healthcare community."
Dr. Alexander Dobranowski Chief Executive Officer HEALWELL AI Inc.
About HEALWELL
HEALWELL is a healthcare artificial intelligence company focused on preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary technology, 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 executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the Company's road map. 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, Healwell's plan to integrate Mutuo's AutoScribe with its own AI-enabled clinical co-pilots; into its own future product and service offerings; the potential benefits of Mutuo's product and service offerings; and potential synergies between Mutuo and the Company. Forward-looking statements are often, but not always, identified by words or phrases such as "opportunity", "potential", "improve", "expect", "create", "plan", "enable", "position" 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 following: HEALWELL's ability to successfully integrate the Mutuo's business into its own; HEALWELL's ability to leverage artificial intelligence, data management and other services and expertise to expand and accelerate Mutuo's service offerings; trends in customer growth; HEALWELL's ability to develop new technologies and the timelines on which they can be developed; new technologies functioning as expected; customers adopting and using new technologies and services as expected; the need to develop increasingly innovative products and services; competition in the industry; the stability of general economic and market conditions; HEALWELL's ability to comply with applicable laws and regulations; HEALWELL's continued compliance with third party intellectual property rights; 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.
For more information:
Pardeep S. Sangha Investor Relations, HEALWELL AI Inc. Phone: 604-572-6392 ir@healwell.ai
