Well

Overview

WELL Health Technologies Corp. is a Vancouver-based digital health company, listed on the Toronto Stock Exchange under the symbol WELL (and on the OTCQX as WHTCF), that has grown by buying medical clinics and health-software businesses and wiring them together with its own technology (Nasdaq). It was founded in 2017 by chairman and chief executive officer Hamed Shahbazi — reportedly beginning as a network of yoga studios before switching into healthcare the following year — and by late 2026 operated 275 outpatient clinics supporting more than five million patient visits a year (Canadian Healthcare Technology; Dow Jones Newswires).

This profile covers WELL Health Technologies Corp., the Canadian public company — not any other business using the “Well” name, and not HEALWELL AI Inc., the separately listed AI company in which WELL took a controlling interest in 2025. Most English-language coverage of WELL is either company-issued or stock-market chatter; this profile is built around what independent journalism has actually documented: the acquisition spree, and the regulatory scrutiny that followed it.

Building Canada’s largest clinic network

WELL’s strategy, as Shahbazi described it in an interview, is vertical integration: “acquiring clinical and digital assets and bringing them together in one network” — owning the clinics while also owning the electronic-medical-records and digitization businesses that serve them (Investing News Network). Early on that meant a modest footprint of 19 clinics and 180 physicians supporting roughly 600,000 patient visits a year, plus an EMR business (Investing News Network).

The defining deal came in June 2021, when WELL agreed to acquire MyHealth Partners Inc. — one of Canada’s largest specialty healthcare providers, with 48 diagnostic centres across Ontario — for C$206 million plus a conditional earnout of up to C$60 million, paid in a mix of shares and debt (Nasdaq). The combination created what Shahbazi called “the largest and most capable non-governmental owner-operator of outpatient medical clinics in Canada,” with 74 clinics and an expected annualized run rate of roughly C$400 million in revenue and C$100 million in EBITDA (Nasdaq). MyHealth brought about 760 healthcare professionals, more than 500,000 annual patient visits, some 160 physicians and 600 other clinicians, and a referral network of over 10,000 physicians — along with its own acquisition machine, having completed 25 deals for 33 independent clinics over eight years with a pipeline of 125 more targets (Canadian Healthcare Technology). The debt portion was arranged by a six-bank syndicate led by the Royal Bank of Canada, with Eight Capital advising WELL (Canadian Healthcare Technology).

WELL also expanded south of the border: in February 2021 it announced the acquisition of CRH Medical Corporation, a US anesthesia-services company, for US$4.00 per share — about US$292.7 million in equity consideration and a total transaction value near US$369.2 million, funded in part by a C$295.5 million equity offering (Kalkine Media). By September 2025 the company owned 227 medical clinics across primary care, diagnostics, and executive health, and it reported $1 billion in revenue for the first nine months of 2025 — most of it from patient services — alongside a $27.5 million net loss (Canadian Healthcare Technology).

The software side — and the scrutiny it attracted

Alongside clinics, WELL built a health-software arm under the WELLSTAR brand, and it is one of Canada’s three major providers of medical-record software for doctors’ offices, alongside TELUS Health and QHR Technologies, a Loblaw-owned subsidiary (Canadian Healthcare Technology). The company has said it plans to take WELLSTAR public (Canadian Healthcare Technology).

That software expansion is now under regulatory scrutiny. In November 2025, Canada’s Competition Bureau filed an application in Federal Court seeking a court order to obtain information from WELL Health, with a hearing set for December 9 — an investigation reported by the Globe and Mail’s Chris Hannay (Canadian Healthcare Technology). The concern is that some of WELL’s biggest 2025 acquisitions are lessening competition in AI transcription and medical-record software. The probe centers on WELL’s April 1, 2025 acquisition of a controlling interest in HEALWELL AI and HEALWELL’s concurrent acquisition of Orion Health Holdings, a New Zealand–based medical-record software provider — a company that had gone public in early 2021 as MCI Onehealth, sold a minority stake and its clinics to WELL in 2023, and renamed itself HEALWELL (Canadian Healthcare Technology). The bureau argued the vertical integration could make it hard for rival technology companies to sell to WELL’s clinics or integrate with its products; it contacted WELL on May 15, received a pre-merger notification form on June 20 along with a letter explaining the failure to notify before closing, and met WELL’s team — including Shahbazi on October 20 — before seeking internal documents and communications going back to 2022, including how the companies plan to store, use, and monetize patient data (Canadian Healthcare Technology). WELL told the Globe and Mail it was “working collaboratively” with the bureau (Canadian Healthcare Technology).

The company faces pressure in the United States as well: it is in the process of divesting its US subsidiary Circle Medical, which has been under investigation in the United States over its billing practices (Canadian Healthcare Technology). Meanwhile, WELL is pushing its clinic network into new territory — in September 2026 it launched WELL Research, a consolidated clinical-trial platform offering contract-research-organization trial management, site-management services, and bioanalytical services, built on its 275-clinic network, provider network, patient-consent platform, and protocol-participant matching (Dow Jones Newswires).

What this profile does not claim

• The yoga-studio origin story comes from a single independently-reported account; WELL’s earliest corporate history could not be corroborated in a second source and is presented here as reported, not as established fact.
• The CRH Medical deal terms are sourced to a tier3 outlet reporting on company announcements; final closing details and the deal’s current status were not independently confirmed.
• Clinic counts in this profile are date-specific (227 as of September 2025; 275 as of September 2026) and reflect acquisitions and divestitures between those dates, not a contradiction.
• The outcome of the Competition Bureau’s Federal Court application and investigation, and of the Circle Medical US billing probe, are unknown as of this writing.
• Financing events reported only through wire-service republications of company releases (such as the 2026 senior-notes offering) are deliberately excluded under this site’s no-first-party sourcing rule.