Mitesco Inc (OTCQB: MITI) CEO Lawrence Diamond, a man with over 25 years of experience in the healthcare space, strongly feels that the need for a personalized healthcare experience with the convenience of consumers as the pivot is largely unmet in the US.
The pandemic further accentuated the need for wellness care and Mitesco immediately buckled up its shoes to open its first The Good Clinic in Minneapolis in February this year. Interestingly, The Good Clinic is headed by Michael C. Howe, who has previously served as the CEO of Minute Clinic.
The Minnesota-based company has established a partnership with Lennar Corporation (NYSE: LEN) and is currently looking at the possibility of setting up clinics at some of their high-rises. The company aims to tie up with more developers going forward and set up clinics in high-density housing locations, which would help reduce the cost of acquiring consumers.
The management is currently evaluating leases in eight to nine locations and expects to commit to at least five in the next couple of weeks.
“It’s very much a consumer-focused solution led by nurse practitioners, which gives us about a 40% cost advantage from an operating perspective. they have the full scope of license and responsibility. Where the traditional primary care experience is typically one to one-and-a-half times a year with a primary care provider, we are typically looking for four to six interactions with a consumer during the year,” the CEO said.
The company expects revenues to increase from $2.25 million in 2021 to almost $50 million in 2023.
Driving growth through acquisitions
Mitesco is on the hunt for low-cost healthcare technology firms that could complement its clinic business. Diamond said its M&A strategy in the short term would be focused on technologies such as telehealth and telemonitoring; AI and predictive analysis; as well as other information management solutions.
The executive added, “The power to be able to predict who is going to need incremental services and intervene early is enormous and that is another technology that we will look for. But it really is how do I build The Good Clinic and their operations faster, more efficiently and provide a better consumer experience.”
Mitesco will use the $3 million it raised recently through institutional partners to carry forward the expansion process. The company has also been successful in setting up numerous national partners for construction, architecture, furniture, etc, which should significantly reduce costs and accelerate the completion time. An uplisting to NASDAQ or NYSE American is also on the cards.
As of Thursday, MITI shares were trading at $0.33 apiece in the OTC market, with a market cap of $64.7 million.
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