Pathway Health Provides Update on Milestones at its Silver Pain Centre
TORONTO, ON, February 14, 2021 – Pathway Health Corp. (TSXV: PHC) (Frankfurt: KL1) (formerly Colson Capital Corp.) ("Pathway" or the "Company"), an integrated healthcare company that provides products and services to patients suffering from chronic pain and related conditions, is pleased to provide an update on its flagship Toronto clinic, the Silver Pain Centre.
Silver is the largest private interventional pain clinic in Canada. With more than 14,000 patient visits per year, this 20,000 square foot Level 2, Out-of-Hospital Premise (OHP) is located in North Toronto where it provides patient-centred, interdisciplinary pain management services to thousands of chronic pain patients each year. Staffed by 13 trained pain specialists and other healthcare providers, Silver provides a comprehensive suite of interdisciplinary, evidence-based solutions.
“We’re pleased to report that we added two more physicians to our team of pain specialists at Silver in 2022 that we expect will translate into more patient visits and an increase in provincial billings,” said Ken Yoon, CEO at Pathway Health.
“Furthermore, Silver has successfully completed its OHP Inspection Program in compliance with the rigorous standards set by The College of Physicians and Surgeons of Ontario. Successfully passing this inspection allows us to continue our interventional patient care at Silver for five more years until the next clinic audit. We have also added a second fluoroscopy suite at Silver that will allow our pain specialists to treat more patients using real-time diagnostic imaging, allowing for more precise treatments.”
Health Canada estimates the total number of individuals living with chronic pain will increase by 17.5% from 2019 to 2030 due to population growth and aging1. Preliminary projections indicate as many as 8.3 million Canadians may live with chronic pain by 2025 and as many as 9.0 million by 20301. By 2030, the estimated direct costs will rise to approximately $23 billion and indirect costs to $31.5 billion1.
“The increase in prevalence of chronic pain in Canada, combined with Pathway Health’s growing reputation as a provider of superior patient care, has allowed us to achieve year-over-year growth of 10% in patient visits across all our clinic divisions, including at Silver, and we expect to see a continuation of this trend as we expand our clinical presence across Canada,” said Yoon.
About Pathway Health
Pathway Health is an integrated healthcare company that provides products and services to patients suffering from chronic pain and related conditions. The Company owns and operates nine community-based clinics across four provinces where its team of health professionals work together to help patients through a variety of evidence-based approaches and products, including medical cannabis.
Pathway Health’s patient care programs utilize an interdisciplinary approach that is guided by trained pain specialists, physical and occupational therapists, psychologists, nurses, and other healthcare providers. Pathway is also the leading provider of medical cannabis services in Canada and has established itself as the leading partner with national and regional pharmacy companies for the delivery of medical cannabis services to their customers.
The Company is working with several pharmacy companies on the development of Cannabis Health Products (CHPs) for OTC product distribution through retail pharmacy locations across the country following anticipated changes to the Cannabis Act.
For more information, visit Pathway Health’s website: www.pathwayhealth.ca
For further information, please contact:
Robin Cook
Investor Relations
(416) 809-1738
Wayne Cockburn,
President, Pathway Health Corp.
(905) 505-0770
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive applicable approvals; and the results of operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Pathway disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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