Centric Health Secures Additional Customer Contract Wins

Sep 10, 2018
5:00pm

TORONTO, Sept. 10, 2018 /CNW/ - Centric Health Corporation ("Centric Health" or the "Company") (TSX:CHH), one of Canada's leading healthcare services companies, today announced that it has been awarded a new contract to service over 900 new beds with a multi-site regional operator. When combined with the approximately 1,400 new beds won under other RFPs earlier this quarter, the Company now expects to service approximately 31,000 beds by the end of 2018, representing an increase of 8% in reported beds compared to June 30, 2018.

"We have had an exceptional quarter to date when it comes to winning new contracts, thanks in large part to the tireless efforts of our business development and clinical teams" said David Murphy, Centric Health's President and Chief Executive Officer. "Our current and prospective customers continue to realize Centric Health's value proposition as a trusted partner that is passionate about ensuring the highest standards of care, safety and healthcare outcomes for seniors. This growth in beds, combined with our ongoing cost containment initiatives, will allow us to further maximize scale and efficiencies from our national pharmacy platform."

Centric Health continues to implement its strategy of being the leading provider of pharmacy and other healthcare services to Canadian seniors.  The Company is aggressively pursuing further opportunities to grow its specialty pharmacy business and expand other service offerings to seniors, including medical cannabis as part of its recently announced partnership with Canopy Growth.

About Centric Health
Centric Health's vision is to be Canada's most respected and recognized provider in the independent healthcare sectors in which it operates, world renowned for delivering the highest levels of quality care and outcomes, innovative solutions and value to patients, clients and stakeholders. To this end, Centric Health primarily focuses on two core healthcare businesses:

  • The Specialty Pharmacy division is a "Seniors First" model composed of a growing national network of fulfilment centres that deliver high-volume solutions for the cost effective supply of chronic medication and other specialty clinical care services, serving more than 28,000 residents in over 475 seniors communities (long-term care facilities, retirement homes and assisted living facilities) nationally. The Specialty Pharmacy division also provides pharmaceutical dispensing services for employees insured by corporate health plans.

  • The Surgical & Medical Centres division is Canada's largest independent surgical provider operating five facilities across four provinces. It serves a diversified customer base with private paid non-insured surgeries and diagnostics, government outsourcing of insured surgeries and diagnostics and other procedures funded by third-party payors (including Workers Compensation) and is the proud owner of Canada's first Centre of Excellence in Metabolic and Bariatric Surgery.

With national networks of facilities in each of its businesses, deep knowledge and experience of healthcare delivery and extensive, trusted relationships with payers, physicians, and government agencies, the Company is uniquely positioned to address current and future healthcare needs in growing markets as the Canadian healthcare industry goes through a major transformation over the medium to long term. www.centrichealth.ca

This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements include, among others, statements regarding business strategy, plans and other expectations, beliefs, goals, strategies, alternatives, objectives, information and statements about possible future events, including but not limited to, the expected addition of new beds. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks outlined in the Company's most recent Management's Discussion & Analysis available at www.sedar.com, which could cause actual results to vary and in some instances to differ materially from those anticipated by Centric Health and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Centric Health will derive therefrom. The forward-looking statements contained in this news release represent management's expectations as of the date of this news release, and subsequent events may cause these expectations to change. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

SOURCE Centric Health Corporation

For further information: David Murphy, President and Chief Executive Officer, Centric Health Corporation, 416-927-8400; Leslie Cho, Chief Financial Officer, Centric Health Corporation, 416-927-8400.