Mitesco Inc (OTCMKTS: MITI) is trading over $2 and recently completed a reverse split to quality to move to a higher exchange. The Company continues to grow, recently signing a lease and acquiring final building permits for its newest The Good ClinicTM located in Wayzata, Minnesota. The Wayzata facility, the company’s seventh clinic in the Twin Cities, is scheduled to open this summer at The Promenade. This development located on the shores of Lake Minnetonka is a mixed-use concept that combines upscale condominiums, retail stores, restaurants, a hotel, and an assisted living community
Mitesco Inc (OTCMKTS: MITI) became a publicly-traded company through a reverse triangular merger with Brain Tree International, Inc., a Utah corporation (“BTI”) in 2012. From 2012 through 2015 the Company’s operations were not focused on healthcare services and healthcare technology. Its efforts to enter the healthcare space began in early 2016 with activities aimed at the compounding pharmacy area, and continued with technology solutions including healthcare records applications. In early 2019 it adopted a strategy to develop a network of primary care clinics nationwide. The team is led by individuals who had previously managed a similar situation within a business known as “QuickMedx,” subsequently named “Minute Clinic” that focused on “convenience care clinics.” CVS Corporation acquired the Minute Clinic business in 2006 and began an effort to embed these clinics insider of their retail pharmacy locations. The Comapny’s approach follows revised version of that business strategy, adopting new technology, locating near residential locations, and leveraging lower cost, and more available healthcare staffing.
MITI is opening primary care clinics around the United States utilizing the experience, expertise, and training of licensed, advanced degreed registered nurse practitioners. MITI clinics provide complete primary care, basic behavioral healthcare, and basic dermatological services for consumers. The medical practice focuses on whole person health and prevention. We seek to create a jointly developed longitudinal care plan with each individual that focuses on the patient’s individual quality of life goals. We personalize care interactions based upon the individuals care style as identified by University of Oregon’s “Patient Activation Measure” a peer reviewed, validated tool also in use by the Centers for Medicare and Medicaid. We pursue health equity in our practices and are a member of the National Minority Health Association. Our practice accepts most major commercial insurances, Medicare, Medicaid, and self-pay patients. We support pricing transparency and maintain a published price list for self-pay patients.
MITI opened its first primary care clinic “The Good Clinic” in Northeast Minneapolis, Minnesota in February 2021, and have added five additional operating clinics as of the date of this filing for a total of six clinics open and operating at December 31, 2021. The Comapny announced leases for two new clinics in the greater Denver, Colorado area. These new locations are expected to open in the second quarter of 2022. it plans to open clinics in residential concentrations of population to enhance the convenience, especially timely due to the changes in community travel patterns resulting from the pandemic. MITI clinicians use both telehealth (virtual) and in-person visits to treat and coach the clients along their journey to better health and quality of life. its clinics are led by Nurse Practitioners that use their license, extensive training, expertise, and empathy to help people remain stable or improve their health. The Comapny emphasize wellness, beginning with a clients’ co-developed plan that identifies from where a person is starting and constructs a plan for how they can achieve their goals. The practice uses an integrated health approach that includes an assessment of both the individual’s behavioral and physical health and combines this with their activation level and their goals. The clinic offers wellness coaching, behavioral health care, episodic care, dermatologic services, and supplements. We seek to care for the whole person’s needs.
MITI recently signed a lease and acquired final building permits for its newest The Good ClinicTM located in Wayzata, Minnesota. The Wayzata facility, the company’s seventh clinic in the Twin Cities, is scheduled to open this summer at The Promenade. This development located on the shores of Lake Minnetonka is a mixed-use concept that combines upscale condominiums, retail stores, restaurants, a hotel, and an assisted living community. According to Mr. Diamond, this growth will likely be fueled by The Good Clinic’s unique nurse practitioner model, which management believes will give Mitesco a potential 25 percent cost advantage over the typical physician-staffed clinic. The Good Clinic’s other featured attributes such as (1) offering patients a 40-minute average exam time; (2) locating clinics at the retail level in densely populated residential buildings; (3) offering same-day and next-day appointments; and (4) providing a wide range of both traditional and non-traditional health and wellness options, are expected to allow Mitesco to rapidly differentiate itself from its competitors and grow market share at a higher than anticipated rate.
In December MITI discussed its recent actions to support its planned uplist to Nasdaq, and certain adjustments to its “The Good Clinic” business operations including the possibility of direct investments into the wholly owned subsidiary, or a joint venture. With regard to its planned uplist to Nasdaq, in order to ensure the Company is in a position to meet Nasdaq’s initial listing requirements, the Company has filed a preliminary proxy on Form 14C seeking shareholder approval to effect a reverse stock split of up to 4:1 if necessary for the Company’s common stock share price to meet the minimum bid price at listing as required by Nasdaq. “During the last few weeks, we have taken the opportunity to evaluate the business operations of The Good Clinic, LLC (the “Good Clinic”) business unit with a view toward increased efficiency and reduced reliance on capital injections from the public holding company, Mitesco. We believe we have achieved ‘proof of concept’ with clients giving us very high ratings on the quality of our services as indicated in client reviews on Google and ZocDoc, with almost 400 reviews where we are rated between 4.9 and 5 out of a possible rating of 5. However, because we are not cash flow positive and, given the current status of the equity markets, we must now adjust our plans to make that a near-term priority.