Written by WELL Health Faces Competition Bureau Review Amid Rapid Expansion, Following Earlier U.S. Scrutiny
WELL Health previously faced regulatory scrutiny in the United States when its subsidiary, Circle Medical, came under investigation for billing practices. This episode highlighted the challenges of operating across borders in a highly regulated sector. Now, WELL is confronting a new examination in Canada: the Competition Bureau has filed a court application seeking information regarding the company’s recent acquisitions. Specifically, the Bureau is reviewing WELL’s controlling stake in Healwell AI and Healwell’s purchase of Orion Health, a global provider of electronic medical-record software. Regulators are concerned that the vertical integration of clinics, software, and AI-powered analytics could limit competition in these markets and make it difficult for other providers to participate. WELL has stated that it is working collaboratively with the Bureau.
Lessons from Tech Giants
This situation reflects trends observed with large technology companies like Nvidia and Microsoft. Both faced regulatory scrutiny as their platforms and acquisitions expanded. Nvidia drew attention over its AI chip dominance and strategic acquisitions, which consolidated control over the AI software and hardware ecosystem. Microsoft, during its acquisition of LinkedIn and its attempted purchase of Activision Blizzard, was reviewed for potential anti-competitive effects on software and platform markets. In both cases, regulators examined whether vertical and horizontal integration could limit competition or hinder interoperability — concerns similar to those currently facing WELL in healthcare technology.
Rapid Growth and Integrated Services
Founded in 2017 as a network of yoga studios, WELL quickly pivoted into healthcare and now operates over 200 clinics offering primary care, diagnostics, and executive-health services. Alongside these clinics, the company has built a substantial software portfolio, including EMR management, billing, telehealth tools, and AI-driven analytics. In the first nine months of 2025, WELL generated roughly $1 billion in revenue, most of it from patient services, while posting a net loss of $27.5 million — reflecting the investments required to expand rapidly and acquire complementary businesses.
WELL’s growth strategy mirrors that of major technology platforms, often referred to as the Big 7: Apple, Microsoft, Google, Amazon, Meta, Nvidia, and Tesla. These companies achieved dominance by acquiring complementary businesses, integrating multiple layers of their ecosystem, and combining hardware, software, and data. WELL is executing a similar model in healthcare, controlling clinics, software, and AI tools to create a tightly integrated platform. Like the Big 7, this level of integration naturally attracts regulatory attention, as it can raise barriers for competitors and consolidate market power.
Despite the scrutiny, WELL emphasizes collaboration with regulators. The ongoing review does not imply wrongdoing; rather, it reflects the company’s growing importance in Canada’s healthcare infrastructure. The company’s rise illustrates the natural tension that emerges when a fast-growing platform integrates critical services and technology.
The Competition Bureau reviewing WELL is not a sign of wrongdoing — it’s a sign that WELL is becoming important.