Empower Clinics Inc. (CSE:EPW, OTCQB:EPWCF) has announced that it is consolidating three of its The Medi-Collective (TMC) medical clinics, with resources to be focused into its flagship Etobicoke - 3590 Lakeshore Blvd West - integrated medical clinic.
The three affected clinics are in London and Kitchener, Ontario as well as 440 Brown's Line in Etobicoke, Ontario. These clinics will cease operations under the TMC brand in the company's first quarter of 2023.
"This is an important strategic decision to consolidate three under-performing clinics into our flagship Etobicoke clinic. This move will not only generate significant cost savings, but it frankly allows us - in face of the economic headwinds - to reset the revenue, operational, cash flow and talent plan for 2023 and beyond for The Medi-Collective", said Steven McAuley, chairman and CEO of Empower Clinics in a statement.
READ: Empower Clinics expanding its health-care network and advancing coronavirus testing in North America
"The recruitment and retention of physicians remains a challenge across Canada. Nevertheless, our flagship TMC clinic in Etobicoke has an impressive core team of medical professionals and will continue to offer high quality and convenient integrated healthcare to patients," McAuley added.
As part of the restructuring of TMC, Dr Aviv Tsimerman assumes the role of General Manager of TMC. Carolyn Shields is no longer serving as senior vice-president, Operations and has moved on from TMC. Empower thanked her for her contributions and wished her well for her future endeavors.
Headcount reductions plus a reduction in facility carrying costs have taken place and the company said it is already experiencing significant improvements in cash flow as a result.
Etobicoke medical clinic
Integrated healthcare services at the flagship Etobicoke medical clinic include the following multidisciplinary care:
- Family medicine
- Internal medicine
- Dermatology
- Cardiology
- Allied Health Services
Empower is an integrated healthcare company with multi-disciplinary clinics, an at-home medical testing device company and state-of-the-art medical diagnostics laboratories.
With a growing presence in the US and Canada. Empower is a leader in integrated healthcare and diagnostics solutions and is reshaping the model for patient-first wellness.
Contact the author at jon.hopkins@proactiveinvestors.com