Mednow, a leader in virtual pharmacy in Canada and Aya, a health and wellness spending account company, announce a patient-first partnership
Two tech-forward, health-focused companies partner to drive change in the Canadian healthcare landscape
Mednow for Business offering continues to gain traction and exposure to thousands of lives
Preferred Pharmacy relationships secure best-in-class pharmacy care for members and allow Mednow to add patients at scale
TORONTO, October 06, 2022--(BUSINESS WIRE)--Mednow Inc. (TSXV: MNOW) (OTCQX:MDNWF), Canada’s on-demand virtual pharmacy, has been named the Preferred Pharmacy Partner for Aya members.
When they use Mednow, Aya’s Preferred Pharmacy, Aya plan members receive a discount on any prescription copayment amounts not covered by their employer’s insurance or direct billed drug benefit plan. By adding their prepaid Aya Mastercard® to their Mednow account, members can bill any remainder (copayment amount or "copay") to their healthcare spending account (HSA) directly, eliminating the need to pay out of pocket and filing digital or paper claims.
Mednow is focused on improving delivery of pharmacy services in Canada through digitization to provide better patient access to pharmacists, doctors and other healthcare professionals. Mednow offers instant access to pharmacists in the Mednow app (Apple | Android | web browser) or on the phone (1-855-MEDNOW-1) and offers fast, free delivery of prescription medication to patients across Canada.
Aya brings the latest financial technology to healthcare, providing health spending accounts (HSA) and wellness spending accounts (WSA) to employees of "Canada’s healthiest companies." Aya members can pay for a wide array of supported health and wellness products and services using their prepaid Aya Mastercard® rather than paying out of pocket or filing claims.
In addition to charging their HSA directly using the prepaid Aya Mastercard®, Aya members can purchase over the counter medications, vitamins, supplements, supplies and other pharmacy items from the Mednow Wellness Shop.
The Aya / Mednow Preferred Pharmacy partnership is another example of Mednow for Business partnering with a similarly tech-forward company to offer best-in-class digital pharmacy care, reimbursement and deep pharmacist support to the lives they touch.
"Aya, Canada's number one healthcare and wellness spending account provider, allows employees to make payments through HSAs and WSAs with physical Mastercards. Aya's technology removes the need for employees to pay out of their own pockets and submit complex expense claims. In an environment where costs are rising across the board, we're excited to partner with Mednow to reduce the financial impact on individuals looking to access best-in-class pharmaceutical care," said Chanddeep Madaan, CEO and Co-Founder of Aya.
"Mednow exists to remove barriers for Canadians who need to access healthcare by changing the role the pharmacy plays in overall health and access to healthcare services. We’re proud to be the Preferred Pharmacy for Aya and we look forward to serving Aya members with the same incredible care and service that earns Mednow its perfect 5-star rating on Google Reviews. This value-add for our patients will continue to make the pharmacy process digital and easy," said Ali Reyhany, CEO and Co-Founder of Mednow.
Mednow (TSXV: MNOW) is a healthcare technology company offering virtual access with a high-standard of care. Designed with accessibility and quality of care in mind, Mednow provides virtual pharmacy and telemedicine services as well as doctor home visits through an interdisciplinary approach to healthcare that is focused on the patient experience. Mednow’s services include free at-home delivery of medications, doctor consultations, a user-friendly interface for easy upload, transfer, and refill of prescriptions, access to healthcare professionals through an intuitive chat experience and the specialized PillSmart™ system that packages prescriptions in easy to use daily dose packs, each labelled with the date and time of the next dose.
Aya is a modern Canadian health technology company that provides personalized benefits though health and wellness spending accounts. Aya has been bringing the latest financial technology to healthcare since 2018, allowing Aya members to pay for a wide array of supported health and wellness products and services using their prepaid Aya Mastercard®, eliminating the need to pay out of pocket or file claims.
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Cautionary Note Regarding Forward-Looking Statements:
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, are forward-looking statements and contain forward-looking information.
Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, that Mednow will not be successful in opening additional fulfillment centres, integrating and optimizing technologies, expanding its network of clients and partners, and other risk factors set out in the Company’s final long form prospectus dated February 26, 2021 available for review on the Company’s profile at www.sedar.com . Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
This news release also contains future-oriented financial information and financial outlook information (collectively, "FOFI") as defined under Canadian securities laws, prepared by Mednow’s management about Mednow’s reasonably estimated prospective results of operations, revenue, sales, and components thereof, all of which are subject to the same assumptions, risks factors, limitations and qualifications set forth in the above paragraphs. Readers are cautioned that FOFI are not guarantees of future performance, and should not be considered as such, since actual results may differ materially from those expressed in FOFI. Mednow and its management believe that FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgements. FOFI contained in this news release were made as of the date of this news release and is provided for the purpose of describing the belief of Mednow’’s management of the anticipated effects of the financing on Mednow’s business operations.
As a result, there can be no assurance that forward-looking information or FOFI will prove to be accurate, as actual results and future events could differ materially from those anticipated in this news release. Accordingly, readers should not place undue reliance on the forward-looking information or FOFI contained in this news release. Mednow does not undertake any obligation to publicly update or revise any forward-looking information or FOFI other than as required under applicable securities laws.
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