CloudMD Software and Services Inc. (DOCRF)

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CloudMD Expands Health Care Navigation to Vision Care with Launch of Online Prescription Renewals in the United States.

Source
https://finance.yahoo.com/news/cloudmd-expands-health-care-navigation-103000843.html

April 03, 2023

CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH), 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%. 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.