Mednow Announces Partnership With PACE Consulting Benefits and Pensions Ltd. And PACE Consulting MGA Services Inc. To Offer Its Services to Benefit Plan Members
- PACE Consulting Benefits to provide access to Mednow’s wholly-owned digital pharmacies and holistic services to PACE’s direct and Advisory partner benefit plan members
Mednow Inc., Canada’s on-demand virtual pharmacy, is pleased to announce that the Company has partnered with PACE Consulting Benefits and Pensions Ltd. and PACE Consulting MGA Services Inc. (“PACE”) pursuant to a marketing services agreement. The Agreement allows PACE to market Mednow’s digital pharmacy and healthcare platform to its network of plan members.
Mednow plans to actively develop its institutional services business through the Company’s insurance broker and financial advisor channel, Mednow For Business.
These partnerships will enable Mednow to connect with employers that seek to offer an improved standard of benefits to its employees, promote employee productivity and limit the costs associated with benefit plans through a digital-first, patient-centric healthcare platform.
Employee benefits are an important consideration for workforces, particularly those benefits pertaining to care, flexibility and mental health. The Harvard Business review finds that business leaders are showing an increased focus on supporting their employees and the business at large by revising benefit strategies. According to their 2021 study, approximately 83% of adult children have sought new care options for their senior loved-ones during the COVID-19 pandemic, and approximately 41% of employers plan to expand mental health benefits in the upcoming year1.
Mednow’s offering of same-day prescription delivery, currently offered in certain major Canadian cities with plans to expand across Canada, along with its technology offerings such as PillSmart™, Karie machine, virtual and homevisit doctor services and strategic partnerships with providers of mental health assessment tools, provides plan members with increased access to a wide range of services in a digital platform; a level of accessibility and efficiency which Mednow believes is not easily replicable with traditional brick & mortar pharmacies.
Mednow plans to use its current cash balance of over C$20M, along with its successful acquisitions of Medvisit and InfusiCare Canada and minimal debt liabilities2, to implement its strategic plan.
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Karim Nassar, Mednow CEO, states, “Continuing to expand our Mednow For Business division will be one of our top objectives this year as we move into the growth phase of our business. We plan to increase our partnerships with established and reputable brokers, and PACE Consulting is a great addition to our portfolio of clients. Mednow hopes to offer PACE, through the marketing of Mednow’s services, a unique digital healthcare solution to its customer base. Conversely, Mednow hopes that its strategic partnership with PACE can assist in accelerating the addition of benefit plan sponsors to the Mednow platform and help bring our comprehensive patient-centric healthcare platform to more residents of Canada, ultimately to help them meet their health and wellness life goals.”
Jim Pineau, President of PACE, states, “We are very excited to continue the evolution of our PACE companies through a strong focus on technology and in partnership with firms like Mednow. Our customers and our industry partners increasingly demand robust, user-friendly, technology-based solutions. We believe our partnership with Mednow will provide better, faster, and more accessible service delivery for the most important people in our business, our plan members.
Mednow’s focus on managing costs through a digital-first, patient-centric healthcare platform strongly aligns with the focus of our business going forward and we are delighted to share this announcement.
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